WEEBIT NANO LTD — Interim / Quarterly Report 2012

Apr 29, 2012

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Quarterly Report

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Quarterly Activities Report For the Three Months Ended 31 March 2012

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ACN 146 455 576

ASX Release

30 April 2012

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

Highlights

• ∗ Major development during the quarter with significant hematite mineralisation confirmed at Johnston Range project

• ∗ New potential hematite zone identified at Johnston Range through field mapping

• ∗ Ongoing ground reconnaissance and geophysics being used to generate and prioritise hematite drill targets

• ∗ A total of 1,410m was drilled at Muldoon. Two zones up to 1km in length were identified. Best results include:

• 32m @ 60.4% Fe � 34m @ 59.4% Fe � 26m @ 59.5% Fe � 22m @ 59.1% Fe � 18m @ 58.6% Fe � 16m @ 56.4% Fe � 22m @ 56.1% Fe � 20m @ 55.8% Fe

Overview

The Board of Radar Iron Ltd (“Radar”) is pleased to present its quarterly activities report for the quarter ended 31 March 2012. During the quarter, Radar reported on the potential for hematite with economic grades in two zones of mineralisation identified at Johnston Range, representing a major advancement for the company.

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

71,162,129 Ordinary Shares 23,050,000 Unlisted Options

ASX Code

RAD (Fully Paid Ordinary Shares)

In March, a total of 1410m of RC drilling was completed at the Muldoon prospect. Two zones of hematite mineralisation were identified up to 1 km in length with best results including:

• 32m @ 60.4% Fe � 34m @ 59.4% Fe � 26m @ 59.5% Fe � 22m @ 59.1% Fe � 18m @ 58.6% Fe � 16m @ 56.4% Fe � 22m @ 56.1% Fe � 20m @ 55.8% Fe

These results are considered to be highly encouraging as they confirm the continuity and economic grades of the two zones of hematite mineralisation at the Muldoon prospect. The near surface mineralisation presents potential for a low cost development opportunity using open cut mining methods.

Radar remains focused on identifying, defining and developing hematite and magnetite resources in the Central Yilgarn district of Western Australia, and exploration during the quarter has focussed on the detailed drill testing of hematite targets and prioritising of future drill targets at Johnston Range.

Further drilling is planned for the June quarter to enable an initial hematite resource to be estimated at Muldoon. More detailed drilling is also planned for other areas of interest aimed at developing a significant hematite resource inventory in 2012.

Media Enquiries:

Fortbridge +612 9331 0655 Luke Dean 0414 535 433

Following the initial mineral resource estimation for the magnetite mineralisation at the Die Hardy Range project further studies have been commissioned through independent consultants to increase understanding of the metallurgy of the deposit and hydrology of the district. It is planned to commence a formal pre-feasibility study for this project in the second half of 2012.

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Quarterly Activities Report For the Three Months Ended 31 March 2012

Figure 1: Project Area

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Figure 2: Project Location

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Quarterly Activities Report

For the Three Months Ended 31 March 2012

Johnston Range – Evanston Projects

Multiple hematite targets (generated through a combination of geological mapping and aero-magnetic and gravity geophysical interpretation) have been previously identified in the Johnston Range and Evanston project areas. Zones of surface hematite enrichment up to approximately 800m in length have been defined by mapping.

The prospects lie around the Horse Well Anticline that defines the 40km long belt of banded iron formation on the Johnston Range tenements (Figure 3) and also on adjoining banded iron formation (BIF) ridges in the Evanston project. The Johnston Range is comprised of multiple bands of BIF which represents a target of several hundred linear kilometres of BIF with potential for hematite enrichment.

As reported previously (Quarterly Report December 2011), an RC drilling programme was completed in December 2011 with 77 holes drilled for 6003m. The drilling tested near-to-surface zones of hematite mineralisation, which could be mineable through shallow open pit operations. The best assay results for this drilling was 24m at 57.4% Fe (Hole RIRC099) from the Muldoon prospect which was assigned the highest priority for further drill testing.

An RC drilling programme was completed in March 2012 with 34 holes drilled for 1410m aimed at testing the hematite mineralisation at Muldoon extractable through shallow open pit mining operations.

Two zones of mineralisation, lying approximately 60m apart, were tested. The western zone is approximately 1000m long, 10-15m wide, and was drilled to 30-35m depth. The eastern zone is 600m long, 10-20m wide, and drilled to 35-40m depth (Figure 4). Samples were taken and assayed at 2 metre intervals (Table1).

