chess game begins, page-14

Portman notes the further speculation in today's The Australian regarding a number of
matters in relation to Golden West Resources Limited ("Golden West").
Portman repeats its position, which it announced on 28 May 2008, that it has not
undertaken any preparation for a possible bid for Golden West and nor does it have any
current intention to make a takeover offer for Golden West.
ann out

Portman has not contemplated increasing its stake in Golden West through any
transaction involving Fairstar Resources Limited ("Fairstar"), a major shareholder in
Golden West.
Portman has applied to the Foreign Investment Review Board (FIRB) for approval to be
able to increase its interest in Golden West to 19.9% as part of its strategic investment in
Golden West. If the FIRB approval is granted, this will give Portman the flexibility to
increase its shareholding to 19.9%, should Portman determine to do so.
Portman has not undertaken any preparation for acquiring any shares whatsoever in
Fairstar, and nor does it have any current intention to do so.