Gwalia Deeps DevelopmentJune 2007

Peter Thompson, General Manager Exploration

2

Brief History

1969 St Barbara floated as Endeavour Oil

Jul 2004 Eshuys & Wise appointed by shareholders

Mar 2005 Sons of Gwalia gold assets bought for $38M (US$28M)

Oct 2005 Sold Sth Laverton & Meekatharra A$48M (US$38M)

3

Brief History cont….

Dec 2006 Reserves 1.7M ounces, production 0.26M, total 1.96M

Feb 2007 Gwalia Deeps development approved

Mar 2007 Cash / investments A$51M (US$41M)

Mar 2007 Tarmoola put up for sale

4

Issued capital at 31 March 2007

820M shares, 35M options

137m shares in A$100m convertible note, matures 2012

Shareholders at 31 March 2007

• Resource Capital Funds II and III LP 22.4%

• JP Morgan Asset Management 5.2%

5

Our Current Interests…

Land portfolio 5,000sq km

Three mills capacity 7.7Mt pa

Endowment 23.2M ounces of gold

Past exploration only 30% effective on Southern Cross & Leonora holdings

Golden Mile South joint venture

6

Capital Expenditure2 Years to 31 March 2007

A$M US$M

Gwalia Decline 31 25

Southern Cross 30 24

Exploration 39 32

100 81

On the way to establishing target production of 450,000oz pa

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Gwalia Deeps

Reserves 4.8Mt @ 9.1g/t for 1.4 million ounces

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Sons of Gwalia Gold Mine1896 - Welsh syndicate establishes mine

1897 - Herbert Clark Hoover convinced BewickMoreing to develop the mine

1898 – Sons of Gwalia Ltd floated with Hoover as mine superintendent

4th March 1929 - Hoover becomes 31st President of America

24th October 1929 – Stock Market Crash and prelude to the Great Depression

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Sons of Gwalia Gold Mine in 1902

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Sons of Gwalia Incline Headframe

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Sons of Gwalia Gold MineLife Underground

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Sons of Gwalia Gold MineTool Sharpeners

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Sons of Gwalia Gold MineBefore the 1921 Fire

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Gwalia Regional Geology

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Gwalia Deeps Geology

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Gwalia Deeps Reserves & Resources

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Gwalia Deeps Long Section

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Gwalia Deeps Plan Projection

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Gwalia Deeps - Schematic Lode Plan

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Gwalia Deeps - Plan View Lode Slice

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Gwalia Deeps, old incline shaft

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INDICATED RESOURCE (>= 4g/t) INFERRED RESOURCE (>= 4g/t)

MAIN LODE SW BRANCH SOUTH GWALIA SERIES 1 SOUTH GWALIA SERIES 2 WEST LODE

TONNES

0

50,0

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100,

000

150,

000

200,

000

250,

000

300,

000

350,

000

400,

000

450,

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500,

000

962.5

1042.5

1122.5

1202.5

1282.5

1362.5

1442.5

1522.5

1602.5

1682.5

mbs

OUNCES

0

20,0

00

40,0

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60,0

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80,0

00

100,

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000

962.5

1042.5

1122.5

1202.5

1282.5

1362.5

1442.5

1522.5

1602.5

1682.5

mbs

TONNES

0

50,0

00

100,

000

150,

000

200,

000

250,

000

300,

000

350,

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400,

000

450,

000

500,

000

962.5

1042.5

1122.5

1202.5

1282.5

1362.5

1442.5

1522.5

1602.5

1682.5

mbs

OUNCES

0

20,0

00

40,0

00

60,0

00

80,0

00

100,

000

120,

000

140,

000

160,

000

962.5

1042.5

1122.5

1202.5

1282.5

1362.5

1442.5

1522.5

1602.5

1682.5

mbs

Gwalia Deeps Resources

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Recrystallised quartz-calcite-sulphide-Native Gold Veins

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Quartz Vein Thin Section

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Reflected Light

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Gwalia Deeps Development

Decline at top of Deeps in March Quarter 2008

Initially at the rate of 100,000 oz pa September Quarter 2008

At the rate of 200,000 oz pa starting in June Quarter 2010

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Top Down Mining Method

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Mining Sequence

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3.1m Surface Vent Shaft By-Pass

5.5m Primary Ventilation Shaft (VR3A)

1.8m Escapeway and 4.5m Vent Raise

Ventilation Development

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Ventilation Specifications

Intake System

• 6.0m x 5.8m decline

• 4.5m diameter raisebore intake rises

• 3.1m diameter raisebore rise for refrigeration surface to

375mbs

Exhaust System

• 2.5MW Fan for 450m3/s at 4kpa (can run as low as

300m3/s)

