WEEBIT NANO LTD — Capital/Financing Update 2011

Mar 15, 2011

EXPLORATION UPDATE

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ACN 146 455 576

Highlights

• Encouraging results from Johnston Range hematite/magnetite drilling

• Best hematite intercept – 16m at 55.7% Fe

• Best magnetite intercept – 98m at 33.6% Fe

• Ongoing mapping indentifies new hematite targets

ASX Release

16 March 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

Directors:

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

Issued Capital: 61,880,112 Ordinary Shares 22,750,000 Unlisted Options

ASX Code:

RAD (Fully Paid Ordinary Shares)

Media Enquiries:

Fortbridge +612 9331 0655 Luke Dean 0414 535 433

• Drilling to recommence in April

Radar Iron Ltd (ASX: RAD) is pleased to provide an exploration update at tenements north of Southern Cross in the central Yilgarn region.

Along with further geological reconnaissance mapping, a drilling programme was undertaken at Johnston Range to provide geological stratigraphic information and to commence testing of hematite and magnetite targets.

Mapping both at Johnston Range and in other project areas has indicated the presence of enriched banded iron formations that form a number of hematite targets. Assessment and prioritisation of these targets continues prior to drill testing.

The drilling programme was undertaken in February 2011 with 1978 metres of RC drilling completed. Assaying has been completed with Davis Tube Recovery (DTR) results expected later in March.

Five hematite targets were tested, with the Rowling prospect returning the best results. The Rowling results indicate the potential to define economic hematite mineralisation in the Johnston Range project area. With over twenty targets remaining to be tested, the potential for economic hematite mineralisation remains high. Drilling is scheduled to commence in April to further test the Rowling prospect and other hematite targets.

Three magnetite targets were tested with the focus on areas highlighted as having the most potential for mineralisation based on the recent geophysical review of the area. Significant widths of magnetite were intercepted with average grade around 33-34% Fe. The results reinforce the large exploration potential as defined recently for magnetite mineralisation.

Drilling data is shown in Table 1 with assay results in Tables 2 and 3.

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EXPLORATION UPDATE – MARCH 2011

Johnston Range Project

General

Ethnographic and botanical surveys are being undertaken in March to facilitate further drilling approvals for the hematite and magnetite mineralisation at Johnson Range and the Die Hardy Project. Some drilling approvals are already in place and others are expected by late March/early April. On this basis, a major drill programme (approximately 10,000m) is scheduled to commence in April to further test hematite and magnetite targets and commence the resource definition process.

Hematite

During project generation work in 2010, a total of 35 potential hematite targets were generated on the Johnston Range project through a combination of geophysical data review and ground reconnaissance mapping. Of these, only 5 have been specifically tested by the first pass drilling in February. The results for the Rowling prospect indicate that the BIF has been enriched in places to economic grades. Elsewhere, encouraging surface exposures were shown to represent shallow enrichment.

While a number of the more obvious targets were tested by first pass drilling, the potential for hematite mineralisation remains high with numerous outcropping and buried anomalies remaining to be tested. The current expectation for hematite mineralisation in the Johnston Range area is for a number of relatively small bodies that will accumulate to provide a critical tonnage sufficient to justify mining.

With over twenty hematite targets still to be tested and new targets being defined by mapping (both at Johnson Range and in other project areas), Radar remains confident of validating the exploration model. Drilling commencing in April will test the Rowling prospect and other hematite targets.

Magnetite

Following from the recently announced geophysical review of the exploration potential for magnetite at Johnston Range (4.0Bt - 6.7Bt at 20-45% Fe*) a number of the more prominent magnetite zones were tested during the current drill campaign. The aim was to establish the potential size of the BIF mineralisation and to obtain initial samples for DTR testing.

* Radar Iron advises that the potential quantity and grade of iron deposits reported as exploration target potential is conceptual in nature and there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. See ASX Release dated 31 January 2011 for details.

