St. Barbara Ltd. · ASX:SBM
St. Barbara — Defiance Mining — 2003 BMO Nesbitt Burns Global Resources Conference
24 slides from St. Barbara's conference presentation, Feb 27, 2003
Slide 1: ASX Presentation — Defiance Mining Corporation
ST BARBARA MINES LIMITED ACN 009 165 066 ASX Presentation — Defiance Mining Corporation SHAREHOLDERS REPORT Attached is a presentation given yesterday by the Executive Chairman of St Barbara Mines Limited, Stephen Miller, at the 2003 BMO Nesbitt Burns Global Enquiries . . Resources Conference in Flo
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Slide 3: St Barbara / Geomaque / Midas combining to form Defiance Mining Corporation
St Barbara / Geomaque / Midas combining to. form DEFIANCE MINING CORPORATION “a new gold story ... anew growth company ” Stephen Miller President and: CEO and John Hick Chairman February 2003
Slide 4: Cautionary Statements
Cautionary Statements Statements made in this presentation, other than those.concerning historical information, should be considered forward-looking statements which are subject to various risks and uncertainties. When used in this presentation, the terms “expects”, “anticipates”, “estimates” and si
Slide 5: Defiance Transaction Structure
Defiance Transaction Structure Shares o/s ~ basic 385.6m Shares o/s ~ basic 58.7m Shares o/s — basic 182.0m St BARBARA MINES LIMITED J be MIDAS GOLDrpic GEOMAQUE 64% 18% 18% DEFIANCE MINING CORPORATION Basic shares 142.5m Warrants 12.2m Employee options 7.8m Fully diluted 162.5m Exchange Ratios 0.22
Slide 6: The Board and Management
The Board and Management Board Chairman John Hick President & CEO Stephen Miller Non-executives Cliff Davis Hank Tuten Gordon Bogden Dick Tastula Kevin Dundo Management Chairman President & CEO CFO coo (Geomaque CEO & President) (St Barbara Exec Chairman) (former President Gabriel:Res) (Managing Par
Slide 7: The Assets
The Assets lg : Paulsens” | ” M* Tasiast Meekatharra Growth assets e Tasiast (Midas) e Paulsens (St Barbara) Operating assets e Meekatharra (St Barbara) e Vueltas (Geomaque) Exploration e Granted title to 20,000 sq kms
Slide 8: Reserves and Resources
Reserves and Resources Tonnes Gold Grade (000) (gf) Ounces Gold Reserves Proven Probable 418,023 Total: Resources Measured 666,742 Indicated Total: —- 50,73 Inferred .- 1,745,708 Note: Resources do.not include the Reserves
Slide 9: Tasiast (Mauritania)
Tasiast (Mauritania) «Newmont (Australia) divestment e - Acquisition price $6.5 million ($2.0m-now, $4.5m in installments.from decision to mine) e. Resource 29.3 million tonnes. grading 1.9 g/t for contained 1.79 Moz (34% indicated category) e --Mineralised-strike 4.5 km minimum — open. at depth e E
Slide 10: Tasiast Location
Tasiast Location 500 kilometres 2” e Located in gold rich West African Craton e 170 km East of Nouadhibou port on Western fringe of Sahara desert e Familiar geological / operating environment — close similarities to Archaean / Proterozoic formations of Western Australia and Canada Post-palaeozoic Pa
Slide 11: Tasiast — Mineral Assets
Tasiast — Mineral Assets e Large underexplored landholding ~— 12 exploration licences cover 16,000km? of prospective greenstone e 3 Project Areas ~— Tasiast - ready for BFS — Ahmeyim-Tijirit - (drilling targets identified) ~— Karet (grass roots) e Operating Project base — Nouakchott office —.- Proje
Slide 12: Tasiast Gold Project — Colonne Piment Zone