Numerical averages of the grades for both zones are 56-58% Fe with reasonable assay levels for contaminants (Table 1 and Figure 5). Calcined iron grades average around 60% Fe. Typical bulk densities for this type of material in the region are 2.7-3.0.

Figure 3: Muldoon Location Plan

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Quarterly Activities Report

For the Three Months Ended 31 March 2012

TABLE 1– Muldoon Prospect– RC Drilling Assay Results	TABLE 1– Muldoon Prospect– RC Drilling Assay Results	TABLE 1– Muldoon Prospect– RC Drilling Assay Results	TABLE 1– Muldoon Prospect– RC Drilling Assay Results	TABLE 1– Muldoon Prospect– RC Drilling Assay Results	TABLE 1– Muldoon Prospect– RC Drilling Assay Results	TABLE 1– Muldoon Prospect– RC Drilling Assay Results	TABLE 1– Muldoon Prospect– RC Drilling Assay Results	TABLE 1– Muldoon Prospect– RC Drilling Assay Results	TABLE 1– Muldoon Prospect– RC Drilling Assay Results	TABLE 1– Muldoon Prospect– RC Drilling Assay Results
Hole No.	From	To	Length	Fe %	SiO2 %	Al2O3 %	P %	S %	LOI	Ca Fe %
RIRC143	0	34	34	59.40	8.14	2.83	0.06	0.05	4.30	62.07
RIRC144	38	56	18	58.61	6.33	4.21	0.07	0.05	6.59	62.74
RIRC145	6	28	22	56.14	6.27	5.18	0.04	0.26	7.33	60.58
RIRC146	10	26	16	54.55	6.10	6.85	0.04	0.77	8.34	59.51
RIRC147	4	10	6	51.00	12.26	8.07	0.04	0.06	6.37	54.47
RIRC147	18	22	4	55.22	9.13	6.33	0.06	0.14	5.48	58.42
RIRC148	4	8	4	57.00	9.65	4.27	0.03	0.05	4.44	59.64
RIRC149	4	8	4	53.93	7.71	4.49	0.05	0.81	8.79	59.12
RIRC149	14	20	6	55.36	7.23	5.45	0.06	0.37	7.95	60.14
RIRC150	10	22	12	53.21	8.39	5.94	0.07	0.81	8.81	58.36
RIRC151	4	20	16	52.02	6.50	6.94	0.04	1.25	10.4	58.04
RIRC152	6	22	16	54.26	7.79	6.12	0.04	0.58	8.03	58.99
RIRC153	10	18	8	52.87	16.95	3.67	0.06	0.27	4.15	55.16
RIRC153	24	36	12	56.73	13.18	2.11	0.06	0.11	3.91	59.04
RIRC154	0	12	12	58.16	8.02	3.93	0.08	0.07	5.12	61.30
RIRC155	12	38	26	52.05	11.96	5.69	0.06	0.20	7.56	56.31
RIRC156	8	24	16	56.44	6.82	4.43	0.07	0.24	7.65	61.11
RIRC157	22	34	12	59.52	5.90	4.14	0.07	0.12	5.29	62.85
RIRC158	6	38	32	60.36	5.22	3.46	0.06	0.21	4.95	63.51
RIRC159	6	30	24	52.90	11.41	7.08	0.07	0.07	5.66	56.07
including	10	22	12	59.15	5.20	4.66	0.09	0.08	5.81	62.79
RIRC160	2	24	22	49.04	13.87	8.46	0.05	0.29	7.42	52.97
RIRC161	6	26	20	55.83	7.67	6.38	0.05	0.07	6.32	59.59
RIRC162	2	18	16	55.93	8.18	6.33	0.04	0.07	5.62	59.26
RIRC163	6	32	26	59.54	8.55	2.17	0.06	0.26	4.00	62.01
RIRC164	0	22	22	59.09	7.21	3.63	0.03	0.14	4.50	61.87
RIRC165	10	14	4	51.48	5.58	10.39	0.03	0.24	9.33	56.77
RIRC166	18	22	4	57.73	4.81	3.81	0.05	0.09	7.06	62.12
RIRC167	0	32	32	54.00	11.01	6.20	0.05	0.15	5.66	57.24
RIRC168	0	22	22	53.94	12.65	5.23	0.05	0.08	4.97	56.76
RIRC169	24	30	6	49.53	21.65	2.92	0.08	0.02	5.83	52.60
RIRC172	12	28	16	54.41	9.59	5.00	0.05	0.24	7.19	58.63
RIRC173	10	24	14	55.76	8.05	5.56	0.05	0.23	6.22	59.46
RIRC174	24	30	6	50.01	16.12	5.66	0.08	0.15	7.40	54.00

