WEEBIT NANO LTD — Interim / Quarterly Report 2015

Apr 28, 2015

Quarterly Activities Report For the three months ended 31 March 2015

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ACN 146 455 576

ASX Release

29 April 2015

Suite 8, 55 Hampden Rd Nedlands WA 6009 PO BOX 994 Subiaco WA 6904

P + 61 8 9389 9919 F + 61 8 9389 0576 E info@radariron.com.au W www.radariron.com.au

Contact

Jonathan Lea Managing Director E jlea@radariron.com.au

Overview

The Board of Radar Iron Ltd (“Radar”) is pleased to present its Quarterly Activities Report for the period ended 31 March 2015.

No active exploration was completed during the quarter although drilling and sample results from the Uruara Project in Brazil were received. Despite encouraging results a decision was made to withdraw from the farm-in to the Brazilian Project.

Management’s key focus during the quarter continued to be to secure funding to complete the acquisition of the Yerecoin high grade iron ore project in the Central West of WA and provide ongoing working capital.

Following extended negotiation with the vendors of the Yerecoin Project the parties agreed to reduce the purchase price to enable completion of the acquisition.

Radar made a single final payment of $560,000 to the vendors on April 23, 2015 to complete the purchase and now owns the project outright. In addition, the royalty payable on each tonne of concentrate produced from the tenements has reduced from $1.00 to $0.60. Details of the settlement were in Radar’s ASX release “Yerecoin Settlement”, dated April 24, 2015, available at Radar’s web site www.radariron.com.au.

Radar raised $615,000 to complete the transaction through convertible loan agreements with sophisticated professional investors who are unrelated parties.

Approval for these loans to be converted to shares will be put to the shareholders at the next general meeting.

Damon Sweeny

Company Secretary E damon@ampereltd.com.au

Directors

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

Issued Capital

132,248,630 Ordinary Shares 5,000,000 Unlisted Options

ASX Code

RAD (Fully Paid Ordinary Shares)

Radar is very pleased to finalise this matter and now can focus on establishing the optimum way forward to add value to the project. This development also allows the company to progress towards lifting the suspension in trading on the Company’s shares.

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For the Three Months Ended 31 March 2015

Quarterly Activities Report

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YERECOIN PROJECT

Radar Iron Ltd acquired the Yerecoin Iron Ore Project in April 2014.

The Yerecoin project area is within approximately 150km of Perth and is adjacent to an accessible rail line. Yerecoin has been drilled with sufficient density to enable resource estimation. The Company has reported JORC 2012 Inferred and Indicated Mineral Resources of 383Mt – refer ASX releases of 24 April 2014 “ Major Project Acquisition ” and 8 September 2014 “ Yerecoin Resource Upgrade ” as available on the Company’s website www.radariron.com.au .

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Figure 2: Yerecoin Infrastructure

Radar believes it can progressively increase production of a high value magnetite concentrate and transport it to market though available and existing infrastructure for relatively a low capital cost.

URUARA BRAZIL PROJECT

Radar completed a small diamond drilling and trench sampling program in Nov/Dec 2014 at the Uruara DSO project in Brazil. 8 NQ diamond holes were drilled for a total of 148m. Further rock chip channel samples were also obtained from previously excavated trenches.

Drill cores from four of the holes were assayed and the results show encouraging intervals of ore grade hematite in line with geological expectation. The trenching results similarly returned encouraging results from some prospects.

Details of the programme and results were provided in Radar’s ASX release “Withdrawal from Brazil Project”, dated April 21, 2015, available at Radar’s web site www.radariron.com.au.

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Quarterly Activities Report For the Three Months Ended 31 March 2015

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Figure 3: Uruara Project Location

The holes were successful in intersecting high grade Fe mineralisation from surface, however in several holes, core recovery was poor as the Fe mineralisation was a variable combination of boulders, chips and unconsolidated fines, with the mineralised fines at times being washed out by the drilling process.

As a result, only parts of four of the eight holes were submitted for assay, these being regarded as having sufficient core recovery for assay results to be representative of the mineralisation.

The results have confirmed high grade iron mineralisation from surface to a maxim depth of 9m, reinforcing previous work that suggested the potential for high grade Fe mineralisation in the district.

