RNS Number:4334P
Portman Ld
05 September 2003

                                                           Portman
                                                           Limited

                                                           ACN 007 871 892
                                                           ABN 22 007 871 892

5 September 2003

                                                           Level 11
                                                           The Quadrant
                                                           1 William Street
                                                           Perth,  6000
                                                           Western Australia
                                                           GPO Box W2017
                                                           Perth, 6001
                                                           Tel:   61 8 9426 3333
                                                           Fax:   61 8 9426 3344


MEDIA RELEASE


FEDERAL ENVIRONMENTAL APPROVAL
ANNOUNCED FOR NORTHERN TENEMENTS


Portman Limited (ASX: PMM) today welcomed the announcement by the Federal
Government of environmental approval for the expansion of its Koolyanobbing Iron
Ore Project near Southern Cross in Western Australia.

Federal Environment Minister Dr David Kemp today announced approval for the
construction, development and operation of iron ore mines and associated
infrastructure and activities at Mt Jackson and Windarling. These areas form the
key Northern Tenement resources required to underpin the Koolyanobbing expansion
project.

The decision on Portman's proposal, which was referred under the Environmental
Protection Biodiversity and Conservation Act 1999 includes conditions which are
acceptable to the Company.  In regard to the staged access to resources at
Windarling and full access to Mt Jackson, the Commonwealth decision mirrors the
Western Australian Government's decision announced on April 1st, 2003.

In welcoming the Minister's decision, Portman's Managing Director, Mr Barry
Eldridge, said it represented a significant milestone in the Company's
development.

"With this approval now in place, our management team can immediately seek final
approval from the Portman Board for all the remaining development activities
required to bring the Northern Tenements into production," Mr Eldridge said.

Portman has already commenced preliminary, low-impact activities including
exploration drilling at Windarling to upgrade the existing resource base, water
drilling for construction of the proposed haul road linking the Northern
Tenements to the existing Koolyanobbing plant to the south, and tendering for
all major contracts.

Mr Eldridge said Portman would focus it's efforts on expediting the Northern
Tenements development to ensure the availability of ore to be processed at
Koolyanobbing and blended with its existing shipping product in the shortest
possible timeframe.


"Our objective is to gear up as quickly as possible to take advantage of the
current strong market conditions for iron ore, which have seen record demand for
premium quality Australian iron ore," he said.

"Today's announcement is a particularly important development both for the
Company and our customers, who are well aware of the importance of the
additional orebodies for the Koolyanobbing Project's future and who have been
extremely patient and supportive during the delays experienced throughout the
approvals process."

                                    - ENDS -

Released by:                                        On behalf of:
Jan Hope / Nicholas Read                            Mr Barry Eldridge
Jan Hope & Partners                                 Managing Director
Telephone: (+61-8) 9388-1474                        Portman Limited
                                                    Telephone: (+61-8) 9426-3333



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