Notes:

Sampling and assay intervals – 2 metres Minimum interval width 4m Assay intervals calculated using a 50% minimum iron grade Maximum of 4m of internal dilution in assay intervals LOI is loss on ignition CaFe – Calcined iron grade XRF assaying completed by Spectrolab, Geraldton

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Quarterly Activities Report For the Three Months Ended 31 March 2012

Figure 4: Drill Hole Location Plan - Muldoon

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Quarterly Activities Report For the Three Months Ended 31 March 2012

Figure 5: RC Drill Results – Muldoon

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Quarterly Activities Report

For the Three Months Ended 31 March 2012

Geological surface mapping of the Johnston Range area continued during the quarter. While existing hematite outcrop is being progressively re-assessed and prioritised for drill testing, a new zone of potential hematite mineralisation was also identified.

The zone near the previously defined Clark prospect (Figure 6) was mapped as being approximately 800m long and up to 100m wide of hematite enriched banded iron formation. 14 rock chip samples were taken, and within the zone, 10 samples, covering approximately 500m of continuous strike length, averaged 59.5% Fe (Figure 7 and Table 2).

A flora survey was completed over the zone and drill approvals were obtained in mid April. Drill testing is expected in May/June 2012.

It is considered that the identification of substantial new zones of mineralisation indicates the ongoing remaining potential for significant hematite discoveries in the Johnston Range project area.

TABLE 2 Clark Prospect Rock Chip Assays

Sample No.	Fe %	SiO2 %	Al2O3 %	P %	LOI %
10469	46.5	28.14	1.23	0.06	5.13
10470	45.2	18.10	9.42	0.18	2.85
10471	60.9	5.28	2.27	0.03	6.09
10472	59.5	6.06	3.43	0.05	5.68
10473	61.0	2.76	1.76	0.04	9.03
10474	60.7	4.41	2.49	0.03	7.07
10475	57.9	6.08	2.62	0.04	8.69
10476	58.5	3.82	2.76	0.05	10.46
10477	56.6	10.89	1.45	0.05	7.70
10478	58.2	4.32	2.75	0.05	10.52
10479	59.1	3.05	2.58	0.03	10.22
10480	63.0	3.73	1.17	0.05	4.65
10481	37.3	41.32	0.80	0.04	3.77
10482	33.3	29.94	11.47	0.01	7.85

Notes:

XRF assaying completed by Spectrolab, Geraldton LOI is loss on ignition

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Quarterly Activities Report For the Three Months Ended 31 March 2012

Figure 6: Clark Prospect Location – Johnston Range

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Figure 7: Clark Rock Chip Plan

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Quarterly Activities Report

For the Three Months Ended 31 March 2012

Johnston Range remains Radar’s key focus at the moment given the significant potential for hematite mineralisation. Drilling to date has only tested the more obvious targets at Johnston Range and the presence of multiple BIF bands and the variable strike length of the mineralisation means there are a significant number of potential hematite targets yet to be drill tested.

To assist in targeting further drilling a trial programme of ground geophysics was commenced in the last Quarter. The results are being interpreted and used in conjunction with mapping and other data to define anomalous areas for future drill testing.

The success of recent drilling programmes highlights a number of key factors that have significant implications for further work:

• Continuous hematite mineralisation with economic grades has been demonstrated to exist

• Mineralisation has now been identified under shallow cover, enlarging the potential for strike extension to identified outcrop

• The mineralisation is on or near to surface and hence can be extracted by open cut mining methods

As sub-grade material and mineralisation with higher levels of contaminants have also been intercepted in some locations, a metallurgical study was commissioned to determine whether this mineralisation can be upgraded by relatively simple processes. Results for this are expected in the June Quarter and could lead ultimately to a larger resource base and higher quality product.

As the mineralisation lies on or at surface, extraction through shallow open pit mining is possible. A relatively low cost contract mining and crushing operation is envisaged, possibly where a period of campaign mining is followed by crushing to minimise the need for extensive site infrastructure. Road transport to the public access rail, 130km to the south, with export through the Port of Esperance remains the most likely path for transport. Further exploration work to establish resources and reserves is required to establish any case for mining operations.

Mapping and geophysical assessment is continuing to define and prioritise hematite targets in the Johnston Range area which will be tested throughout 2012. The primary aim remains to compile a significant hematite resource inventory during 2012.

Die Hardy Range Project

With Radar’s current focus on defining hematite resources at the Johnston Range project no active field work has been completed at the Die Hardy magnetite project in recent months.

