Application in Relation to Taipan Resources NL

The Panel has decided not to make an interim order that today's meeting of the shareholders of Taipan Resources NL be adjourned. The meeting of Taipan concerns a proposed merger between Taipan and St Barbara Mines Limited by way of scheme of arrangement. The Panel's decision was made in response to an application by Troy Resources NL received on 11 October 2000 for an interim order under section 657E of the Corporations Law that the meeting be adjourned. Troy has announced that it proposes to make a takeover bid for Taipan.