WESTONIA MINES LIMITED

Building a mid-tier gold production company

David Hatch Managing Director 4 November 2006

INTRODUCTION

DISCLAIMER

The presentation (in this projected form and as verbally presented) is provided on the basis that none of the Company nor its respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make any representation or warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Presentation and nothing contained in the Presentation is, or may be relied upon as, a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The Presentation contains prospective financial material which is predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks and uncertainties, and may differ materially from results ultimately achieved.

The Presentation contains "forward-looking statements". All statements other than those of historical facts included in the Presentation are forward-looking statements including, without limitation, (i) estimates of future earnings, and the sensitivity of earnings to the gold and other metals prices; (ii) estimates of future gold and other metals production and sales; (iii) estimates of future cash costs; (iv) estimates of future cash flows, and the sensitivity of cash flows to gold and other metals prices; (v) estimates of future capital expenditures; and (vi) estimates of reserves, and statements regarding future exploration results and the replacement of reserves.

Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any "forward-looking statement" to reflect events or circumstances after the date of the Presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

All persons should consider seeking appropriate professional advice in reviewing the Presentation and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Presentation nor any information contained in the Presentation or subsequently communicated to any person in connection with the Presentation is, or should be taken as, constituting the giving of investment advice to any person.

The information in this presentation that relates to Exploration Results. Mineral Resources and Exploration Potential is based on information compiled by Nicholas Johnson who is an employee of the Company and a member of the Australian Institute of Mining and Metallurgy and is a Competent Person under the definition of the 2004 JORC Code. The Exploration Potential described above is conceptual in nature, and there is insufficient information to establish whether further exploration will result in the determination of a Mineral Resource. The Presentation does not relate to any securities which will be registered under the United States Securities Act of 1933 nor any securities which may be offered or sold in the United States or to a U.S. person unless registered under the United States Securities Act of 1933 or in a transaction exempt from registration.

Investment Highlights

Strong, experienced Board and Management
1.1 million oz gold resource (open ended) and plant
Aim to commence production in 2007
Value add initiatives
Underground potential
Significant exploration upside
Growth through development, exploration and strategic acquisition

Corporate Overview

244.7m Shares on issue Unlisted (director) options $3.1_m$

Share price (27/10/6) 12.5c Range (12 months) 7.7c - 27.5c

Board

Mark Fitzpatrick

David Hatch

Murray Pollock

Chris Melloy*

John Rowe

Non Executive Chairman Managing Director Non Executive Director Non Executive Director Non Executive Director

* Represents major shareholder Lion Selection Group

Directors have a successful track record of developing projects and creating shareholder value

The Team

Technical

Rowan Johnston Nick Winnall Dennis McDeed

Commercial / Legal

John Hannaford Paul Wright Noah's Rule Richard Burden

Resident Manager Exploration Manager Deputy Resident Manager

Company Secretary / CFO Legal Hedging / Finance Financial

Highly experienced team already in place

Major Shareholders

	No.	$\frac{0}{0}$
Lion Selection Group	107,299,833	43.84
Goldrich/Jayleaf	12,120,352	4.95
Westpac Custodian Nominees	10,065,228	4.11
ANZ Nominees	7,327,735	2.99
Others	107,919,900	44.11

Total

244,733,048

A total of 1,926 shareholders at 31 October 2006

WHY INVEST IN WESTONIA?

Westonia Gold Project

Yilgarn Greenstone Belts

Westonia Greenstone Belt

. . . . . . . . . . . . . . . . . . . .

Dewatered Open Pit

FS results - Base Case

560,000 oz

Ore Reserve (14Mt @ 1.21 g/t)
$1.1_m$ oz Mineral Resources
Target Production 80,000 oz pa
Mine Life 7 years
$+90%$ Mill recovery
circa \$555/oz Cash costs (excluding royalty)
\$65M Capex

Westonia owns the plant

Value Add Initiatives

Additional resources / reserves identified
Lower capital expenditure
Lower operating costs

The Company has delayed the decision to mandate one of its short-listed financiers until the benefits of the value-add initiatives are quantified

Near Mine Exploration WESTONIA ۱3 ⊕ M77/124 65R/SC/F GREENFINCH
(GFRC series) 100m o. M77/88 لمن أست Scale PROPOSED MILL SITE GREENFINCH INPIT DATA PROJECTED GOLDEN POINT
(GPRC series) EDNA MAY 6536500mN GOLDEN POINT Legend Sizza Greenstone Stanite WESTONIA GEOLOGY Gold Mineralised Zone & GOLD MINERALISATION Tenement block boundary iizanlwa 31 hadian Date: Bept 202

Greenfinch Significant Drill Intercepts

4 metres $\omega$ 25.9 g/t Au from 8 metres 7 metres $\omega$ 4.0 g/t Au from 17 metres 5 metres $\omega$ 3.2 g/t Au from 63 metres 24 metres $\omega$ 5.4 g/t Au from 46 metres 13 metres $\omega$ 8.6 g/t Au from 19 metres

Greenfinch Mineral Resource Estimate

Golden Point Significant Drill Intercepts

1 metre $\omega$ 13.35 g/t Au from 64 metres 1 metre $\omega$ 14.05 g/t Au from 42 metres 1 metre $\omega$ 49.90 $q/t$ Au from 71 metres 1 metre $\omega$ 23.60 g/t Au from 78 metres 1 metre $\omega$ 27.70 g/t Au from 73 metres 1 metre $\omega$ 60.70 g/t Au from 74 metres

Deeper U/G Potential

Substantial 200 hole drill database of mostly DDH's to maximum depth of 700m.
Not JORC compliant resource.

But

Substantial number of narrow, high grade intercepts and evidence of some wider, high grade zones is consistent with the early 1900's underground mining history.

Deep Drill Intercepts

Cross Section mid-pit

an basan dan basa dan basa dan basa dan basa dan basa dan basa dan basa dan basa dan basa dan basa dan basa da

Medium Term Production Objective

To develop a long-life, integrated open pit and

underground operation at Westonia

producing 130,000-150,000 ozs per annum

Seek repeats of Edna May Gneiss, which is the host for the considerable Westonia gold mineralisation.

WHY?

The reconstructed model to 200m depth is 20MT $@$ 2.0 g/t for 1.2 Mozs. Discovery of one unmined Edna May repeat would be.....

A COMPANY MAKER!

SIX POTENTIAL EDNA MAY

REPEATS HAVE BEEN

IDENTIFIED WITHIN 8 KM

OF WESTONIA SO FAR

Aeromagnetics

IN CLOSING......

If you seek to invest in a strong Management team and Board which is committed to joining the producer ranks

If you seek to invest in a company with substantial leverage to gold price increases...

If you seek to invest in a company which has strong near-mine

exploration potential to increase mine life and shareholder returns....

If you seek to invest in a company which is pursuing an aggressive, cost-effective organic growth strategy. ...

COMPETENT PERSON

The information in this report that relates to mineral resources is based on work completed by Mr Nicolas Johnson, who is a Member of the Australian Institute of Geoscientists. Mr Johnson is a full time employee of Hellman and Schofield Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit 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'. Mr Johnson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Ore Reserves is based on information compiled by Mr John Hearne who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Hearne is a full-time employee of RSG Global. Mr Hearne has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr Hearne consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
The drill data reported in this announcement and utilised in the resource modelling has been collected by industry standard practises. Its compilation, quality and management has been overseen by Peter Ball of DataGeo Geological Consultants a competent person in terms of experience relative to gold sample data collection and management.