Further metallurgical test work was commissioned however, and a desk-top ground water review commissioned for the Die Hardy magnetite project in the March Quarter. Results for both these studies are expected in the June Quarter.

The potential for a major body of magnetite mineralisation at the Die Hardy Range was indentified in 2010 through reconnaissance mapping and is approximately 3.4km long. A substantial RC drilling programme in 2011 resulted in the estimation of a maiden mineral resource estimation by consultant firm CSA Global in October and resulted in a JORC reportable Indicated and Inferred Mineral Resource at a 20% Fe cut-off grade of 353 million tonnes at 26.1% Fe (see tabulation below).

The mineralisation has been tested for approximately 40% of its strike extent on Radar’s tenements and remains open along strike and at depth. Davis Tube Recovery (DTR) results and metallurgical test work indicates that a concentrate can be produced exceeding 69% Fe with low levels of contaminants at a grind size of 50 micron. This indicates that the mineralisation can be treated and has excellent potential for producing a saleable concentrate.

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Quarterly Activities Report For the Three Months Ended 31 March 2012

The results reported for a 20% Fe cut-off for the Die Hardy magnetite mineralisation are:

Total in‐situ Head Grade resource	Total in‐situ Head Grade resource	s at a 20% Fe cut‐off; Fresh material only	s at a 20% Fe cut‐off; Fresh material only	s at a 20% Fe cut‐off; Fresh material only	s at a 20% Fe cut‐off; Fresh material only	s at a 20% Fe cut‐off; Fresh material only	s at a 20% Fe cut‐off; Fresh material only
Classification	Million Tonnes	Fe	Al2O3	SiO2	P	S	LOI
		(%)	(%)	(%)	(%)	(%)	(%)
Total Indicated	214.9	26.7	3.4	51.0	0.1	0.5	0.7
Total Inferred	137.6	25.2	3.5	52.1	0.1	1.0	1.3
Total Indicated + Inferred	352.6	26.1	3.4	51.4	0.07	0.7	0.9

Details of the resource estimation procedure and ore body characteristics were provided in Radar’s December Quarterly report reported to the ASX on January 31, 2012

The deposit outcrops as a ridge of magnetite bearing banded iron formation (BIF). The BIF is partially demagnetised to a depth of 40-50m although preliminary metallurgical test work suggests that magnetic concentration is still possible for some of the weathered material. The mineralisation dips steeply south and is exposed over a strike length of several kilometres. The reverse circulation (RC) drilling intersected massive magnetite mineralisation with widths from 100 to 300m to a depth of 350m below surface. Drilling to date has not yet fully defined the extent or the depth of mineralisation.

*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.

Figure 8: Die Hardy Range Project Plan

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Quarterly Activities Report

For the Three Months Ended 31 March 2012

Figure 9: Die Hardy Range – Cross Section

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Regional Exploration

Regional geological reconnaissance and mapping has continued on Radar tenements in the March Quarter. A number of areas have been identified as containing outcropping hematite mineralisation and magnetite potential is widespread. The focus for regional exploration remains to identify new hematite targets for potential drill testing in 2012.

Mapping was undertaken in a number of areas on the Jackson and Boondine Projects. Interpretation of mapping and geophysics data is expected to lead to the identification and prioritisation of anomalies that will be tested as approvals permit in 2012.

Corporate

Radar’s Listed Options have ceased trading on ASX and will expire at 5:00pm WST, today the 30[th] of April 2012. Radar’s cash position at the end of the quarter was $1.4 million.

Announcements

The Company made the following announcements during the quarter.

Date	Headline
19/03/2012	Revised Company Presentation-March 2012
19/03/2012	CompanyPresentation - March 2012Update
15/03/2012	Half Year Accounts
1/02/2012	Radar Iron Presentation -January2012Update
1/02/2012	QuarterlyActivities and Cash Flow Report

For or on behalf of Radar Iron Ltd

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Jonathan Lea

Managing Director

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Quarterly Activities Report

For the Three Months Ended 31 March 2012

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.

The information in this report relating to exploration results, sampling data validity and quality, mineralisation density and general project descriptions used in the Die Hardy Resource Estimate accurately reflects information prepared by competent persons (as defined by the Australasian Code for Reporting of Mineral Resources and Ore Reserves). It was reviewed by Aloysius G.W. Voortman of CSA Global Pty Ltd who is a Fellow and Chartered Professional of The Australasian Institute of Mining and Metallurgy with the requisite experience in the field of activity in which he is reporting. Mr Voortman 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 Voortman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Information in this report that relates to Mineral Resource estimate reflects information compiled by Mr Aloysius G.W. Voortman of CSA Global Pty Ltd who is a Fellow and Chartered Professional of the AusIMM. Mr Voortman is a Competent Person as defined by the JORC and is a full time employee of CSA Global Pty Ltd as Principal Resource Geologist and Geostatistician. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is reporting 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 Voortman consents to the inclusion in the report of the matters based on the information compiled by him, in the form and context in which it appears.

