WEEBIT NANO LTD — Capital/Financing Update 2011

Feb 15, 2011

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ACN 146 455 576

Major Acquisition of Central Yilgarn Iron Mineralisation Rights

Highlights

• Agreement to acquire iron rights over 900km[2] of highly prospective tenements expands Radar’s footprint in the Central Yilgarn, WA

• Significantly increased potential for hematite and magnetite mineralisation

ASX Release

16 February 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

Radar Iron Ltd (ASX: RAD) is pleased to announce than it has acquired a significant package of iron ore rights from Southern Cross Goldfields Ltd (SXG) in the central Yilgarn iron district of WA.

The iron rights, covered by tenement holdings of 913 km[2] , more than triples Radar’s current land position (previously around 300 km[2] ). SXG will continue to hold the tenement titles with Radar having the right to access, explore and exploit all iron and associated minerals.

The acquisition is subject to tenement due diligence with completion expected in March 2011. The tenements are adjacent to some of the key iron ore production centres in the area at Jackson Range and Windarling. The tenements lie closer to potential infrastructure opportunities such as the rail line to the south.

Over 80 linear kilometres of banded iron formation (BIF) has been identified on the tenements. The ground has had limited exploration for iron mineralisation in the past and is considered highly prospective for direct shipping hematite ores and magnetite mineralisation.

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

Radar Managing Director, Jonathan Lea said, “Radar has expanded its BIF holding significantly through the transaction. This consolidation of iron ore rights now positions Radar as one of the major holders of iron mineral rights in the district.”

ASX Code:

RAD (Fully Paid Ordinary Shares)

The terms of the acquisition are:

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

1. a cash payment of $1.5M;

2. 1,000,000 shares in Radar, and;

3. the non iron ore rights to Radar’s tenements E77/1280, E77/1281 and E77/1807.

Radar will finance the acquisition from existing cash reserves.

Mr Lea said that Radar intends to commence initial exploration over this ground in the near term testing both the hematite and magnetite potential.

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Major Acquisition of Central Yilgarn Iron Mineralisation Rights

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.

Yours faithfully,

For or on behalf of Radar Iron Ltd

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Jonathan Lea Managing Director

Figure 1: Project Area

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Major Acquisition of Central Yilgarn Iron Mineralisation Rights

Figure 2: Project Location, Expanded Tenement Holding

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