GWR GROUP LIMITED — AGM Information 2007

Nov 28, 2007

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Golden West Resources Limited
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ABN 54 102 622 051
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Annual eneral MeetingG The Golden Ballroom North Sheraton Perth Hotel

29 November 2007

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Topics
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• Appointment of Geoff Wedlock as Chairman

• Wiluna West Project – 2008 Work Program

• –

• Capital Raising Placement and Rights Issue

• Takeover Bid – Offer from Fairstar

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Appointment of Geoff Wedlock
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• Experienced and respected iron ore executive

• −Former Managing Director of Grange Resources

−ormer F M i Di rec or an t d CEO o f P or man t Mi i anag ng n ng −Former CEO and Executive Vice President of BHP Iron Ore • E xtens ve g o i l b a networ l k an d strong customer an d supp li er relationships

• Focus on building the management team necessary to progress Wiluna West to production

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Wiluna West – 2008 Work Program
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• Continue aggressive exploration and resource drilling program

• Commence Pre-Feasibility Study in January 2008

• Commence Bankable Feasibility Study in 3Q 2008

• Complete Mining Lease application

• E x en t d E nv ronmen a an i t l d H er it St u di t ti re age es o encompass en

• permit area

• Anticipated to cost $25 to $30 million

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Placement and Rights Issue
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• To fund exploration and development activities

• Capital Investment Partners appointed as Lead Manager

• Placement of u to 14.466 m shares to institutional and so histicated p p

• professional investors at 80% of market price

• Improve liquidity and provide support for future funding

• 1 for 15 rights issue to current shareholders at same price as placement

• All ows s h are h o ld t ti i t i th e con ti nue d th o f G o ld en ers o par c pa e n grow

• West

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Fairstar Offer – Overview
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• 5 Fairstar shares for each Golden West share

• 50% minimum acceptance condition

• Offer due to close 13 December 2007 ( unless extended )

• Independent Directors recommend that shareholders REJECT the offer

• PricewaterhouseCoopers, the Independent Expert, concluded the offer is neither FAIR nor REASONABLE

• W r itt en comm it men s o re ec t t t th e o ff er rece ve i d f rom s h are h o ld ers j

• representing 27.85% of the company

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Fairstar Offer – Reasons for
REJECT Recommendation
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• Undervalues Golden West and dilutes shareholders’ interest in the Wiluna West Project

• Does not offer access to any other substantial assets or an increased capability within the combined company

• Fails to deliver meaningful cost synergies

• Triggers substantial costs that could otherwise be applied to fast track development of the Wiluna West Project

• Likely to trigger capital gains tax for accepting shareholders

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Fairstar Offer – Independent
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• Concluded the offer is neither FAIR nor REASONABLE

• Determined a midpoint valuation for Golden West of $2.92 with a range of $2.50 to $3.35

• Determined a midpoint valuation for the Fairstar offer of $2.43 with a range of $2.25 to $2.60

• Limited prospects of a market re rating of Golden West

• Dilutes shareholders interest in Wiluna West by 30% to 42%

• T ransac ti on cos s w t ill ero d e cas h an d l ea d t o ur f th er dil u ti on

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Summary
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• 2008 set to be a landmark year for Golden West

• Golden West is putting in place the team and funding required to take development of the Wiluna West Project to the next level

• We urge shareholders to REJECT the Fairstar offer and maintain full ownership of the rapidly developing Wiluna West Project

• Golden West will shortly release an updated Investor Presentation on its website – www.goldenwestresources.com

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Contact Us
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Gary Hutchinson

( ASX: GWR, GWRO)

Mana in Director g g Email: gary@goldenwestresources.com Mick Wilson Exploration Manager/Director Email: mick@goldenwestresources.com P e er t Th ompson General Manager Operations Email: peter.thompson@goldenwestresources.com Phone: +61 8 9201 9202 Web: www.goldenwestresources.com

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