The program was successful in identifying areas of high grade iron ore mineralisation and has demonstrated that while high grade mineralisation does extend to some depth, that thickness is variable and more structurally complex than hoped. The highly weathered and variable particle size (from boulders to fines) of the mineralisation meant that in places NQ diamond coring was not the optimal sampling method.

Holes details and full assay results are shown in Appendix 2.

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Quarterly Activities Report

For the Three Months Ended 31 March 2015

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Assay Results Summary – Diamond Core Holes

Prospect	Hole No.	North	East	From	To	Length	Fe (%)
Cacao	UCD003	227094	9603225	0	9	9	55.24
Jacare	UJD004	224475	9604730	0	2	2	57.97
Jacare	UJD005	224438	9604718	0	3	3	62.46
	UJD005			5.7	6.7	1	60.27
Limao	ULD007	223773	9603331	0	2	2	59.94
	ULD007			3.2	4.2	1	61.83
	ULD007			5	8	3	58.89

To provide more information of the iron grade distribution, a program of sampling was undertaken in existing trenches.

Four old trenches were cleaned and vertically channel sampled at roughly 20cm intervals, with a sample of size of at least 5kg and up to 10kg with a representative mix of grain sizes. A total of 43 samples were taken.

Assay results and sampling details are shown in Appendix 3.

Despite the encouraging results from the drilling and the potential for the low cost extraction and transport of the mineralisation, given the depressed state of the iron ore market and obligatory future option fees payments under the farm-in agreement, Radar has decided not to proceed with the farm-in process on the Uruara Project.

Radar has notified its Brazilian partner that it is not proceeding with further work and has no ongoing liabilities for the project.

YILGARN PROJECT

No work completed.

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For the Three Months Ended 31 March 2015

Quarterly Activities Report

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CORPORATE

Radar’s main focus during the quarter was aimed at securing funding to complete the Yerecoin acquisition and provide working capital.

Ultimately this process is intended to enable lifting of the voluntary suspension from trading in the Company’s securities which Radar put in place late last quarter. With the financial liability now clarified the Company plans to have its shares trading on the ASX in the coming month.

As announced in April 2014, Radar agreed to acquire the Yerecoin high grade iron ore project in the Central West of WA. The purchase was to be finalised following 3 payments over a 12 month period. The first payment was made in April 2014.

Following extended negotiation the parties agreed to reduce the purchase price and subsequent value of the remaining two payments owing to the deterioration in the iron ore market fundamentals.

Radar had also been in negotiation with one of its major shareholders, Victory Mining to participate in the funding of the purchase but ultimately was not able to agree to terms and Radar completed the funding independently.

Radar made a single final payment of $560,000 to the vendors on April 23, 2015 to complete the purchase and now owns the project outright. In addition, the royalty payable on each tonne of concentrate produced from the tenements has reduced from $1.00 to $0.60. Full details of the original transaction were in Radar’s ASX release “Major Project Acquisition”, dated April 24, 2014, available at Radar’s web site www.radariron.com.au.

Radar raised $615,000 to complete the transaction through convertible loan agreements with sophisticated professional investors who are unrelated parties.

The convertible notes have the following key terms:

1. Each note has a face value of $1.00

2. A term of 6 months.

3. Coupon Rate 1% per month payable in RAD shares quarterly in arrears.

4. Each note converts into 200 RAD shares.

Approval for these loans to be converted to shares will be put to the shareholders at the next general meeting. If all loans are converted to equity, Radar’s issued capital will increase by 123M shares to approximately 255M shares.

As part of an asset rationalisation programme Radar signed an option agreement with Padbury Mining Limited in December 2014, to sell its Johnston Range and Die Hardy Projects located in the Central Yilgarn. The option remains active and Radar expects notification of whether it will be exercised in the near future. Details of the option agreement were contained in were in Radar’s December 2014 Quarterly Report to the ASX dated January 28, 2015, which is available at Radar’s web site www.radariron.com.au.

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Quarterly Activities Report

For the Three Months Ended 31 March 2015

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Radar moved its office during the quarter as part of a cost reduction process – the street address remained the same but Radar now is operated from Suite 8.

