GWR GROUP LIMITED — Major Shareholding Notification 2011

Jan 5, 2011

CLIFFS ASIA PACIFIC IRON ORE PTY LTD AGN 46 001 892 995 Love: 12, 1 William Street, Perth, Western Australia, 6000 P 61, 8,9426,3333 F 61,8,9426,3344 cliffsnaturalresources.com Postaj Address: GPO Box W2017, Porth, WA 6848

6 January 2011

The Announcements Officer Australian Stock Exchange (Sydney) Limited Level 10 20 Bond Street SYDNEY NSW 2001

By fax: 1300 135 638

Dear Sir

Please find attached an announcement re a dilution of shareholdings in GWR

Yours faithfully

C M Rainsford Company Secretary Cliffs Asia Pacific Iron Ore Pty Ltd

604 page 1/3

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Golden West Resources Limited
ACN/ARSN	102 622 051 This notice is given by Cliffs Asia Pacific Iron Ore Pty Ltd (formerly Portman Iron Ore Limited) behalf of itself and each of its associates (Cliffs Associates) named in the list of 4 pages annexed to this notice and marked Annexure A.
1. Details of substantial holder (1)
Name	Cliffs Asia Pacific Iron Ore Pty Ltd
ACN/ARSN (if applicable)	001892995
There was a change in the interests of the
substantial holder on	4/1/2011
The previous notice was given to the company on	2/07/2010
The previous notice was dated	2/7/2010

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

	Previous notice		Present notice
Class of securities (4)	Person's votes	Voting power (5)	Person's votes	Voting power (5)
IORD	24.276.852	14.75%	24,276,852	112.8%

3. Changes in relevant interests

$\mathbb{R}^2$

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
4/1/2011	Cliffs Asia Pacific Iron lOre Pty Ltd (formerly Portman Iron Ore Limited)	Issue of shares by GWR resulting in dilution of Inoldinas	INil	IORD 24.276.852	24.276,852 (12.8%)
	Cliffs Associates per Annexure A of 4 pages lattached

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of	Registered	Person entitled	Nature of	Class and	Person's votes
relevant	holder of	to be registered	relevant	number of
interest	securities	as holder (8)	interest $(6)$	securities
Cliffs Asia Pacific llron Ore Pty Ltd and the Cliffs Associates referred to in lparagraph 3 above	Narious vendors of securities on ASX	Cliffs Asia Pacific Iron Ore Ptv Ltd	As set out in paragraph 3 labove	IORD 24.276.852	24,276,852 (12.8%)

1. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

604 page 2/3

Name and ACN/ARSN (if applicable)	Nature of association
N/A	IN/A

6. Addresses

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

Name	Address
Cliffs Asia Pacific Iron Ore Holdings Pty 'Ltd ( formerly Portman Limited)	Level 12, The Quadrant, 1 William Street, Perth, WA, 6000
Each of the Cliffs Associates	As set out in the list annexed to this notice and marked Annexure A.

Signature

	print name Caroline M Rainsford	capacity	Alternate Company Secretary
sign here		date	5/1/2011

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and in anony or a mannon or added not condense man on motion of concernance and conservative of or anonyment of persons are essentially similar, trusted in an annexure to the form, If the relevant interests of a group of perso $(1)$ they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members
  they may be referred to throughout the form as a specifically named group i is clearly set out in paragraph 6 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "relevant interest" in sections 608 and 671B (7) of the Corporations Act 2001. $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• $(6)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any decument setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, $(a)$ scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the ony quantities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).
  Securities to which the relevant interest relates (indicating clearly the particular $(b)$

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a $(7)$ contingency. Details must be included on any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they contingency. Details must be included on any benefit paid on beha are not paid directly to the person from whom the relevant interest was acquired.
• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown". $(8)$
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(9)$

$\mathbf{1}$

Annexure A

Golden West Resources Limited ACN 102 622 051

Cliffs Associates

This is Annexure A of 4 pages referred to in the Form 604 (Notice of change of interests of substantial holder) signed by me and dated 5 January 2011.

Caroline Rainsford

(Alternate) Company Secretary,

Cliffs Asia Pacific Iron Ore Pty Ltd

Associate

Cliffs Natural Resources Inc. 2263969 Ontario Inc. 7261489 Canada Inc. 7261543 Canada Inc. 7280831 Canada Inc. 7557558 Canada Inc. 9223-0945 Québec Inc. Anglo Ferrous Amapá Mineração Ltda. Anglo Ferrous Logística Amapá Ltda. Arnaud Railway Company Barcomba Joint Venture (unincorporated JV) Beard Pinnacle, LLC CALipso Sales Company Centennial Asset Participações Amapá S.A. Cleveland-Cliffs International Holding Company Cleveland-Cliffs Ore Corporation CLF PinnOak LLC Cliffs (Gibraltar) Holdings Limited Cliffs (Gibraltar) Holdings Limited Luxembourg S.C.S. Cliffs (Gibraltar) Limited Cliffs (Gibraltar) Mather III Limited Cliffs (US) Mather I LLC Cliffs and Associates Limited Cliffs Biwabik Ore Corporation Cliffs Brown B.V. Cliffs Empire, Inc.

