EMETALS LIMITED — Interim / Quarterly Report 2012

Jul 29, 2012

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WEST PEAK IRON LTD

JUNE 2012 QUARTERLY ACTIVITIES REPORT

ASX announcement

29 July 2012

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

The Board of West Peak Iron Ltd (‘West Peak’ or the ‘Company’) is pleased to provide the following June 2012 quarterly activities report.

Key Points

• Identified high grade iron direct shipping ore “DSO” target at

• Highway prospect in the Mid West of WA

  • Heritage survey completed at WA Santy Well project

• Program of works applications submitted for Warriedar, Highway

• and Dandaraga prospects

• Work program for a maiden drilling program at Bomi South project

• submitted to Liberian ministry

• Application to convert Bobo Creek and Mt Koklun reconnaissance

• licences to exploration licences submitted to Liberian ministry

Western Australia

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Paynes Find Project

Directors & Management

David Parker: Executive Chairman

Graham Marshall: Non-Executive Director

John Royle: Non-Executive Director

Shane Tomlinson: Exploration Manager

Sonu Cheema: Company Secretary

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A field reconnaissance visit was carried out during the quarter and eleven rock chip samples were collected at the Highway prospect in the mid west and ranged in iron grades of 49.89 % to 61.17 % Fe.

Initial field observations indicate iron enrichment generally occurs in small outcrops of goethite/ hematite rich banded iron formation (BIF) over a strike of 1 km, as shown in figure 1. The outcrop widths observed are between 5 – 20 metres and are interpreted to represent individual narrow BIF units within a folded greenstone sequence.

The Highway prospect is located approximately 1.5 km from the Great Northern Highway 20 km south west of Paynes Find.

West Peak is now in the process of obtaining all necessary government departmental and heritage approvals to test this prospect with a moderate drill program.

Issued Capital

28,144,536 ordinary shares

13,105,465 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

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ASX Code: WPI

June 2012 Quarterly Activities Report

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Figure 1. Rock chip point samples.

Pinyalling Project

The Warriedar prospect consists of intermitten outcropping goethite / hematite rich banded iron formation over a strike length of approximately 1.8km with outcrop widths mapped between 5 – 20 metres and are interpreted to represent individual narrow BIF units. Returned rock chip samples show grades ranging from 40.91 % to 61.17% with moderate impurities.

West Peak is in the process of obtaining all necessary approvals to carry out a maiden drill program on the identified DSO target at the Warriedar prospect.

Dandaraga Project

West Peak has submitted a program of works for a small drill program to test the 2km of mapped iron formation which is coincident to a strong magnetic anomaly with a strike length of approximately 7 km. The Dandaraga prospect is a magnetite rich banded iron formation target located approximately 35 km south east of Sandstone in the emerging Yilgarn iron province.

Field based work has identified surface iron enrichment in the outcropping BIF with rock chip traverses up to 163m at 38.87 % Fe.

June 2012 Quarterly Activities Report

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Santy Well

West Peak with its joint venture partner Cohiba Minerals carried out a heritage survey during the quarter to support a planned RAB / aircore program to test for gold and base metal mineralisation.

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Figure 2. Mid West project locations

Since the end of the quarter the Company has sought to reduce non-core WA tenements with low iron ore prospectively and as a result has reduced it’s WA tenement portfolio. An updated WA project map will be released following finalisation of the tenement reductions. Voluntary surrenders of several WA tenement applications and voluntary relinquishment of one granted tenement, while also lodged partial surrenders of some granted tenements has been completed.

Liberia

West Peak has reviewed the results of the aeromagnetic program and designed a maiden drill program for the Bomi South project. In accordance with the Liberian exploration regulations an updated work program has been submitted to cover this work.

Due to the wet season being in effect all field based activities have been suspended. This only impacts the trenching program in Bomi South and was always scheduled in the exploration program to happen. The focus is now on putting in place all the necessary requirements to execute a drilling program in the coming dry season.

Based upon the results from the aeromagnetic survey and field work carried out on the Bobo Creek and Mount Koklun projects respectively West Peak has applied to the ministry of Lands Mines and Energy to convert these reconnaissance licences to exploration licences. Once these licences have been granted West Peak proposes to carry out a drilling program to test the nature and extent of the iron mineralisation that has been identified.

June 2012 Quarterly Activities Report

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Figure 3. Regional location of the West Peak granted licences and current iron ore projects.

CORPORATE

There were 25,000 shares issued during the quarter as a result of exercise of unlisted $0.20 Company Options to raise $5,000 before costs.

At the end of the quarter the Company had 28,119,536 fully paid ordinary shares and 13,630,465 Company Options on issue (13,130,465 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).

Cash and cash equivalents held by the Company at the end of the quarter was approximately $519,000.

June 2012 Quarterly Activities Report

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“END”

For further information contact: David Parker; Company Secretary, 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” and similar expressions.