ANNOUNCEMENTS

The Company has made the following announcements since the start of the quarter.

Date	Headline
28/01/2015	QuarterlyActivitiesReport
02/02/2015	Quarterly Cashflow Report
21/04/2015	Withdrawal from Brazil Project
24/04/2015	YerecoinSettlement

For or on behalf of Radar Iron Ltd

Jonathan Lea

Managing Director

COMPETENT PERSON’S STATEMENT

The information in this report that relates to Exploration Results is based on information compiled by Mr Jonathan Lea, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Lea is a full-time employee of Radar Iron Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 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.

PREVIOUS REPORTED RESULTS

A Mineral Resource was established previously for the Yerecoin Magnetite Deposit. This information was reported under the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Mineral Resource was detailed ASX releases that are available to view on the Company’s website www.radariron.com.au. The ASX releases were:

“Major Project Acquisition” on 24/04/2014 “Yerecoin Resource Upgrade” on 08/09/2014

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the data in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that any production target itself will be realised.

CAUTION REGARDING FORWARD LOOKING INFORMATION

This document contains forward looking statements concerning Radar. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on Radar’s beliefs, opinions and estimates of Radar as of the dates the forward looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future development.

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Quarterly Activities Report

For the Three Months Ended 31 March 2015

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APPENDIX 1 – TENEMENTS HELD AT 31 MARCH 2015

Lease	Location	Interest at End ofQuarter	Acquired During the Quarter	Disposed of During the Quarter
E77/1926	Yilgarn WA	100
E77/1280	Yilgarn WA	100
E77/1281	Yilgarn WA	100
E77/1807	Yilgarn WA	100
E77/1961	Yilgarn WA	100
E77/2240	Yilgarn WA	75.5	75.5
E70/2783	Northam WA	100
E70/2784	Northam WA	100
E70/3937	Northam WA	100
E70/3938	Northam WA	100
E70/3939	Northam WA	100
E70/3940	Northam WA	100
E70/2733	Yerecoin WA	100
E70/3990	Yerecoin WA	100
E70/4388	Yerecoin WA	100
E70/4391	Yerecoin WA	100

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Quarterly Activities Report

For the Three Months Ended 31 March 2015

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APPENDIX 2 – DIAMOND DRILLING DETAILS AND RESULTS – URUARA PROJECT

Hole No.	Easting	Northing	Elevation	Azimuth	Dip	Length m
UCD-001 UCD-002 UCD-003 UJD-004 UJD-005 UJD-006 ULD-007 ULD-008	227102 227115 227094 224475 224438 224500 223773 223754	9603057 9603097 9603225 9604730 9604718 9604750 9603331 9603358	161m 169m 174m 113m 115m 114m 95m 97m	180 180 300 180 180 180 180 180	-70 -70 -70 -70 -70 -70 -70 -70	20.50 14.50 19.00 20.50 20.70 16.57 14.50 22.00
						148.27