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Cliffs Erie L.L.C. Cliffs Exploration Holdings Company Cliffs Exploraciones Peru S.A.C. Cliffs Greene B.V. Cliffs Harrison B.V. Cliffs International Lux I S.à r.l. Cliffs International Lux II S.à r.l. Cliffs International Lux IV S.à r.l. (In Liquidation) Cliffs International Luxembourg S.à r.l. Cliffs International Management Company LLC Cliffs International Mineracão Brasil Ltda. Cliffs International Participações Brasil Ltda. Cliffs Logan County Coal, LLC (fka INR-WV Operating, LLC) Cliffs Logan County Coal Terminals, LLC (fka INR Terminals, LLC) Cliffs Logan County Holdings, LLC (fka INR-1 Holdings, LLC) Cliffs Marquette, Inc. Cliffs Minera Peru S.A.C. Cliffs Mineracão Ltda. Cliffs Mining Company (fka Pickands Mather & Co.) Cliffs Mining Services Company Cliffs Minnesota Mining Company Cliffs Natural Gas Company Cliffs Natural Resources Exploration Argentina S.R.L. (9/24/10) Cliffs Natural Resources Exploration B.V. Cliffs Natural Resources Exploration Canada Inc. Cliffs Natural Resources Exploration Chile Limitada. Cliffs Natural Resources Exploration Inc. Cliffs Natural Resources Luxembourg S.à r.l. Cliffs Netherlands B.V. Cliffs North American Coal LLC (fka PinnOak Resources, LLC) Cliffs Oil Shale Corp. Cliffs Reduced Iron Corporation Cliffs Reduced Iron Management Company Cliffs Renewable Energies LLC Cliffs Sales Company (fka Northshore Sales Company) Cliffs Scovil B.V. Cliffs Sterling B.V. Cliffs Technical Products LLC Cliffs TIOP, Inc. (fka Cliffs MC Empire, Inc.) Cliffs UTAC Holding LLC Cliffs West Virginia Coal, Inc. (fka Cliffs Merger Sub) (7-20-10) CNR Exploration Mexico S, de R.L. de C.V. Empire Iron Mining Partnership Emerald Joint Venture (unincorporated JV) First Point Minerals Corporation Freewest Resources Inc. Freewest Resources Canada Inc. Hibbing Development Company Hibbing Taconite Company HLE Mining Limited Partnership

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IronUnits LLC Knoll Lake Minerals Limited KWG Resources Inc. Lake Superior & Ishpeming Railroad Company MABCO Steam Company, LLC Marquette Iron Mining Partnership Marquette Range Coal Service Company Maryborough Joint Venture (unincorporated JV) Michigan Iron Nugget LLC Midway Ore Company Ltd. - Minerais Midway Ltee Minera Cerro Juncal S.A. (9/3/10) Mount Inglis Joint Venture (unincorporated JV) Northern Conservation, LLC Northern Land Company Limited Northshore Mining Company Oak Grove Land Company, LLC Oak Grove Resources, LLC Pickands Hibbing Corporation Pinnacle Land Company, LLC Pinnacle Mining Company, LLC PinnOak Coal Sales, LLC PolyMet Mining Corporation Renewafuel, LLC Republic Wetlands Preserve LLC Riverside Resources Inc. Seignelay Resources, Inc. (fka Angola Services Corporation) Silver Bay Power Company Sociedad Contractual Minera Tierra Noble (fka Sociedad Contractual Minera Mariana de Chile) Southern Eagle Land, LLC Spider Resources Inc. Springleigh Joint Venture (unincorporated JV) St Lawrence Joint Venture (unincorporated JV) Syracuse Mining Company The Cleveland-Cliffs Iron Company The Cleveland-Cliffs Steamship Company Tilden Mining Company L.C. Twin Falls Power Corporation Limited Toney's Fork Land, LLC United Taconite LLC Wabush Iron Co. Limited Wabush Lake Railway Company, Limited Wabush Mines (unincorporated JV) Wabush Resources Inc.

Zenyatta Ventures Ltd.

All of the above associates are c'- 1100 Superior Ave, Suites 1500 Cleveland, Ohio, 44114-2544. USA

AusQuest Limited Cliffs Asia Pacific Iron Ore Finance Pty Ltd Cliffs Asia Pacific Iron Ore Holdings Pty Ltd (fka Portman Limited) Cliffs Asia Pacific Iron Ore Investments Pty Ltd Cliffs Asia Pacific Iron Ore Management Pty Ltd Cliffs Asia Pacific Iron Ore Pty Ltd (fka Portman Iron Ore Limited) Cliffs Australia Coal Pty Ltd Cliffs Australia Holdings Pty Ltd Cliffs Australia Washplant Operations Pty Ltd Cliffs Natural Resources Holdings Pty Ltd Cliffs Natural Resources Pty Ltd (fka Cliffs Asia-Pacific Pty Limited) Cockatoo Island Holdings Pty Ltd Cockatoo Iron Ore Joint Venture (unincorporated JV) Cockatoo Mining Pty Ltd Currawong Coal Pty Ltd Golden West Resources Limited Koolyanobbing Iron Pty Ltd Mt. Finnerty Joint Venture Portman Coal Investments Pty Ltd Portman Iron Ore Limited (fka Esperance Iron Limited) Portman Limited (fka Pelsoil Limited) Portman Mining Limited Pluton Resources Limited Sonoma Coal Project Sonoma Mine Management Pty Ltd

All of the above associates are c'- Level 12, The Quadrant, 1 William St, Perth WA 6000