Golden West Resources Limited advised today that iron ore producer Portman Limited had acquired 11 million Golden West shares, representing approximately 10% of the Company''s issued capital for $9.5 million.

Golden West said in a statement Portman''s investment was a clear vote of confidence in the Company and its flagship Wiluna West Iron Ore Project, and it was looking forward to discussing how the two companies may work together.

Portman is Australia''s third largest exporter of iron ore, with a current market capitalization of $2.2 billion. It currently exports approximately 8 million tons of iron ore per annum from its Koolyanobbing operations in Western Australia through the Port of Esperance.

Portman is 80% owned by Cleveland-Cliffs Inc, an international mining company and is the largest producer of iron ore pellets in North America and a major supplier of metallurgical coal to the global steelmaking industry.

Golden West added that it would meet with Portman representatives to discuss its investment in the Company in the near future. Fairstar Resources Ltd is looking to buy Golden West.

Golden West share rose 59% while that of Fairstar added 3.3%.

Just engages Lonergan Edwards on Premier bid

Just Group Limited has engaged Lonergan Edwards as its independent expert to prepare a report on whether the unsolicited offer from Premier Investments Limited was fair and reasonable.

Just reiterated its advice to its shareholders not to take any action on the offer till it issues a formal response.

Solomon Lew through his entity Premier Investments Ltd made a $900 million takeover bid for Just Group earlier this week. The offer values Just at between $828 million and $898 million.

Just chairman Ian Pollard rebuffed Lew''s invitation to join the Premier board if it gains full control of the clothing retailer. Lew already controls 23.6% of Just through Premier and Metrepark Pvt Ltd, a private Lew family company.

Just stock fell 3.1%.

QBE''s share affected by short sellers

Australia''s biggest property and casualty insurer, QBE Insurance Group Ltd said short sellers who sold out after it posted slow profit growth in February affected its share.

Chairman John Cloney said at an annual shareholder meeting today that short sellers’ action led the stock decline of 30% three weeks after it announced its earnings on February 26.

QBE today affirmed its target for an increased full-year insurance profit margin of as much as 20%.

The company reported a profit of $1.93 billion for the year ended December 31, 30% higher from a year ago with the international operations accounting 70% of its earnings.

QBE stock rose 2.4%.

Emini''s ban extended

Collapsed stock broker Opes Prime, Laurie Emini''s travel bank was today extended to October 3, 2008 by the Federal Court of Australia judge, Justice Ray Finkelstein. The ban prohibits Emini from leaving Australia without the court''s consent.

Counsel for the Australian Securities and Investments Commission (ASIC), which is investigating the Opes Prime collapse, told reporters that Emini''s counsel had agreed to the extended travel restriction in his absence.