South American 1969 datum, Zone 22S

	Sample No.	From (m)	Tio (m)	Al2O3 %	CaO %	Fe %	K2O %	LOI %	MgO %	MnO %	Na2O %	P2O5 %	SiO2 %	TiO2 %
UCDOO3	SU-0062	0.00	1.00	4.23	0.22	56.81	0.05	4.53	<0.10	0.23	<0.10	0.05	9.19	0.36
UCDOO3	SU-0063	1.00	2.00	1.46	0.27	63.17	0.07	3.90	<0.10	0.07	<0.10	0.06	3.78	0.05
UCDOO3	SU-0064	2.00	3.00	2.99	0.07	59.30	0.01	6.23	<0.10	0.06	<0.10	0.07	5.56	0.18
UCDOO3	SU-0065	3.00	4.00	3.45	0.06	57.93	<0.010	4.98	0.42	0.16	<0.10	0.05	7.62	0.21
UCDOO3	SU-0066	4.00	5.00	4.45	0.04	54.36	<0.010	6.14	<0.10	0.04	<0.10	0.06	11.42	0.21
UCDOO3	SU-0067	5.00	6.00	4.30	0.04	51.94	0.01	7.75	<0.10	0.05	<0.10	0.06	12.96	0.25
UCDOO3	SU-0068	6.00	7.00	3.38	0.25	46.96	0.03	5.20	0.14	0.04	<0.10	0.07	23.26	0.15
UCDOO3	SU-0069	7.00	8.00	4.93	0.09	54.58	0.02	5.77	<0.10	0.10	<0.10	0.07	10.46	0.34
UCDOO3	SU-0070	8.00	9.00	2.46	0.04	52.15	<0.010	6.87	0.16	0.05	<0.10	0.07	15.73	0.15
UCDOO4	SU-0073	0.00	1.00	1.61	0.04	57.18	0.01	10.3	<0.10	1.75	<0.10	0.11	4.03	0.03
UCDOO4	SU-0074	1.00	2.00	1.11	0.04	58.76	<0.010	9.87	<0.10	0.71	<0.10	0.12	4.07	0.02
UCDOO4	SU-0075	4.15	5.15	2.44	0.03	53.99	0.02	11.1	<0.10	0.56	<0.10	0.20	8.03	0.15
UCDOO4	SU-0076	6.00	7.00	5.51	0.06	47.78	0.07	6.68	<0.10	0.64	<0.10	0.09	18.24	0.19
UCDOO4	SU-0077	7.00	8.00	7.18	0.07	50.83	0.04	8.85	0.12	0.88	<0.10	0.10	9.43	0.60
UCDOO5	SU-0080	0.00	1.00	0.69	0.11	64.12	0.01	3.45	0.11	0.19	<0.10	0.07	3.73	0.02
UCDOO5	SU-0081	1.00	2.00	0.39	0.05	63.83	<0.010	4.13	<0.10	0.02	<0.10	0.05	3.88	0.03
UCDOO5	SU-0082	2.00	3.00	1.64	0.03	59.45	<0.010	9.46	<0.10	0.13	<0.10	0.13	3.23	0.06
UCDOO5	SU-0083	5.70	6.70	0.81	0.03	60.27	<0.010	9.25	<0.10	0.23	<0.10	0.17	3.13	0.07
UCDOO7	SU-0086	0.00	1.00	2.34	0.60	58.43	0.05	2.49	0.35	0.06	0.15	0.04	10.38	0.12
UCDOO7	SU-0087	1.00	2.00	1.80	0.56	60.67	0.09	3.09	0.28	0.05	0.15	0.05	7.20	0.08
UCDOO7	SU-0088	3.30	4.20	1.36	0.64	61.83	0.14	2.46	0.37	0.04	0.16	0.04	6.17	0.07
UCDOO7	SU-0089	5.00	6.00	0.96	0.93	61.83	0.09	2.35	0.35	0.03	0.32	0.04	6.28	0.04
UCDOO7	SU-0090	6.00	7.00	0.74	0.61	61.91	0.08	2.53	0.33	0.05	0.24	0.04	6.82	0.03
UCDOO7	SU-0091	7.00	8.00	4.16	0.33	52.96	0.02	6.37	0.16	0.06	0.12	0.10	12.49	0.24

