Portman investment in Golden West Resources

Golden West Resources Ltd has advised that major Australian iron ore producer...

  Golden West Resources Ltd has advised that major Australian iron ore producer Portman Ltd has acquired 11 million Golden West shares, representing approximately 10% of the Company’s issued capital.Golden West welcomes Portman’s investment as a clear vote of confidence in the Company and its flagship Wiluna West Iron Ore Project, and looks forward to discussing how the two companies may work together for the benefit of their respective shareholders. Portman is Australia’s third largest exporter of iron ore, with a current market capitalisation in excess of $2.2 billion. Portman currently exports approximately 8 million tonnes of iron ore per annum from its Koolyanobbing operations in Western Australia through the Port of Esperance. Portman is 80% owned by Cleveland-Cliffs Inc, an international mining company and is the largest producer of iron ore pellets in North America and a major supplier of metallurgical coal to the global steelmaking industry. Golden West will meet with Portman representatives to discuss its investment in the Company in the near future.