Directors & Management

David Parker:
Executive Chairman

Graham Marshall:
Non-Executive Director

John Royle:
Non-Executive Director

Shane Tomlinson:
Exploration Manager

Issued Capital

24,000,001 ordinary Shares

12,000,000 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

SEPTEMBER 2011

QUARTERLY ACTIVITIES REPORT

The Board of West Peak Iron Ltd ('West Peak' or the 'Company') is pleased to present the September 2011 quarterly activities report.

Highlights include:

LIBERIA PROJECTS

Rock chip samples collected have returned iron grades ranging from 30.4 to 64.6% Fe
High grade assay results confirm hematite iron mineralisation with potential for direct shipping ore (DSO)
Country office opened
Project Briefs completed to support work programs

WA PROJECTS

Pinyalling Project

Granting of three tenements for a total area of 194 km², including key Warriedar tenement (E59/1696)
Warriedar prospect field mapping identifies intermittently outcropping BIF over a 1.8km strike with grades ranging from 41% to 61% Fe

Santy Well Project:

West Peak extends Farm-in Agreement with Cohiba Minerals Ltd (Cohiba) for the non-iron mineral rights of the 100% owned tenements E59/1677 and E59/1678

CORPORATE

Raised $490,000 (pre-costs) through the issue of 3,500,000 shares at $0.14 since the end of the quarter
Appointed Sonu Chemma as Company Secretary since the end of the quarter

WEST PEAK IRON

September Quarter 2011 Activities Report

LIBERIAN PROJECTS

During the quarter, West Peak received the assay results for the Bomi South and Grand Bassa rock chips, which were taken during the field visit conducted in the previous quarter. A total of 126 rock chip samples were collected across both project areas and couriered to Johannesburg, South Africa for XRF analysis by SGS. Grades ranged from 30.4% to 64.6% Fe with the highest grade samples listed in table 1.

Table 1. Selected high grade assay results Liberia Projects

Sample ID	Fe %	SiO_{2} %	Al_{2}O_{3} %	P %	LOI %
WPL004	57.5	8.68	4.06	0.08	3.85
WPL024	64.0	6.38	0.94	0.02	0.71
WPL055	58.2	7.99	2.75	0.05	6.35
WPL064	62.8	3.66	3.79	0.04	2.87
WPL096	58.7	2.47	1.93	0.02	10.06
WPL103	57.7	3.5	1.6	0.17	12.45
WPL111	60.9	6.4	1.39	0.17	4.31
WPL115	64.6	3.34	1.5	0.03	2.01

Coordinates are in WGS84 Zone 29 North. All samples were analysed by X-Ray Fluorescence Spectrometry (XRF). Losses on Ignition (LOI) values were determined using Thermo-Gravimetric Analyses at 1000°C. For full set of assays see ASX release dated 18 August 2011.

Work conducted during the quarter included project briefs carried out by West Peak consultants for the Bomi South and Grand Bassa projects. Project briefs are required under Liberian exploration regulations before a work program for ground disturbing activities can be approved. An interim work program for non ground disturbing activities, which included a submission for a detailed aeromagnetic survey, was approved during the quarter and West Peak has scheduled for this work to be carried out in the next quarter.

An office was set up in Monrovia, the capital of Liberia, to provide a base for the exploration operations over the project areas.

Bomi South Project

The Bomi South project is located approximately 60 km NNE of Monrovia and is accessed by sealed road to within 5 km to the west of the tenement boundary and a sealed road 2 km from the eastern boundary. Tenement geology is predominantly composite gneiss with itabirite units which strike east west and outcrop intermittently over the length of the tenement as ridges covered by dense vegetation.

Rock chip assay results ranged from 30% to 64% Fe and reflected iron mineralisation typical of West African iron ore deposits in that recrystallised banded iron formation "itabirite" formed with grades ranging from 20% to 40% iron from the presence of magnetite. These units have then been subjected to supergene processes to create a hematite / goethite rich cap, where iron grades are generally greater than 50% iron, overlying the itabirite units.

Canga iron mineralisation has also been observed and represents transported enriched BIF units down slope where they have been re-cemented with an iron rich matrix with grades generally range between 40% to 60% iron.