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Quarterly Activities Report

For the Three Months Ended 31 March 2015

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APPENDIX 3 – TRENCH SAMPLING DETAILS AND RESULTS – URUARA PROJECT

Trench Prospect	Sample No.	East	North	Al2O3 %	CaO %	Fe %	K2O %	LOI %	MgO %	MnO %	Na2O %	P2O5 %	SiO2 %	TiO2 %
Jacare 1	SU-0120	224439	9604714	5.37	0.11	33.26	0.03	7.60	<0.10	1.47	<0.10	0.12	19.73	0.28
Jacare 1	SU-0121	224439	9604714	6.87	0.08	55.31	0.02	8.19	<0.10	0.79	<0.10	0.14	25.66	0.36
Jacare 1	SU-0122	224439	9604714	1.51	0.21	61.09	0.04	5.03	0.13	0.30	0.13	0.11	5.08	0.07
Jacare 1	SU-0123	224439	9604714	6.13	0.08	50.54	0.03	8.05	<0.10	1.42	<0.10	0.12	24.88	0.32
Jacare 1	SU-0124	224439	9604714	4.72	0.08	39.53	0.03	9.14	<0.10	1.73	<0.10	0.12	19.97	0.22
Jacare 2	SU-0125	224682	9604788	12.14	0.14	29.57	0.16	7.74	0.14	0.21	<0.10	0.08	47.39	0.70
Jacare 2	SU-0126	224682	9604788	16.75	0.17	57.54	0.44	9.59	0.15	0.11	<0.10	0.10	34.78	1.26
Jacare 2	SU-0127	224682	9604788	8.69	0.08	52.98	0.08	8.03	<0.10	0.13	<0.10	0.14	42.45	0.58
Jacare 2	SU-0128	224682	9604788	4.13	0.06	45.44	0.05	6.94	<0.10	0.01	<0.10	0.14	40.59	0.41
Jacare 2	SU-0129	224682	9604788	6.02	0.06	40.47	0.10	10.02	<0.10	1.23	<0.10	0.20	23.77	0.39
Jacare 2	SU-0130	224682	9604788	2.18	0.03	40.89	0.03	11.30	<0.10	0.66	<0.10	0.45	6.05	0.10
Jacare 2	SU-0131	224682	9604788	8.50	0.10	44.57	0.08	9.56	<0.10	1.15	<0.10	0.27	34.02	0.47
Jacare 2	SU-0132	224682	9604788	4.81	0.04	21.90	0.03	11.57	<0.10	1.22	<0.10	0.55	9.22	0.22
Jacare 2	SU-0133	224682	9604788	5.15	0.05	25.61	0.04	10.33	<0.10	0.63	<0.10	0.41	19.26	0.26
Jacare 2	SU-0134	224682	9604788	12.80	0.05	27.70	0.09	7.98	<0.10	0.05	<0.10	0.09	48.38	0.96
Jacare 2	SU-0135	224682	9604788	9.44	0.05	40.37	0.14	11.92	<0.10	4.36	<0.10	0.46	15.93	0.39
Jacare 2	SU-0136	224682	9604788	5.27	0.08	31.94	0.04	7.36	<0.10	0.20	<0.10	0.19	40.83	0.27
Jacare 2	SU-0137	224682	9604788	6.03	0.05	44.55	0.04	6.94	<0.10	0.09	<0.10	0.27	43.70	0.32
Limao	SU-0138	227095	9603230	11.84	0.06	20.45	0.04	10.29	<0.10	0.04	<0.10	0.17	25.22	0.73
Limao	SU-0139	227095	9603230	2.87	0.04	31.89	0.01	8.11	<0.10	0.04	<0.10	0.11	6.03	0.14
Limao	SU-0140	227095	9603230	1.62	0.03	35.80	<0.010	8.21	<0.10	0.02	<0.10	0.26	13.85	0.06
Limao	SU-0141	227095	9603230	8.31	0.13	40.46	0.03	7.74	<0.10	0.09	<0.10	0.12	25.55	0.48
Limao	SU-0142	227095	9603230	8.47	0.10	41.12	0.03	7.92	<0.10	0.08	<0.10	0.10	23.81	0.51
Limao	SU-0143	227095	9603230	14.10	0.04	23.68	0.03	9.06	<0.10	0.06	<0.10	0.10	41.48	0.81
Limao	SU-0144	227095	9603230	14.06	0.05	27.56	0.05	9.12	<0.10	0.08	<0.10	0.12	35.86	0.84
Limao	SU-0145	227095	9603230	19.14	0.05	24.70	0.07	11.00	<0.10	0.03	<0.10	0.09	32.90	1.30
Cacao	SU-0146	223120	9603171	7.82	0.04	47.91	0.01	9.94	<0.10	0.31	<0.10	0.12	12.30	0.50
Cacao	SU-0147	223120	9603171	4.57	0.03	57.14	<0.010	5.19	0.81	0.19	<0.10	0.07	7.16	0.33
Cacao	SU-0148	223120	9603171	5.18	0.06	53.24	<0.010	7.20	0.13	0.54	<0.10	0.05	10.22	0.28
Cacao	SU-0149	223120	9603171	3.13	0.19	61.26	0.04	3.02	<0.10	0.23	<0.10	0.04	5.51	0.19
Cacao	SU-0150	223120	9603171	2.97	0.07	58.89	0.01	7.11	<0.10	0.19	<0.10	0.07	5.05	0.15
Cacao	SU-0151	223120	9603171	2.48	0.17	61.02	0.04	4.29	<0.10	0.18	0.13	0.04	4.98	0.12
Cacao	SU-0152	223120	9603171	3.19	0.09	59.21	0.01	6.11	<0.10	0.13	<0.10	0.07	5.37	0.17
Cacao	SU-0153	223120	9603171	1.68	0.11	62.77	0.02	4.59	<0.10	0.09	0.10	0.03	3.58	0.06
Cacao	SU-0154	223120	9603171	3.66	0.05	57.79	<0.010	7.17	<0.10	0.05	<0.10	0.06	6.26	0.20
Cacao	SU-0155	223120	9603171	2.61	0.03	58.72	<0.010	8.07	<0.10	0.07	<0.10	0.09	4.84	0.16
Cacao	SU-0156	223120	9603171	1.58	0.18	63.30	0.03	3.90	<0.10	0.07	0.14	0.06	3.38	0.07
Cacao	SU-0157	223120	9603171	3.15	0.28	59.19	0.07	4.22	<0.10	0.12	0.12	0.05	6.94	0.20
Cacao	SU-0158	223120	9603171	3.30	0.23	59.57	0.06	4.01	<0.10	0.19	0.15	0.05	6.62	0.19
Cacao	SU-0159	223120	9603171	2.63	0.16	60.34	0.04	5.45	<0.10	0.12	0.12	0.09	5.12	0.17
Cacao	SU-0160	223120	9603171	3.80	0.17	58.61	0.03	4.11	<0.10	0.14	0.17	0.05	7.43	0.25
Cacao	SU-0161	223120	9603171	2.12	0.27	61.31	0.09	3.87	<0.10	0.22	0.18	0.07	5.13	0.16
Cacao	SU-0162	223120	9603171	2.12	0.26	62.65	0.05	3.13	<0.10	0.08	0.14	0.05	4.57	0.12