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EXPLORATION UPDATE – MARCH 2011

The results were highly encouraging with 3 zones identified with estimated thicknesses of 80-150m with grades consistently above 30% Fe. The potential length of each mineralised zone (Lange, Muldoon and Rowling) is 4-5 km and 3-4 BIF units oriented approximately parallel to each other have been identified. Testing has only been completed on one or two of the units at each location.

The DTR (Davis Tube Recovery) results are expected by the end of March. The full significance of the magnetite results will be discussed in a further ASX release once the potential metallurgical recovery properties are better understood.

The drilling provided geological information on the location of the BIF units and commenced the process of validating the announced exploration potential. Radar remains confident of defining a significant resource of magnetite mineralisation in the coming year.

Drilling approvals are currently being sought to enable commencement of definitive testing of magnetite targets, aimed at JORC resource estimation later in the year.

Regional

Ethnographic and botanical surveys are also being undertaken in March at the Die Hardy project to facilitate further drilling at the Lara prospect. This major magnetite target is 200-300m wide and over 3km in length. Future magnetite drilling will focus on the mineralisation that has the best indicative metallurgical properties (i.e. at Johnston Range or Die Hardy).

Radar has acquired the iron ore rights to over 900km[2] of tenements from Southern Cross Goldfields. The tenements contain approximately 80 linear kilometres of banded iron formation. The transaction will be completed in March.

A geophysical review of the new ground has commenced along with field reconnaissance. It is likely a regional gravity survey will be undertaken in coming months to complement existing aero-magnetic data and to assist in target definition.

A number of areas have already been identified as containing outcropping hematite mineralisation. Following further field reconnaissance, these will be drill tested as warranted later in 2011.

Corporate

Radar is in the process of finalising the terms of the entitlements issue of options as specified in the IPO Prospectus dated November 5, 2010. Details of the issue will be announced in a disclosure document in coming weeks.

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EXPLORATION UPDATE – MARCH 2011

TABLE 1 Drill Hole Data

Drill Hole Number		Drill Hole Data and Location	Drill Hole Data and Location	Drill Hole Data and Location
	Prospect	Length	East	North	Dip	Azimuth
RIRC012	Dang	54	728922	6717322	‐60	305
RIRC013	Dang	90	728920	6717323	‐60	125
RIRC014	Dang	120	728941	6717291	‐60	305
RIRC015	Dang	96	728808	6717124	‐60	305
RIRC016	Muldoon	72	713228	6711679	‐60	250
RIRC017	Muldoon	96	713192	6711874	‐60	250
RIRC018	Muldoon	120	713047	6712670	‐60	250
RIRC019	Muldoon	114	713070	6712677	‐60	70
RIRC020	Rowling	96	711962	6713412	‐60	100
RIRC021	Rowling	126	712021	6713428	‐60	100
RIRC022	Rowling	138	712042	6713430	‐60	110
RIRC023	Rowling	60	712028	6713432	‐60	280
RIRC024	Rowling	88	711996	6713423	‐60	100
RIRC025	Clutch	78	726256	6710465	‐60	305
RIRC026	Lange	114	726720	6715268	‐60	125
RIRC027	Lange	150	726706	6715284	‐55	305
RIRC028	Lange	72	726746	6715241	‐60	125
RIRC029	Lange	36	726742	6715245	‐60	305
RIRC030	Dang	108	728494	6716798	‐60	125
RIRC031	Dang	150	728506	6716774	‐60	305

Notes:

Coordinates MGA94 Zone 50

TABLE 2 Hematite Assay Results

Prospect	Drill Hole Number			Intercepts ‐	Intercepts ‐	Average Weighted Grades	Average Weighted Grades	Average Weighted Grades
		From	To	Length	% Fe	% SiO2	% Al2O3	% P	%S	LOI
Dang	RIRC013	4	10	6	56.0	11.2	3.09	0.05	0.04	5.90
Rowling	RIRC021	0	30	30	53.1	10.7	4.23	0.05	0.06	9.00
Rowling	RIRC023	2	18	16	55.7	8.5	2.34	0.06	0.06	8.80
Rowling	RIRC024	16	26	10	56.0	6.3	3.53	0.06	0.01	9.14