WEST PEAK IRON

September Quarter 2011 Activities Report

Indentified iron enrichment is coincident to aeromagnetic anomalies from the reprocessed historic data. Figure 1 shows the rock chips overlying the aeromagnetic data.

Figure 1. Rock chip sample locations coloured by iron grades overlying aeromagnetic image

Grand Bassa

The Grand Bassa Project consisted of an exploration and reconnaissance licence, and is located approximately 10 km east of Buchanan. The project area is accessed by an unsealed road which runs parallel to the operating railway line servicing ArcelorMittal's Yekepa Iron mine to the port of Buchanan.

Surface iron enrichment was encountered in the form of a hematite / goethite rich cap believed to be overlying itabirite, with grades ranging from 48% to 54% Fe. Upon reviewing the field observations and the reprocessed historic aeromagnetic data the Grand Bassa exploration licence has been reduced to focus on the prospective areas identified for iron while the reconnaissance license, which is due to expire in October 2011, will not be renewed. This decision has been taken in the interest of the Liberian government's desire for active exploration and also reduces West Peak's minimum licence expenditure commitment.

图

WEST PEAK IRON

September Quarter 2011 Activities Report

Figure 2. Grand Bassa Project area with geology

Exploration Program

Since the end of the quarter West Peak engaged contractors to fly a detailed aeromagnetic survey on the 100% owned Liberian Iron Ore licenses. This work is due to commence in late November, pending final statutory approvals and following the conclusion of the Liberian elections. It is noted that the first round of Liberian general elections held recently were widely declared free and fair and was carried off without major incident.

West Peak has also scheduled a maiden field visit to the Mount Koklun and Bobo Creek projects to assess the iron potential of each project in the December Quarter. These are reconnaissance licences, which carry an initial six month term until October 2011, as such additional six month extensions are being sort for Mount Koklun and Bobo Creek, while no extension has been sought for Dig Creek to date.

West Peak is targeting a drill program on the Bomi South and Grand Bassa projects in the first half of 2012, subject to successful aeromagnetic survey and Liberian approvals process.

WA PROJECTS

Pinyalling

The Pinyalling project is located approximately 420 km northeast of Perth and 50 km west northwest of Paynes Find covering parts of the Warriedar greenstone belt which hosts significant iron ore mineralisation. During the quarter West Peak was granted three exploration tenements with a total area of 194 km², including the Warriedar tenement (E59/1696).

An initial field visit to the Warriedar prospect to carry out prospect mapping and rock chip sampling has demonstrated the potential for the tenement to contain DSO mineralisation. Fifteen rock chip samples (Table 2) were taken with iron grades ranging from 40.91% to 61.17% Fe, with an average of 55.14% Fe with moderate impurities. Mapping shows iron enrichment generally occurs in small outcrops of goethite rich banded iron formation (BIF) over a strike of 1.8 km, as shown in figure 3.

WEST PEAK IRON

September Quarter 2011 Activities Report

Figure 2. Outcrop mapping and rock chip point samples.

Table 2. Rock Chip Point Samples

Sample ID	Easting	Northing	Fe %	SiO2%	Al2O3%	P %	LOI %
WP026	516,257	6,781,842	57.06	7.02	3.68	0.097	7.58
WP027	516,311	6,781,755	55.2	13.95	1.11	0.062	6.1
WP028	517,032	6,781,324	51.01	18.62	0.67	0.049	7.44
WP029	517,585	6,781,080	56.63	5.93	2.07	0.102	9.99
WP038	517,100	6,781,325	56.82	4.98	0.77	0.06	11.45
WP039	517,446	6,781,032	49.47	16.54	1.72	0.266	9.36
WP040	517,615	6,781,052	58.24	3.74	1.6	0.128	10.45
WP041	517,746	6,780,856	56.27	7.58	1.42	0.237	9.76
WP042	517,421	6,781,360	53.16	10.05	2.62	0.069	11.03
WP043	517,527	6,781,276	59.38	4.03	1.17	0.136	9.3
WP045	517,579	6,781,471	61.17	3.99	1.28	0.198	6.62
WP047	516,324	6,781,806	57.65	6.07	3.66	0.046	6.31
WP048	516,470	6,781,722	40.91	35.87	1.86	0.046	3.38
WP049	516,574	6,781,664	53.68	13.72	1.17	0.054	8.16
WP050	516,311	6,781,755	60.43	5.34	2.42	0.056	4.99