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APPENDIX 4 – JORC TABLE 1 - URUARA EXPLORATION

Section 1 Sampling Techniques and Data

Criteria	Commentary	Commentary
Sampling		Rock chip sampling was undertaken as part of reconnaissance
techniques		mapping and prospecting.
		Rock Chip samples were taken when visible mineralization was
		observed and are whole rock samples of isolated outcrop generally
		up to 1kg in weight.
		Rock Chip samples were generally selected as being likely to be of
		high grade.
		Rock Chip sampling was not undertaken on a regular grid and was
		not intended to be representative of the subsurface.
		Drilling samples taken via 1/2 of NQ core. Industry standard drilling
		techniques used.
		Core was logged by qualified geologists familiar with the project and
		deposit type. All core was photographed.
		Samples were then submitted to Acme laboratories in Belo
		Horizonte for sample preparation and analysis by Standard XRF
		techniques.
		Halved core to be crushed, ground and split and subsampled for
		analysis under laboratory conditions. As an independent measure
		for quality control, commercial standards are included with the
		samples submitted together with regular duplicates and replicates.
		Channel Samples were taken from three historical trenches.
		Channels were cut into the side of existing trenches, approximately
		30cm wide. Mixed sample of rock and soil was taken approximately
		every 20cm vertically, for a total weight of 5-10kg per sample.
Drilling		Diamond core samples – NQ size.
techniques		Core was laid out in approximately 1m run lengths using a core
		barrel with wire-line recovery method.
Drill sample		All core was metre marked and oriented by field staff under the
recovery		supervision of the site geologist, the core recovery was monitored
		throughout.
		If any issues arose with drill core or quality in general, discussions
		were held with the drilling contractor to remedy the issues.
		Core recoveries were generally acceptable, however were poor
		(below 50%) in some in some instances when drilling through soil as
		fine material was washed away. In such instances, assay is unlikely
		to be representative of real grade. However drilling is not intended
		for resource estimation purposes.

