WEEBIT NANO LTD — Capital/Financing Update 2011

Jul 4, 2011

Radar Iron concludes deal to triple size of exploration tenements

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ACN 146 455 576

Highlights

• Purchase of substantial holding of iron ore rights completed

• Triples Radar’s current land position

• Active exploration commenced

ASX Release

5 July 2011

Suite 2, 12 Parliament Place West Perth WA 6005 PO BOX 902 West Perth WA 6872

P + 61 8 9482 0580 F + 61 8 9482 0505 E info@radariron.com.au W www.radariron.com.au

Contact:

Jonathan Lea Managing Director E jlea@radariron.com.au

Phillip Wingate Company Secretary E pwingate@radariron.com.au

• Encouraging zone of hematite enrichment identified with drill approvals pending

Radar Iron Ltd (ASX: RAD) is pleased to announce the completion of its acquisition of a significant package of iron ore rights from Southern Cross Goldfields Ltd (SXG).

The rights cover tenements in the central Yilgarn iron district of Western Australia and triple Radar’s current land position in the area

The acquisition agreement ensures compatible exploration and mining activity between Radar and Southern Cross and maximises potential synergies between the companies.

On signing the agreement, Radar made the final payment of $1,000,000 cash and 1 million ordinary shares to SXG.

Managing Director of Radar Iron, Jonathan Lea, said “the acquisition significantly expanded exploration opportunities for the Company which has a clear focus on identifying additional hematite targets.”

Directors:

Alan Tough - Chairman Jonathan Lea - Managing Director Ananda Kathiravelu - Non-Executive

Issued Capital:

62,880,112 Ordinary Shares 16,614,773 Listed Options 22,750,000 Unlisted Options

ASX Code:

RAD (Fully Paid Ordinary Shares) RADO (Listed Options)

Media Enquiries: Fortbridge +612 9331 0655 Luke Dean 0414 535 433

“The iron rights we’ve just acquired cover tenement holdings in excess of 900km[2] ,” he said.

“This more than triples our previous land position, greatly expanding our drill area and bringing with it a range of new exploration possibilities, including the potential to identify additional hematite targets in the region.”

SXG will continue to hold the tenement titles with Radar having the right to access, explore and exploit all iron and associated minerals.

An active exploration programme has commenced aimed at rapidly identifying hematite targets for drill testing later in 2011 and 2012.

Investors are directed to the press release of February 16, 2011 for more information.

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Acquisition Iron Mineralisation Rights Completed

Figure 1: Regional Location

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Figure 2: Acquired Tenure

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Acquisition Iron Mineralisation Rights Completed

Planned Exploration

Being a large holding with significant potential in a number of areas, Radar will use geophysical techniques along with field validation to define drill targets. While the ground has potential for both hematite and magnetite mineralisation, Radar intends to focus on the hematite potential in the first instance.

A helicopter borne aero-magnetic survey has been commissioned by Radar and will be flown in July/August over significant parts of the acquired tenure. This data will be used in conjunction with ground mapping and possible focussed gravity surveys to define hematite targets for future drill testing.

One zone of potential hematite mineralisation has already been identified in the Evanston Project area adjacent to Johnson Range (Figures 3 & 4) through ground reconnaissance. The zone is approximately 2 km long and lies along strike and on the same banded iron formation (BIF) unit that hosts the 20Mt+ Deception hematite deposit of Cliff’s Natural Resources and Mineral Resources Ltd to the south.

10 rock chip samples have returned assay grades averaging 60% Fe (Table 1). Drill approvals are pending with the intent to drill test the zone when the hematite drill testing of the nearby Johnston Range hematite targets commences in coming months.

Figure 3: Project Location Plan

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Acquisition Iron Mineralisation Rights Completed

TABLE 1 Drilling Rock Chip Sample Details

Sample No.	Easting	Northing	Fe%	**SiO2% **	**Al2O3% **	P%	LOI%
10452 10453 10454 10455 10456 10457 10458 10459 10460 10461	732018 731935 732305 732368 732427 732484 732533 732600 732867 732965	6712600 6712559 6712967 6713051 6713143 6713234 6713306 6713382 6713694 6713810	59.98 56.03 60.89 60.11 62.53 61.24 59.62 61.06 57.35 61.16	5.25 7.86 2.93 4.52 2.20 4.39 4.57 4.28 5.36 2.87	2.65 3.93 2.42 3.18 1.15 3.25 4.26 3.23 5.30 1.49	0.04 0.03 0.04 0.05 0.11 0.04 0.04 0.04 0.03 0.11	4.66 6.14 5.41 5.69 5.74 4.26 5.80 5.74 5.66 7.48
**Average **			60.00	4.42	3.09	0.05	5.66

Figure 4: Rock Chip Location Plan

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Yours faithfully,

For or on behalf of Radar Iron Ltd

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Jonathan Lea Managing Director

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