Tasiast Gold Project — Colonne Piment Zone ca eee eaten ceteateatentateteetoarteee ee Ta ee ern ete tetas esata eases ae oa aera om eee : = . = 12 S00mN 200 metres _
Slide 13: Colonne Piment
Colonne Piment Central High Grade Zone e High grade intersections e Consistent 20 to 25m wide ore zones e Steeply dipping e Exposed at surface: 40m oxide zone @ Primary zone drilled to 150m ~ and open at depth x Low strip ratio Section 12920mN__ Surface _100mR mem 30.0m @ 12.2g/t | 43.5m @ 22.igit i
Slide 14: Tasiast Project
Tasiast Project Favourable parameters: e Higher grade and lower strip ratio in first year Year 1* Caneee 8 Grade (g/t) _ 3.65 2.98 Strip ratio 14 2.49 Production (ounces) 158,000 120,000 Cash Cost (US$/oz) 140 171 * conceptual study e 3 year tax holiday e Corporate tax rate of 25%
Slide 15: Meekatharra Gold Operations
Meekatharra Gold Operations Production capacity e 3mtpa plant e recent throughput ranged from 1.8 mtpa to 3.0 mtpa Recent acquisition e Paddys Flat area (100%) — 15 km from plant — $2.6m plus royalty Farm-outs e 51% of Reedys to Goldfields SA — 60 km from plant $2.1m expenditure (over 3 years) 1% Ch
Slide 16: Meekatharra Strategy
Meekatharra Strategy Revitalized Exploration Program e 800 holes (62,000m) to test targets under shallow sediments Bluebush — Mingah elevated to RC drill status Kanji / Minirichie new targets Target Area ee im is 2 Bere 110 gh Recent discovery — Mulla Mulla e 68 RC and 2 DDH holes drilled to date e
Slide 17: Paddys Flat
Paddys Flat e Acquired from Barrick (Homestake) for total outlay of $2.6 million and royalty e ‘Inventory’ of 938,000 ounces, 15 km from treatment plant e No mining / exploration for 8 years e Transaction closed and ground access occurred 31 January 2003 e Stockpiles provide core-feed to plant for n
Slide 18: Paddys Flat — Vivians and Consols
Paddys Flat — Vivians and Consols Bold aud Tere
Slide 19: Paulsens
Paulsens Feasibility completed October 2002 Design concept a large pit (800 x 500 m to depth of 195 m) followed by underground mine Production schedule -— first 5 years ~ 3.3 million tonnes at 4.2 g/t recovering 430,000 ounces — peaks year 3 at 137,000 ounces at $170 per ounce — life-of-mine waste s
Slide 20: Paulsens — Upside Potential
Paulsens — Upside Potential T T T T 9300mE 9500mE 9700mE 9900mE 10100mE 10300mE Surface Resource - Reserve Upgrade Drilling 100,0000z resource targeting 200,0000z Resource Upgrade Drilling 200,0000z tai Detalled Structural
Slide 21: Paulsens — Ashburton regional picture
Paulsens — Ashburton regional picture SAS T 197°00' LEGEND Granites ~ Geological boundary N | Bangemail Basin mannan Foul Upper Wyloo Group —h— Fold aris Lower Wyloo Group @® Gold deposit ‘mine Hamersley Basin 9 Gold prospect =~ Belvedere Fortescue Group L— tenement boundary Electric Dingo | Mt Clem
Slide 22: Vueltas (Honduras)
Vueltas (Honduras) e Operating mine since June 2001 — low strip ratio open-cut heap leach — 2002 production 30,785 ounces e Current plan recovers 80,000 ounces at $214 per ounce through to 2004 e Exploration upside — 400,000 ounces in indicated category outside mine plan — Zapotal, 2 km SW, high gra
Slide 23: Potential Annual Production
Potential Annual Production Average Annual Mine : ~~. Production (000’s 0Z) Meekatharra Cl 100 (incl Paddys Flat) Vueltas Tasiast Paulsens
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Defiance Mining — 2003 BMO Nesbitt Burns Global Resources Conference on 6ix