Silver & Baryte Ores Mining Co. S.A. (BARr.AT) (ARBA GA) was honored on July 9, 2003, with the Best Corporate Governance award, during the Annual Investor Relations Awards Ceremony, organized by Capital Link, a Euromoney Institutional Investor affiliate, in cooperation with the Athens Exchange, Institutional Investor, a member of the Euromoney Institutional Investor organization, FTSE and PriceWaterouseCoopers. The results were based on a vote among Greek and foreign analysts and investors.

The award to S&B's Corporate Governance System, confirms the Company's strategic choices, as well as the principles and procedures it has implemented beyond its legal obligations, which aim at the highest possible transparency of its financial management and overall operation.

Emmanuel Voulgaris, Vice-Chairman of the S&B Board of Directors, received the award on behalf of the Company and noted that a Corporate Governance System should also reflect the corporate ethics and social sensitivity of a Company, and added that S&B considers its social policy as a long-term investment. Mr. Voulgaris concluded with the reassurance that S&B will continue its efforts to further improve its governance, and demonstrate even higher responsibility and transparency.