GWR GROUP LIMITED — Capital/Financing Update 2011

Sep 1, 2011

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ASX ANNOUNCEMENT/MEDIA RELEASE

2[nd ] September 2011

Jindalee Joint Venture interest in Maiden Iron Ore Reserve

On the 31[st] of August Golden West Resources (“GWR”) announced its maiden Reserve for its flagship Wiluna West Hematite Project.

GWR wishes to advise that 3.1Mt @ 61.7% Fe of Probable Reserves occurs at the Joyners Find North deposit, which is within the Jindalee Joint Venture area where Jindalee Resources limited (Jindalee) holds a 20% free carried interest.

The 3.1MT of Probable Reserves is within the Iron Ore Reserve Estimate of 69.2Mt at 60.3% Fe (comprising a Proven Reserve of 2.9Mt at 59.7% Fe and a Probable Reserve of 66.4Mt at 60.3% Fe) from its Wiluna West DSO Hematite Project (Table 1).

Table 1

Golden West Resources LimitedWiluna West DSO Hematite Project Reserve EstimateReported at a 50% cut-off	Golden West Resources LimitedWiluna West DSO Hematite Project Reserve EstimateReported at a 50% cut-off	Golden West Resources LimitedWiluna West DSO Hematite Project Reserve EstimateReported at a 50% cut-off	Golden West Resources LimitedWiluna West DSO Hematite Project Reserve EstimateReported at a 50% cut-off	Golden West Resources LimitedWiluna West DSO Hematite Project Reserve EstimateReported at a 50% cut-off	Golden West Resources LimitedWiluna West DSO Hematite Project Reserve EstimateReported at a 50% cut-off
	Reported at a 50% cut-off
Classification	Tonnes (Mt)	Fe %	SIO2 %	Al2O3 %	LOI %	P %
Proven	2.9	59.7	7.6	2.6	4.0	0.07
Probable	63.2	60.3	7.3	2.5	3.7	0.05
Probable(Jindalee JV)	3.1	61.7	5.7	2.5	2.3	0.04
Total	69.2	60.3	7.2	2.5	3.6	0.05

Please direct enquiries to:

Golden West Resources

Richard Taylor Riley Mathewson Public Relations Tel: +61 (0)8 9381 2144 Mob: +61 (0)451 471 006

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Project Geology – Iron Ore Occurrences

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Competent Persons Statement

The information in this report which relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Allen Maynard, who is a Member of the Australian Institute of Geosciences (“AIG”), a Corporate Member of the Australasian Institute of Mining & Metallurgy (“AusIMM”) and independent consultant to the Company. Mr Maynard is the Director and Principal of Al Maynard & Associates Pty Ltd and has over 30 years of exploration and mining experience in a variety of mineral deposit styles. Mr Maynard has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Maynard consents to inclusion in the report of the matters based on his information in the form and context in which it appears.

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