Junior iron ore player Golden West Resources has fallen 26.2 per cent in December after surging 156.7 per cent in November. The sell-off follows the miner's quarterly activity report which shows negative cash flow of $3.5 million for the quarter ending September 30, and its planned capital raising. In mid-November Golden West said its Joyners Find deposit in Western Australia continued to deliver exceptionally high-grade hematite mineralisation. To help fund continued exploration the miner announced a placement of up to 15 per cent of its issued share capital to investors. The funds will be used to complete a study of the company's Wiluna West hematite project, finish the approval process for mining at Joyners Find and complete the implementation of mining of its gold resources.