RNS Number:4877P
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
8 September 2003                   Western Australia
                                   GPO Box W2017
                                   Perth, 6001
                                   Tel:   61 8 9426 3333
                                   Fax:   61 8 9426 3344

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

                                                                  Via ASX Online


Dear Sir,



PORTMAN LIMITED - CANCELLATION OF NON - ESOP OPTIONS


Due to changes in arrangements with certain consultants to the Company, please
be advised that the following options have been cancelled.




          Number of Options                  Exercise Price      Expiry Date
               750,000                           $1.919          1 October 2007





Please note that there were two separate tranches of 750,000 options issued on 1
October 2002 with an exercise price of $1.919 each.  These options that have
been cancelled are those that were issued in the second tranche only.



Yours faithfully








G T CLIFFORD
Company Secretary




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCGIGDCSUGGGXI