30 June 2008

ASX / MEDIA RELEASE

PORTMAN NOMINATES INDEPENDENT NON-EXECUTIVE CHAIRMAN AND NON- EXECUTIVE DIRECTOR TO THE GOLDEN WEST RESOURCES BOARD

Portman Iron Ore Limited (Portman), a wholly-owned subsidiary of ASX-listed Portman Limited (ASX:PMM), today has requested that Golden West Resources Limited (Golden West ASX:GWR) call a General Meeting of shareholders at which Portman will put resolutions for the nomination of an independent non-executive chairman and one non-executive director to the Golden West Board. Portman will also put resolutions for the removal of two directors from the existing Golden West Board.

Portman has made a significant investment in Golden West and is the company?s second largest shareholder with an interest of 19.9%.

Portman Limited Managing Director Richard Mehan said adding significant iron ore expertise to the Board was in the best interest of all shareholders.

?The spirit of requesting the General Meeting is simply to allow all Golden West shareholders the opportunity to vote on increasing the iron ore expertise on the Board,? Mr Mehan said.

?Given its substantial shareholding, Portman is seeking to achieve an appropriate level of Board representation.?

Portman believes that to maximise prospects of developing the Wiluna West deposit, the Board of Golden West needs directors with extensive experience in the iron ore industry. As a result, Portman is proposing the election of Mr. Paul Piercy as an independent non-executive chairman and Mr. Richard Mehan as a non-executive director. Both Mr. Piercy and Mr. Mehan offer a wealth of public company board and iron ore sector experience.

During the 1980s and 1990s, Mr. Piercy held senior executive management and technical positions within the Rio Tinto Limited group, including General Manager of Hamersley Iron?s Dampier port and rail operations, General Manager of Hamersley Iron?s Paraburdoo and Channar operations and Managing Director of Novacoal and Kembla Coal & Coke. From 1997 to 2000, Mr Piercy was Managing Director of WesTrac Equipment before playing an integral role in the successful establishment of WesTrac China, as its Chairman and CEO based in China. Mr Piercy?s experience in the iron ore industry includes developing and operating iron ore projects as well as in the rail and transport logistics required for a commercial iron ore operation. He is a qualified metallurgist.

Mr. Mehan has more than 28 years' resources industry experience. In early 2007, he was appointed President and Chief Executive Officer of Cleveland-Cliffs Asia Pacific, in addition to his existing position as Managing Director of Portman Limited. Mr Mehan previously held the roles of General Manager-Iron Ore, General Manager Marketing and Chief Operating Officer at Portman Limited. Before joining Portman Limited, Mr Mehan worked for 15 years in various roles with Rio Tinto?s iron ore division.

In order to keep the Golden West Board to its current size of four directors, Portman has proposed a resolution to remove the current executive chairman, Mr. Con Markopoulos, and Mr. Michael Wilson from the Board. Portman has also proposed a resolution that the appointment of any additional directors to the Board prior to the General Meeting be voted on by Golden West shareholders.

Portman looks forward to the election of Mr. Piercy and Mr. Mehan to the Board of Golden West. Portman believes all Golden West shareholders will benefit from their iron ore skills and experience and that the Board will be better positioned to create value from Golden West?s asset base.

As previously indicated in announcements to ASX, Portman has no current intention of making a takeover offer for Golden West.  Portman's actions are not part of any bid preparation.  Portman's sole aim is to bring appropriate iron ore credentials to the Golden West Board.

Golden West shareholders will receive further written advice on voting over the coming weeks.

Note to Editor: A high resolution photo of Portman Limited Managing Director Richard Mehan can be found at: http://www.purplecom.com.au/_content/documents/861.jpg

Contact:

Richard Mehan

Managing Director

Portman Limited

Tel: +61 (0) 8 9422 3400

Media Contact:

Warrick Hazeldine

Purple Communications

Tel: +61 (0) 8 9485 1254

Mob: +61 (0) 417 944 616

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