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Criteria	Commentary	Commentary
Logging		A geologist familiar with the project logged samples on-site and
		recorded the data manually to be entered into a digital database at
		a later date.
		All relevant items such as interval, lithology, structure, texture,
		grain-size, alteration, oxidation, mineralisation, quartz percentage,
		sulphide types and percentages were recorded in the geological logs.
Sub-		Whole rock samples were delivered to Acme Laboratories in Belo
sampling		Horizonte for preparation and analysis by XRF techniques.
techniques and sample preparation		Halved core to be crushed, ground, split and subsampled for analysis under laboratory conditions which include introduction of laboratory standards and repeats. As an independent measure for
		quality control, commercial standards are included with the samples
		submitted together with regular duplicates and replicates.
		NQ size halved diamond drill core produced by core saw and hand
		splitting. The core was halved at various lengths as determined by
		the core.
		Samples were then submitted to Acme Laboratories in Belo
		Horizonte for industry standard sample preparation and analysis by
		XRF techniques.
		QA/QC samples (standard and repeats) were introduced at regular
		intervals into the sample stream. QA/QC data will be assessed to
		determine if any bias exists.
		Channel Samples were delivered to Acme Laboratories in Belo
		Horizonte for preparation and separation into three size fractions of
		<1mm, 1-5mm, >5mm before assay with XRF techniques.
Quality of		Total assay techniques applied – standard XRF methods.
assay data		As an independent measure for quality control, commercial
and		standards are included with the samples submitted together with
laboratory		regular duplicates and replicates.
tests		QA/QC results will be assessed to determine if any bias exists.
Verification		The validation of assay files against the certificates was carried out
of sampling		on all samples.
and
assaying
Location of		All data points for samples and drill holes were positioned with hand
data points		held GPS, likely to be accurate to +/- 5m
Data		Drill hole and sample spacing was irregular and designed to test
spacing		specific outcrops. Drilling and sampling was not designed for use in
and		resource estimation.

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Criteria	Commentary	Commentary
distribution
Orientation		Drilling orientation varied to gain better understanding of geological
of data in		structure and was not designed to be used in resource estimation.
relation to
geological
structure
Sample		Samples were kept in the possession of company staff and delivered
security		in person to the laboratory.
Audits or		None Completed
reviews
Section 2 Reportingof Exploration Results

Criteria Commentary distribution Orientation of data in relation to geological structure  Drilling orientation varied to gain better understanding of geological structure and was not designed to be used in resource estimation. Sample security  Samples were kept in the possession of company staff and delivered in person to the laboratory. Audits or reviews  None Completed	Criteria Commentary distribution Orientation of data in relation to geological structure  Drilling orientation varied to gain better understanding of geological structure and was not designed to be used in resource estimation. Sample security  Samples were kept in the possession of company staff and delivered in person to the laboratory. Audits or reviews  None Completed
Section 2 Reportingof Exploration Results
Criteria Commentary Mineral tenement and land tenure status  Tenement numbers are shown  Tenure is by way of a farm-in JV. The company has not yet earned a permanent interest. Exploration done by other parties  Rudimentary prospecting and some trenching. Geology  Skarn related iron stone. Genetic model still being determined. Drill hole Information  Published in tables Data aggregation methods  Not applied - raw data to be reported Relationship between mineralisation widths and intercept lengths  To be determined Diagrams  As published in announcements Balanced reporting  All results reported but no inferences have been drawn. Other substantive exploration data  Ground magnetic data was collected over the prospects at 200m line spacing and 10m station spacing. Data were used to assist in positioning of drill holes. Further work  Work programs will be developed as assay results are forthcoming.	Criteria Commentary Mineral tenement and land tenure status  Tenement numbers are shown  Tenure is by way of a farm-in JV. The company has not yet earned a permanent interest. Exploration done by other parties  Rudimentary prospecting and some trenching. Geology  Skarn related iron stone. Genetic model still being determined. Drill hole Information  Published in tables Data aggregation methods  Not applied - raw data to be reported Relationship between mineralisation widths and intercept lengths  To be determined Diagrams  As published in announcements Balanced reporting  All results reported but no inferences have been drawn. Other substantive exploration data  Ground magnetic data was collected over the prospects at 200m line spacing and 10m station spacing. Data were used to assist in positioning of drill holes. Further work  Work programs will be developed as assay results are forthcoming.

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