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Quarterly Activities Report

For the Three Months Ended 31 March 2012

APPENDIX 1 – RC Drilling Details

Hole No.	Easting	Northing	RL	Azimuth	DIP	Length
RIRC143	713130	6712386	628	70	‐70	60
RIRC144	713159	6712290	517	70	‐50	62
RIRC145	713132	6712281	521	250	‐70	36
RIRC146	713131	6712279	515	250	‐55	36
RIRC147	713131	6712486	517	70	‐70	42
RIRC148	713133	6712488	523	70	‐50	18
RIRC149	713082	6712568	513	70	‐70	72
RIRC150	713076	6712570	512	70	‐50	66
RIRC151	713073	6712709	486	250	‐70	54
RIRC152	713077	6712713	513	250	‐55	30
RIRC153	713022	6712558	506	70	‐70	46
RIRC154	713026	6712558	506	70	‐50	36
RIRC155	713046	6712461	497	250	‐70	54
RIRC156	713047	6712459	497	250	‐50	36
RIRC157	713073	6712369	513	250	‐70	54
RIRC158	713073	6712365	513	250	‐55	42
RIRC159	713088	6712259	493	250	‐70	42
RIRC160	713088	6712257	493	250	‐50	36
RIRC161	713094	6712170	494	250	‐70	42
RIRC162	713096	6712168	494	250	‐55	42
RIRC163	713165	6711858	538	250	‐70	36
RIRC164	713162	6711859	547	250	‐50	30
RIRC165	713111	6712054	497	250	‐70	36
RIRC166	713111	6712050	502	250	‐50	30
RIRC167	713130	6711961	534	250	‐70	42
RIRC168	713133	6711959	534	250	‐50	30
RIRC169	713162	6712200	505	250	‐70	36
RIRC170	713142	6712505	510	250	‐70	42
RIRC171	713086	6712482	505	250	‐60	30
RIRC172	713009	6712754	504	250	‐70	36
RIRC173	713009	6712757	504	250	‐50	42
RIRC174	713208	6711880	523	70	‐70	48
RIRC175	713190	6711985	519	70	‐70	36
RIRC176	713177	6712083	504	70	‐70	30

Coordinates : MGA94 Zone 50

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Appendix 5B Mining exploration entity quarterly report

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

Radar Iron Limited

ABN 15 146 455 576	Quarter ended (“current quarter”)
15 146 455 576	31 March 2012

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows	Current quarter $A’000	Year to date (9 months) $A’000
	- (905) - - (176) - 20 - - -	- (3,470) - - (746) - 109 - - -
	(1,061)	(4,107)
Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b)equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) – Stamp duty on acquisition of prospects Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	- - - - - - - - (90)	(1,000) - (5) - - - - - (90)
	(90)	(1,095)
	(1,151)	(5,202)

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(1,151)	(5,202)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other - Capital Raising Costs	- - - - - -	2,565 - - - - (190)
Net financing cash flows	-	2,375
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	(1,151) 2,567 -	(2,827) 4,243 -
	1,416	1,416

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		101
		Nil
1.25	Explanation necessaryfor an understandingof the transactions
	Amounts paid to directors includes salaries and wages for director services.

Non-cash financing and investing activities

2.1

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	-	-
	-	-

Appendix 5B Mining exploration entity quarterly report

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	650
	-
	-
	150
Total	800

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	1,416	2,567
	-	-
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	1,416	2,567

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter

Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference+securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs,redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs	71,162,129	48,346,517
7.5 +Convertible debt securities(description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor) Total 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	24,626,704 20,375,000 2,375,000 300,000 47,676,704	24,626,704 - - - -	Exercise price 45 cents 25 cents 30 cents 45 cents	Exercise date 30/04/12 30/11/13 31/05/14 31/07/14
7.11 Debentures (totals only)
7.12 Unsecured notes (totals only)

Appendix 5B Mining exploration entity quarterly report

Compliance statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: (Director/ Company secretary )

Date: 30 April 2012

Print name: Phillip Wingate

Notes

1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Cash Flow Statements apply to this report.

5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.