Note:

Assaying on 2m sample intervals Assaying (XRF) completed by Spectrolab, Geraldton 50% Fe cut‐off applied Maximum of 4m internal dilution

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EXPLORATION UPDATE – MARCH 2011

TABLE 3 Magnetite Assay Results

Prospect	Drill Hole Number			Intercepts ‐	Intercepts ‐	Average Weighted Grades	Average Weighted Grades	Average Weighted Grades
		From	To	Length	% Fe	% SiO2	% Al2O3	% P	%S	LOI
Dang	RIRC013	28	50	22	34.1	49.2	0.61	0.05	0.02	2.56
Dang	RIRC014	74	120	46	33.4	45.9	1.20	0.06	0.11	1.74
Dang	RIRC015	82	96	14	33.8	45.3	1.12	0.06	0.13	2.03
Muldoon	RIRC017	54	86	32	37.1	45.3	0.31	0.07	0.00	2.02
Muldoon	RIRC018	66	106	40	34.9	45.6	0.85	0.07	0.08	0.17
Muldoon	RIRC019	64	106	42	35.2	46.1	0.52	0.07	0.04	‐0.57
Rowling	RIRC021	48	118	70	33.0	46.8	2.02	0.05	0.06	1.21
Rowling	RIRC022	40	138	98	33.6	46.0	1.45	0.05	0.02	1.11
Rowling	RIRC024	78	88	10	37.8	39.9	0.64	0.04	0.05	5.34
Lange	RIRC026	76	90	14	30.6	46.5	2.72	0.05	0.12	4.93
Dang	RIRC030	86	100	14	31.0	44.0	2.76	0.06	0.11	4.86
Dang	RIRC031	66	150	84	33.9	46.0	0.59	0.06	0.06	2.01

Note:

Assaying on 2m sample intervals Assaying (XRF) completed by Spectrolab, Geraldton 20% Fe cut‐off applied Maximum of 4m internal dilution

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.

The potential quantity and grade of iron deposits reported as exploration potential is conceptual in nature and there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.

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EXPLORATION UPDATE – MARCH 2011

Background

Radar has substantial potential for both hematite and magnetite mineralisation with over 120km in length of multiple banded iron formation contained on its leases. Initial exploration has identified a number of obvious targets to be tested immediately. Continuing ground mapping and geophysical assessment are expected to define additional targets in the current year.

Hematite ores can typically be directly shipped following crushing and sizing and typically grade in excess of 57% Fe. The potential exists for lower grade hematite ores associated with magnetite mineralisation to be treated and upgraded prior to sale.

Magnetite ores typically require processing to remove silica and increase the iron grade prior to export. Development of magnetite resources involves significantly higher capital input and the provision of substantial power and water supply to allow grinding and magnetite separation of the mineralisation. For this reason magnetite developments typically take longer and are more technically challenging.

Davis tube recovery test work simulates the likely performance of magnetite ores being processed through a typical magnetic separation process in a concentration plant. After fine crushing or pulverising the sample is passed by a magnet and the magnetic fraction is then assayed and weighed. Typically a mass recovery of greater than 30% with iron grades around 70% and silica below 5% is considered desirable.

Figure 1: Project Area

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EXPLORATION UPDATE – MARCH 2011

Figure 2: Project Location, Tenements, Regional Geology and Magnetics

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Figure 3: Johnston Range – Drill hole location

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EXPLORATION UPDATE – MARCH 2011

Figure 4: Johnston Range – key magnetite targets

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Figure 5: Schematic Cross Section – Muldoon/Rowling

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