WEEBIT NANO LTD — Capital/Financing Update 2011

Jan 30, 2011

Review confirms 5 billion tonne Exploration Potential at Johnston Range

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Highlights

• Independent geophysical review of Johnston Range Project confirms large scale target potential

ACN 146 455 576

• Magnetite target exploration potential estimated at 5.3 Billion tonnes

ASX Release

31 January 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

• Total iron mineralisation target exploration potential is 5.8 Bt

Radar Iron Ltd (ASX: RAD) is pleased to announce the results of a geophysical review of the aero-magnetic data covering its Johnston Range project.

The review was completed by independent geophysical consultants, Resource Potentials of Perth and was aimed at identifying areas in the 35km Johnston Range banded iron formation (BIF) with greater potential to host significant mineralisation and to better define exploration targets.

The results were:

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

• A global target exploration potential for iron mineralisation estimated at 5.83 billion tonnes at 2065% Fe (including near surface potentially enriched mineralisation of 493 million tonnes at 40-65% Fe)

• A magnetite (or primary BIF) target exploration potential of 5.34 billion tonnes at 20-45% Fe

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.

Radar Managing Director, Jonathan Lea said, “This result confirms the huge potential of the Johnston Range project to host significant magnetite mineralisation. These results will help Radar target ongoing magnetite exploration effectively in the area”.

“Coupled with recent drilling results at the Die Hardy project, Radar clearly has a number of significant magnetite targets to drill test in the coming year,” Mr Lea said.

Radar Iron’s objective is to define a maiden magnetite resource by the end of 2011.

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SIGNIFICANT MAGNETITE POTENTIAL DEFINED AT JOHNSTON RANGE

Study Process

The aero-magnetic data was modelled in two and three dimensions aimed at identifying areas in the 35km Johnston Range banded iron formation (BIF) with greater potential to host significant mineralisation and to provide a global exploration target.

A number of assumptions were made by Resource Potentials in the estimation and it is conceptual in nature. Primary BIF mineralisation was modelled as being tabular and vertical to 250m depth. The modelling process used proprietary and commercial software to replicate the measured magnetic intensities of the aeromagnetic data on a number of section lines along the BIF with the theoretical response from the tabular BIF models. The potential grades were assigned using existing rock chip and drill sample results. Bulk densities of 3.3 and 3.5 were applied to near surface and primary mineralisation respectively to produce tonnage figures for each section.

Discussion

The study results will assist in prioritising further magnetite exploration and drilling at the Johnston Range project. Surface sampling, limited magnetite targeted drilling along with preliminary metallurgical assessment to date in the Johnston Range area have provided encouragement that the magnetite mineralisation can be treated to produce a commercially viable concentrate. The estimate of potential resource of this size adds to the belief that Radar will be able to define significant magnetite resources in addition to hematite mineralisation. Further work is planned including field validation, drill target selection and obtaining drilling approvals. Initial drill testing of any new targets should be possible from April/May 2011.

Work in coming months however is planned to focus on the hematite potential of the tenements and substantial drilling of magnetite targets is not planned before the second half of 2011. The aim is to establish a maiden magnetite resource by late 2011.

Despite the significant near surface mineralisation being estimated at 493Mt it is not considered that this is all likely to form potentially economic hematite or goethite mineralisation. Significant outcrops of hematite mineralisation have been identified at Johnston Range and exploration potential has been previously estimated at 10-20Mt at 58-62% Fe. Initial drill testing of hematite targets is scheduled for February 2011. It is planned for the initial hematite resource estimation to be completed by mid 2011.

Yours faithfully,

For or on behalf of Radar Iron Ltd

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Jonathan Lea Managing Director

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SIGNIFICANT MAGNETITE POTENTIAL DEFINED AT JOHNSTON RANGE

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.

Figure 1: Project Area

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SIGNIFICANT MAGNETITE POTENTIAL DEFINED AT JOHNSTON RANGE

Figure 2: Project Location, Regional Geology and Magnetics

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Figure 3: Magnetic Imagery Johnston Range

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