Coordinates are in GDA94 MGA Zone 50. BID = Bedded Iron Deposit. All samples were analysed by X-Ray Fluorescence Spectrometry (XRF). Loss on Ignition (LOI) values were determined using Thermo-Gravimetric Analyses at $1000^{\circ}\mathrm{C}$ .

WEST PEAK IRON
September Quarter 2011 Activities Report

Santy Well

The Santy Well Project is located 60km north of Mullewa and consists of approximately 40 km of the northerly limb of the Tallering Greenstone Belt. The project is now focussed on assessing the potential for gold and base metals through a farm-in agreement with Cohiba Minerals Ltd (Cohiba).

During the quarter the Company extended the Farm-in Agreement Cohiba for the non-iron mineral rights of the 100% owned Santy Well tenements (E59/1677 and E59/1678). The Farm-in Agreement is conditional on Cohiba being admitted to the Official List of the ASX and all necessary third party, regulatory and shareholder approvals and consents where applicable. These conditions must be met on or before 30 November 2011.

Other WA Exploration Activities

During the quarter West Peak applied for three exploration licenses, all being subject to Ballot. West Peak also had seven WA Exploration Licenses granted during the quarter. West Peak will conduct desk top studies over these recently granted licenses during the upcoming quarter.

CORPORATE

No shares or options were issued during the quarter.

Since the end of the quarter the Company raised $490,000 (pre-costs) through the issue of 3,500,000 shares at $0.14. West Peak entered into a mandate to raise $490,000 through the placement of 3,500,000 shares at $0.14, including a free one for two unlisted Company Option (1,750,000) exercisable at 20 cents on or before 30 June 2013 (which is subject to shareholder approval) on 10 October 2011 with ALTO Capital (AFSL: 279099). The placement did not require shareholder approval as it is under ASX Listing Rule 7.1. The Company Options are subject to approval by shareholders, which will be sought at the upcoming Annual General Meeting.

The funds raised from this placement will be used to complete a detailed geophysical survey on Liberian iron ore licenses and for working capital.

Following the placement the Company has 27,500,000 fully paid ordinary shares and pending upcoming shareholder approvals 14,250,000 Company Options on issue (13,750,000 unlisted Company Options exercisable at $0.20 on or before 30 June 2013 and 500,000 unlisted Company Options exercisable at $0.30 on or before 30 June 2013).

The Company had 24,000,001 ordinary shares, 12,000,000 unlisted Company Options exercisable at $0.20 on or before 30 June 2013 and 500,000 unlisted Company Options exercisable at $0.30 on or before 30 June 2013 on issue at the end of the quarter.

Since the end of the quarter 3,500,000 shares were released from escrow (20/10/2011).

The Africa Down Under Conference held annually in Perth, Western Australia is a significant forum for mining and exploration companies to showcase their projects. West Peak was present through an exhibition booth, which was well received.

Cash and cash equivalents held by the Company at the end of the quarter was approximately $1,184,000.

WEST PEAK IRON

September Quarter 2011 Activities Report

Appointment of Company Secretary

Following the end of the quarter West Peak appointed Mr Sonu Chemma as Company Secretary, effective 10 October 2011, replacing Mr David Parker who remains as the Executive Chairman. Sonu Cheema is an accountant and company secretary who has worked for mineral exploration companies with interests in Australia, Africa and Mongolia.

For further information contact:
David Parker; Executive Chairman, West Peak Iron Ltd.
Telephone: +61 8 6460 4960
Email: [email protected]

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" and similar expressions.

AI assistant

EMETALS LIMITED Interim / Quarterly Report 2011

64850_rns_2011-10-30_16810430-8117-450f-b191-6f1d3d8e7703.pdf

Directors & Management

Issued Capital

WEST PEAK IRON LTD

SEPTEMBER 2011