December 03, 2008

Portman acquires 11% stake in Golden West Resources

Golden West Resources Limited said that Portman Limited has acquired 11 million shares or a 10% stake in the company. Golden West Resources said it represented confidence in its business model and quality assets.

The iron ore hopeful has been the target of a takeover bid by Fairstar Resources Limited who lost control of about 10 million Golden West shares as part of its exposure to collapsed brokerage Opes Prime.

Golden West Resources said. that “Golden West welcomes Portman’s investment as a clear vote of confidence in the company and its flagship Wiluna West iron ore project. Golden West Resources looks forward to discussing how the two companies may work together for the benefit of their respective shareholders.”

Meanwhile, there were further reports that on Friday Portman had raised its stake in Golden West Resources to nearly 13%.