• 5.5m diameter raisebore rise from surface to 850mbs

• 6m x 6m VCR rises from 850mbs to depth

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Surface Raisebore Rig

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VR3A Ventilation FanVentilation

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Refrigeration6 MWR (1500 kW of Electricity)

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Dewatering

4 x WT088 Helical Rotor Pumps per station

45 l/sec @ 48 bar

Located 375L, 750L, 1025L, 1500L

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Stress Testwork

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0 50 100 150 200 250 300

Principal Stress (MPa)

Dep

th (m

bs)

Yilgarn Block Trend (HI) and Gwalia Stress Trend used for Non-Linear Modelling

HIMin YilgarnExtrapolated Max Yilgarn TrendAEExtrapoloated Min Yilgarn TrendUpdated Gwalia TrendMax Yilgarn

HIMin YilgarnExtrapolated Max Yilgarn TrendAEExtrapoloated Min Yilgarn TrendUpdated Gwalia TrendMax Yilgarn

36

Infrastructure DetailsProcessing Plant• 1.2Mtpa capacity on Gwalia Deeps Ore• Nominally 0.5 – 0.6Mtpa of Gwalia ore to be processed

Power Station• Gas power station to be constructed• 11.2 MW capacity - 4 dual fuel & 7 gas engines• Less emissions, more efficient than diesel

Pastefill Plant• Use tailings/cement paste to fill underground voids • Nominal capacity of 100m3/hr

Mining Fleet• Fleet comprising of remote LHD units and conventional UG

trucks (50-60t)

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Aran Paste Plant and Loader

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Gwalia Plant

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Gwalia DeepsEstimated Life of Mine Costs

A$ US$

Mining costs

Milling and admin102/t 82/t

Cash costs 395/oz 320/oz

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Gwalia Deeps Feasibility Study

Pre-production capital A$110M (US$89M)

Financing to be finalised June Quarter 2007

1m put options at strike A$700 (US$566)/oz purchased

for less than A$7/oz

41

Leonora Gold Production Target

December quarter 2008 annualised production target

Gwalia Deeps ~ 112,000 oz

Open Pits: Tower Hill, Kailis ~ 108,000 oz

Total Leonora ~ 220,000 oz

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Evaluating open pit

resources at Kailis,

McGraths and Tower Hill

Kailis resources 3.6Mt

@1.9g/t for 220,000 oz

Leonora Gold Deposits

43

Tower Hill Cross Section

4444

St Barbara Immediate Objectives

Produce 172k oz pa @ A$490/oz cash cost this year

Complete the capital raising

Reserve update in July 07

Continue with conversion of open pit resources to reserves

Maintain Gwalia Deeps development on schedule and budget

Accelerate nickel sulphide and base metal exploration at Leonora

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Position at end 2008

Production Dec Qtr 2008 annualised rate 450,000 oz

@A$450/oz

Making St Barbara 7th largest gold producer in Australia

3rd largest Australian listed gold company

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4646

To Achieve Longer Term Objectives by 2010…

Expand SX & Leonora combined production to 600,000 oz pa

Move from 3rd quartile of Australian cost curve to 2nd quartile

Make discoveries & find extensions at SX & Leonora

Pursue growth through acquisitions

Accelerate BigGold grass roots and base metals exploration

4747

Disclaimer: This presentation includes certain statements, estimates and projections with respect to the future performance of St

Barbara. Such statements, estimates and projections reflect various assumptions concerning anticipated results, which assumptions may

prove to not be correct. The projections are merely estimates by St Barbara, of the anticipated future performance of St Barbara’s

business based on interpretations of existing circumstances, and factual information and certain assumptions of future economic and

results, which may prove to be incorrect. Such projections and estimates are not necessarily indicative of future performance, which

may be significantly less favourable than as reflected herein. Accordingly, no representations are made as to the accuracy or

completeness of such statements, estimates or projections and such statements, estimates and projections should not be relied upon as

indicative of future value, or as a guarantee of value or future results. This presentation does not constitute an offer to subscribe for

securities in St Barbara Limited.

The information contained in this report relating to drilling results and resources has been compiled by Mr Peter Thompson and Mr Robert

Love. Mr Thompson is a Member of the Australasian Institute of Mining and Metallurgy, Mr Love is a Fellow of the Australasian Institute of Mining and Metallurgy and both are full-time employees of the Company. Mr Thompson and Mr Love have sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to qualify as Competent Persons as defined in the 2004 edition of the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’. Mr Thompson and Mr Love consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

…thank you