WEEBIT NANO LTD — Capital/Financing Update 2011

Jul 3, 2011

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ACN 146 455 576

Exploration Update - Johnston Range

Highlights

• Significant intervals of magnetite mineralisation intercepted

• Best result 128m at 33.5% Fe

ASX Release

4 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

• Continuity of mineralisation demonstrated by latest drilling

• Hematite targets defined and ready for drilling

Radar Iron Ltd (ASX: RAD) is pleased to provide shareholders with an update of the exploration activity at its Johnston Range project in Western Australia’s Yilgarn region.

An RC drilling programme was completed in May 2011 with 11 holes drilled for 1844m. The drilling was aimed at sampling magnetite mineralisation from several prospects for metallurgical test work and assessment.

Magnetite targets were tested on the western limb of the 40km long Johnston range BIF complex. Assay results have been returned and metallurgical assessment has commenced.

Radar Iron Managing Director Jonathan Lea said “a number of significant intersects of magnetite have been identified in areas not previously drill tested, particularly at the Shipley and Rowling prospects.”

Directors:

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

Issued Capital:

61,880,112 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

“We are pleased to advise shareholders that the wide spaced drilling has served to confirm the continuity of the magnetite in the areas tested, and we continue to see the significant exploration potential for magnetite mineralisation in the project area,” Mr Lea said.

Also in the Johnston Range area, further mapping and geophysical data review has defined a number of hematite targets. Drill planning has been completed and approvals obtained with drilling scheduled to commence in the September quarter at approximately 15 targets.

“The target area has, we believe, the potential to host a number of 2-5Mt hematite bodies,” Mr Lea said.

In late May, resource drilling commenced at the Die Hardy project to the south. Results will be reported as they are received with the aim of establishing a maiden JORC resource later in 2011.

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EXPLORATION UPDATE – JOHNSTON RANGE

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Figure 1: Regional Location
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Magnetite Drilling

The RC drilling was aimed at:

• Further testing the magnetite potential at Johnston Range by establishing the depth continuity of the magnetite mineralisation exposed at surface;

• Testing the continuity of mineralisation widths and grades along strike; and,

• Providing samples for metallurgical test work to determine the zones with the best metallurgical properties prior to further drilling.

The prospects tested lie on the western side of the Horse Well Anticline that defines the 40km long belt of banded iron formation on the Johnston Range tenements (Figure 3).

Assaying was completed based on a 2m sample length. Details of the holes are shown in Table 1 with assay results in Table 2 below.

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EXPLORATION UPDATE – JOHNSTON RANGE

Figure 2: Project Location Plan

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TABLE 1 RC Drilling Details

	TABLE 1 RC Drilling Details	TABLE 1 RC Drilling Details	TABLE 1 RC Drilling Details	TABLE 1 RC Drilling Details	TABLE 1 RC Drilling Details	TABLE 1 RC Drilling Details
Drill Hole Number	Drill Hole Data and Location
	Prospect	Length	East	North	Dip	Azimuth
RIRC032	Muldoon	60	714297	6711805	‐60	70
RIRC033	Muldoon	134	714556	6711559	‐45	60
RIRC034	Muldoon	276	713127	6712721	‐60	250
RIRC035	Muldoon	222	713258	6711891	‐60	255
RIRC036	Muldoon	66	713218	6711789	‐60	070
RIRC037	Muldoon	102	712550	6711658	‐50	250
RIRC038	Muldoon	132	712104	6712894	‐60	280
RIRC039	Rowling	210	711224	6716433	‐60	290
RIRC040	Shipley	198	709124	6724705	‐60	80
RIRC041	Shipley	288	709131	6724023	‐60	100
RIRC042	Rowling	156	710721	6717817	‐60	80

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EXPLORATION UPDATE – JOHNSTON RANGE

TABLE 2 Assay Results

Hole No.	From	To	Interval	Fe %	SiO2%	Al2O3%	P%	LOI %
RIRC0032	0	52	52	36.1	36.3	4.09	0.05	4.2
RIRC0033+	56	94	38	33.6	46.3	0.96	0.06	2.5
RIRC0034	82	134	52	35.2	44.9	0.62	0.07	‐1.1
RIRC0034	206	270	64	34.7	45.1	0.95	0.07	‐1.1
RIRC0035	60	98	38	34.0	45.5	1.39	0.07	‐0.9
RIRC0035	166	206	40	33.2	47.1	1.38	0.08	‐0.8
RIRC0036	14	58	44	39.5	35.8	2.55	0.06	3.5
RIRC0037*	0	102	102	32.5	44.8	2.84	0.04	3.4
RIRC0038	0	46	46	35.7	37.2	4.45	0.05	6.1
RIRC0038	66	188	122	32.4	44.2	2.53	0.06	2.2
RIRC0039	66	194	128	33.4	44.1	1.96	0.06	0.0
RIRC0040	18	178	160	33.3	43.8	1.70	0.05	1.4
RIRC0041	146	182	36	30.4	46.3	2.54	0.06	‐0.4
RIRC0041	208	230	22	32.7	43.4	2.36	0.06	‐0.6
RIRC0041	246	262	16	32.5	44.1	2.30	0.06	‐0.3
RIRC0042	20	50	30	41.3	21.2	8.43	0.08	9.7

Notes:

Sampling and assay intervals – 2 metres Assay intervals calculated using a 20% minimum iron grade Maximum of 10m of internal dilution in assay intervals XRF assaying completed by Spectrolab, Geraldton

• Hole ended in mineralisation

• Assays from 122m‐134m pending

Discussion

A number of significant intersects of magnetite have been identified in areas not previously drill tested, particularly at the Shipley and Rowling prospects. The wide spaced drilling has also served to confirm the continuity of the magnetite in these areas and also at the Muldoon prospect.

While the priority at the moment for Radar is resource drilling at the Die Hardy project, these results will be used in conjunction with the metallurgical testing results currently underway to prioritise the magnetite drill targets at Johnson Range. Drilling is likely later in 2011 and in 2012. The large exploration potential for magnetite mineralisation in the project area as previously reported is reinforced.

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EXPLORATION UPDATE – JOHNSTON RANGE

Figure 3: Johnston Range Drilling

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Hematite Mineralisation

Further ground mapping and geophysical interpretation has reinforced the potential for multiple hematite mineralisation in the Johnston Range project area. Zones of surface hematite enrichment up to approximately 800m in length have been defined by mapping. The target, as previously indicated, remains current with the potential for a number of 2-5Mt bodies of hematite being the most likely exploration outcome.

All approvals are now in place and drill testing of the targets is scheduled for coming months. Approximately 3,000m of drilling will be sufficient to test the 15 targets defined in the project area with follow up drilling envisaged to better define any mineralisation intercepted.

Figure 4 shows the planned drilling and hematite outcrop in the western half of the Johnston Range area along with the detailed mapping completed.

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EXPLORATION UPDATE – JOHNSTON RANGE

Figure 4: Planned Hematite Drilling – Western Johnston Range

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Yours faithfully,

For or on behalf of Radar Iron Ltd

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Jonathan Lea Managing Director

The information in this report accurately reflects information prepared by competent persons (as defined by the Australasian Code for Reporting of Mineral Resources and Ore Reserves). It is compiled by Mr Jonathan Lea, an employee of the Company who is a Member of The Australasian Institute of Mining and Metallurgy with the requisite experience in the field of activity in which he is reporting. Mr Lea has sufficient experience which is relevant to the style of mineralisation and the 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 Lea consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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