GWR GROUP LIMITED — Major Shareholding Notification 2007

Oct 31, 2007

$12:55$

Fax Transmission

BLAKE DAWSON WALDRON

L A W Y E R S

Date 31 October 2007

From Matthew Mintz Tel: (08) 9366 8073

To ASX Limited Fax: 1900 999 279

Dear Sirs

ASIC Form 603 Notice of initial substantial holder

Please find attached a copy of Form 603 Notice of initial substantial holder.

This form has also been sent to Golden West Resources Limited ACN 102 622 051 as required under section 671B of the Corporations Act 2001 (Cth) today.

Yours faithfully

Matthew Mintz Lawver Tel: (08) 9366 8073 Matthew.mintz@bdw.com

PERTH SYDNEY MELBOURNE BRISBANE CANBERRA PORT MORESBY SHANGHAI

Associated Office JAKARTA

Prof ID

Number of pages including this cover sheet

Please check that you have received this document in full. If not, please telephone the sender or call + 61 8 9366 8000.

Confidentiality

This document is confidential and may contain legally privileged information. If you are not a named or authorised recipient you must not read, copy, distribute or act in reliance on it. If you have received this document in error, please telephone our operator immediately on + 61 8 9366 8000 and return the document by mail.

Doc ID 203235667_1

Exchange Plaza 2 The Esplanade Perth WA 6000 Australia

www.bdw.com

$Tel + 61893668000$

DX 169 Perth

$\text{Fax} + 61893668111$

Our reference MRW MZZM 09 1419 9302

								503 GUIDE page 1/1 13 March 2000
					Form 603 Corporations Act 2001 Sabiton 671B
				Notice of initial substantial holder
	국 수 Та Сепрату Магнаботаты		Golden Wast Resources Limited
ACNARSN		102 822 061
	ACN/ARSN (f spokenbie)	tva.		Each mander of the Francke Group
	The holder became a substantial holder on 2. Details of voting power			14/09/2007 11
	The lots! number of votes attached to all the voting shares in the company or voting injensels in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the daip the substantial holder became a substantial holder are earlollows: Channel of
	502 mins (4) Ordinary shares	Number of securities 6.347.257		111.	6.847.857	Person's votes (5)	Voting power (B) 9.405%
	3. – Detaille of resevent interes The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the data the autocantial holder became a sutatantial holder are as follows: Holder of relations incorned William Grant Francise William Grant Francke		by Daf (WA) Pw LM. w Lingchia Piy Lid.	Natura of relevant interest (7) Beneficiel holder of ordinary shares held on trust deneficial holder of ordinary shares held on their		875,000 ordinary shares 1,540,280 ordinary shares	Clean and number of securities
	William Grant Francisc		Joachip Ply List	alten under soddon 608(3)(a) of the Comparations Act to have a relevant interest by wukon of having yoting power above 20% in . baseen Lights Ply Ltd., which is the boneficial widers of ordering sneres held on trust by		300,000 ordinary shores	房 1
	William Michael Francisk		by Lingchin Piy Lid.	Benamolal holder of ordevary shares held on trust		1,549,285 ordinary shares
	William Michael Francka Dominic Casolle		ካ ዐቆፖ (WA) በኒ ԼΗ. by Linguig Pry Ltd.	Banolicial holder of ordinary shares hold on trust Beneficial holder of ordinary shares haid on trust		750,000 ordinary shares 1,649,286 ordinary shares

4. Datalla of present registered holders

$\mathbf{I}$

$\mathcal{F}$

The paraona registered on holders of the eacontec relamed to in paragraph 3 strove are as follows:

Horder of revening	Registered holder of	Person anciec to be	Class and number
120728	socunties	registored as holder (8)	of securities
Wash Grant Francist	UAF (WA) PIV LM		875,000 ordinary anarox
	Ingchro Piv Lie		649,285 ordinary shares
yn Grant France	Beauton Learne Pty Ltd.		500,000 ordinary shares
William Michael Franche	Lingtong Pty Ltd.		T 349.235 ordinary shares
Tam Michael Francisco	CAF (WA) Ply Ltd		750,000 ordinary shares
	ungan ipi m		1,549,200 ordinary shame
i Francia			275,000 ordinary shares

8. Consideration

The consideration paid for sealt relevant interest relevant to in paragraph 3 above, and acquired in the four months prior to the day that the existential figures ciscame a substantial holder is as solicies:

Holder of minutes أحمد عشير --	Date of acquisition	Consideration (9)		كالمشاعبات وأتق وشملت of accuration
ж	.	Can	Non-cash	------
w			--------	__
__ ш ------

$\Delta \Theta \Theta (t) = \Theta (t^2, \Theta(t^2), \Theta(t^2, \Theta(t^2)))$

From: unknown _ _ , Page: 3/3 _ _ Date: 30/10/2007 7:36:05 PM

$\mathbf{r} = \mathbf{r} \mathbf{r}$

E. Associates

The reasons the paragre named in paragraph 3 above are essociates of the substantial freder are as follows:

Name and ACN/ARON (if applicable)	Nature of association
William Grant Francise	(EAdh member of the Francise Group considers that they may be essociated of each other as-
Malam Monaal Francise	givey have an oral understanding that they share a common approach to their desirios.
Daminia Cassalia	tregenting the Company. This common view does not place any retter on the freedom of any
Philip Francise	mainter of the Francise Group to vote or discose of their shares in the Company.

7. Addresses

The addresses of persons named in this form are as follows:

Nama	Address
William Grant Francise	81 Killamev Street, Kaloncrile, Western Australia, 6430
William Micheel Frencke	144 Chapman Way, Kalgoonia, Western Auditalia, 6430
Dominic Casala	C/- Roll Brosneer (CPA) Suite 3, 60 Walters Drive, Osborne Park, Western Australia
Philip Francise	10 Boundary Street, Kalggorile, Western Australia, 6430

Slonature

print name	$^{\prime\prime}$ an	Franche		SURVEY Director
algn here	w		dria	~ පනා

DIRECTIONS

• If there are a number of exhelomist holders with similar or related relevant interests (og. a corporation and its related corporations, or the manager and
  trusted of an equity trust), the names could be included in an annu $(1)$
• See the definition of "associate" in section 9 of the Compresions Act 2001. 俩
• Sne the definition of "relevant interest" in sections 608 and 6718(7) of the Corporations Act 2001. $\overline{a}$
• The voting shares of a company constitute one class unless divided into separate classes. $\left( \cdot \right)$
• The total number of votes atlacived to all the wring shares in the company or voting insection in the scheme (if my) that the person or an associate has a 61 radasaret internat in.

The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $($

• ιń, Incinete desails dit
• zny ndownt sgreement or other dinumalances by which the ralenshi interest wite soquired. It subsection 871B(4) applies, a copy of any
  document sating out the terms of any neevant agreement, and a statement by the person gi 体
• any questionion of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or clappose of the $\langle n \rangle$ securities to which the relevant interest relates (indicating clearly the particular excurities to which the qualification applies).

See the delination of "newsork agreement" in section 0 of the Corporations Art 2001.

• If the suitable maker is unable to determine the identity of the person (eg. if the relation (interest arises because of an option) with "unknown." ω
• Dettile of the consideration meet include any and all benefits, memory and other, that any person from whom a nelwork interest was acquired has, or
  may, peddine ordited to raceive in relation to that occupation. Center mus $(9)$