EMETALS LIMITED — Capital/Financing Update 2011

Dec 4, 2011

WEST PEAK IRON

ASX announcement

5 December 2011

ACN: 142 411 390

T: 08 6460 4960

F: 08 9324 3045

E: admin@westpeakiron.com.au

Suite 9, 1200 Hay Street

West Perth WA 6005

PO Box 281

West Perth WA 6872

www.westpeakiron.com.au

Directors & Management

David Parker:
Executive Chairman

Graham Marshall:
Non-Executive Director

John Royle:
Non-Executive Director

Shane Tomlinson:
Exploration Manager

Sonu Cheema:
Company Secretary

Issued Capital

27,500,001 ordinary Shares

13,750,000 unlisted options exercisable at 20 cents each on or before 30 June 2013

500,000 unlisted options exercisable at 30 cents each on or before 30 June 2013

ASX Code: WPI

WEST PEAK IRON LTD

ADDITIONAL BOMI SOUTH LICENSE AREA GRANTED IN LIBERIA AND EXPLORATION UPDATE

The Board of West Peak Iron Ltd ('West Peak' or the 'Company') is pleased to provide the following exploration update.

Key Points

• Granting of an additional 82 km² to the Bomi South licence
• Bobo Creek and Mount Koklun licence extensions granted
• Detailed aeromagnetic survey in Liberia completed

Liberia

West Peak has been granted an additional licence area of 82 km² at its Bomi South project. This area has indicated magnetic anomalism from the reprocessed historic aeromagnetic data and lies along strike from identified iron formations. The Bomi South Exploration License now covers 564 km² and forms the focus of West Peak’s exploration activities.

West Peak is pleased to confirm that the aeromagnetic survey over the Bomi South, Grand Bassa, Bobo Creek and Mount Koklun licenses has been completed. West Peak has engaged consultants to process the survey data and looks forward to updating the market with the findings in due course.

Bobo Creek and Mount Koklun reconnaissance licences have been renewed for a further period of six months. A field reconnaissance visit was carried out at Mount Koklun and Bobo Creek during November. Iron enrichment was confirmed at both licenses, with several rock chips collected and sent for assay at SGS Monrovia.

A field reconnaissance visit was carried out at the Dig Creek project during October by geological consultants. Iron enrichment was encountered on the licence but the nature and extent is very limited and as such West Peak has decided not to renew the reconnaissance licence. This will enable West Peak to focus exploration on the current four projects which combine for a total area of 972 km² (see figure one below).

The Republic of Liberia National Elections Commissions has declared the incumbent President Madam Ellen Johnson-Sirleaf as winner of the recent elections, now being elected to govern for another six year period.

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WEST PEAK IRON

Additional Bomi South License Area Granted and Exploration Update

Figure 1. Regional location of the West Peak granted licences and current iron ore projects.

Western Australia - Santy Well Project

West Peak has executed a heritage agreement with the Wajarri Yamatji group covering the Santy Well project tenements. A heritage survey is now being arranged to enable a proposed aircore drill program to be carried out in 2012. The heritage survey forms part of the granted program of works. This work is being carried out under the terms of the Farmin agreement with Cohiba Minerals Limited. West Peak has provided a seven week extension to the Farm-in Agreement with Cohiba Minerals Ltd, the Farmin Agreement conditions precedent must be met prior to 23 January 2011.

For further information contact: David Parker; Executive Chairman, West Peak Iron Ltd.

Telephone: +61 8 6460 4960

Email: david@westpeakiron.com.au

COMPETENT PERSONS' STATEMENT

Scientific or technical information in this news release has been prepared under the supervision of Mr Shane Tomlinson, an employee of the Company and a Member of the Australian Institute of Geoscientists (AIG). Mr Tomlinson has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Mr Tomlinson consents to the inclusion in this report of the Information, in the form and context in which it appears.

FORWARD LOOKING AND EXPLORATION TARGET STATEMENTS

Some statements in this announcement regarding estimates or future events are forward-looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward looking statements include, but are not limited to, statements concerning the Company's exploration program, outlook, target sizes and mineralised material estimates. They include statements preceded by words such as "expected", "planned", "target", "scheduled", "intends", "potential", "prospective", "seek", "proposed" and similar expressions.

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WEST PEAK IRON

Additional Bomi South License Area Granted and Exploration Update

ABOUT WEST PEAK

West Peak Iron Ltd (West Peak) is an exploration company with a focus on iron ore exploration.

West Peak has focused on increasing its licence holdings through direct tenement applications both in Western Australia and Liberia since floating on the ASX in 2010. West Peak's strategy is to actively explore its land holding to identify and focus on those projects which are believed to have the greatest potential for economic iron mineralisation through staged exploration programs. The Company's activities are dependent on the maintenance of appropriate licences, permits and regulatory consents which may be withheld, withdrawn or made subject to limitations.

ASX code - WPI	Market Cap @ 12.5 cps - $3.4m
Issued shares - 27.5m	Cash - $1.47m (circa at end of Oct)
Unlisted Options - 14.25m

LIBERIA

West Peak has 972 km² of granted tenure prospective for iron ore in Liberia through a combination of reconnaissance and exploration licences for iron ore in the Grand Bassa, Bomi, Bong and River Cess counties. All licences contain identified iron-bearing formations and are located close to port, rail and road infrastructure (both existing and currently being upgraded to meet iron ore industry requirements). Following on from the success of the initial field work the Company now plans to undertake a detailed aeromagnetic survey, follow the wet season and subject to finalisation of a contractor.

WESTERN AUSTRALIA

West Peak has built up a land holding comprising 15 granted tenements and 28 tenement applications, several being subject to ballot, in the emerging Mid West and Yilgarn Iron Provinces. High grade rock chip results have been received from the Warriedar tenement and indicate the potential for DSO type mineralisation. A magnetite target has been identified at the Dandaraga tenement from mapping and rock chip sampling of an outcropping BIF.