GWR GROUP LIMITED — Capital/Financing Update 2013

May 20, 2013

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ASX Announcement

NON RENOUNCEABLE ENTITLEMENT ISSUE ALLOTMENT

Golden West Resources Limited ( Company or GWR ) is pleased to confirm that the Company has ABN 54 102 622 051 instructed its registry to allot and issue 24,625,891 ordinary shares being initial acceptances in the Non Renounceable Entitlement Issue (Rights Issue).

The shares have been entered onto the Company’s share register today Tuesday 21[st] May 2013.

Following this issue the Company has a total of 216,768,338 ordinary fully paid shares on issue.

The Rights Issue was fully underwritten by Eight Carat Securities Pty Ltd. The Directors are now working with the underwriter to allocate the balance of the shortfall shares and will advise the market in due course.

A statement setting out the top 20 largest holders of this class of security and the percentage held is attached.

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Mark Pitts Company Secretary

21 May 2013

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TOP 20 SHAREHOLDERS

RANK	HOLDER	SHARES	% HELD
1.	NEFCO NOMINEES PTY LTD	37,699,514	17.29
2.	HSBC CUSTODY NOMINEES AUSTRALIA LTD	35,012,067	16.15
3.	CLIFFS ASIA PACIFIC IRON	24,276,852	11.20
4.	CITICORP NOMINEES PTY LTD	15,957,638	7.36
5.	HUNAN VALIN STEEL CO LTD	14,400,000	6.64
6.	MAXIM GROWTH CAPITAL LTD	11,900,000	5.49
7.	AUSTRALIAN CONGLIN INTERNATIONAL INVESTMENTS GROUP	7,213,099	3.33
8.	NATIONAL NOMINEES LTD	5,156,125	2.38
9.	CALAIS GROUP LTD	5,000,000	2.31
10.	RUBICON NOMINEES PTY LTD	4,646,849	2.14
11.	MICHAEL REGINALD WILSON	2,605,548	1.20
12.	PHILLIP SECURITIES PTY LTD	2,394,186	1.10
13.	JP MORGAN NOMINEES AUSTRALIA LTD	2,015,244	0.93
14.	GARY BONACCORSO	1,685,000	0.78
15.	YIJIAN INVESTMENT CO LTD	1,600,000	0.74
16.	GOLDLAW PTY LTD	1,500,000	0.69
17.	ALAN PAUL RUDD	1,400,000	0.65
18.	UOB KAY HIAN PRIVATE LTD	1,100,000	0.51
19.	DENE BRENTNALL	1,000,000	0.46
20.	MALCOLM JAMES DOUTCH	875,615	0.40
		177,437,815	81.85