Final annual and surrender report for the period endng 8 February 2010

Abstract

This report summarises gold exploration activities undertaken by St Barbara Limited (SBM) on the Tenant Creek Project EL 26039 since grant on the 15 April 2008 until its surrender on the 8 February 2010. EL 26039 has an approximate area of 287km2 and is centred 55km east-northeast of Tennant Creek in the Northern Territory. The tenement contains an iron oxide coppergold (IOCG) target defined by external consultants to SBM. The target occurs within concealed eastward extensions of the prospective Tennant Creek Inlier. The inlier hosts several high grade Au-rich deposits (including Juno, Geko, Warrego, Nobles Nob, Peko and White Devil), which have produced over five million ounces of gold and over 440,000 tonnes of copper in the last 60 years, ranking it within the top ten Australian goldfields. Exploration comprised open file data review and compilation, depth to basement geophysical modelling, a 373 station gravity survey, data processing and incorporation into GIS, 3D inversion and geophysical modelling and interpretation. Depth to basement modelling revealed 2 target areas (TC126 and 127) however they appear to overlie magnetic basement of considerable depth, greater than the 250m limit typically used as a cut-off in other SBM 'Big Gold' projects. Further work is warranted for EL 26039 which will likely comprise reprocessing of gravity and magnetic data and 2D modelling. However, due to changed corporate priorities during 2009 and its consequent effect on SBM?s exploration strategy in Australia, a decision was made to relinquish EL 26039 early in 2010.