RNS Number:4876P
Portman Ld
08 September 2003

Portman
Limited

ACN 007 871 892
ABN 22 007 871 892





Level 11
The Quadrant
1 William Street
Perth,  6000
Western Australia
GPO Box W2017
Perth, 6001

8 September 2003





Tel:   61 8 9426 3333
Fax:   61 8 9426 3344



Company Announcements Office
Australian Stock Exchange
Level 10
20 Bond Street
SYDNEY  NSW  2000

Dear Sir


PORTMAN LIMITED EMPLOYEE SHARE OPTION PLAN - EXPIRATION OF OPTIONS


Please be advised that certain employee options (details of which are set out
below) previously issued to eligible employees under the Employee Share Option
Plan "ESOP", have now expired:



  Number of Options      Exercise price         Expiry Date     ASX Code
      2,000,000              $1.99             28 April 2003    PMMAW
       200,000               $1.75              25 May 2003     PMMAS


Please adjust your records to note that these options are now cancelled as a
result of reaching their expiry date.



Yours faithfully



G T Clifford
COMPANY SECRETARY






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