WEEBIT NANO LTD - Regulatory Filings 2013

Mt Ruby Project Update

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Assays returned from Mt Ruby Drilling

• Due diligence continues

• Re-negotiation of farm-in terms ongoing

ACN 146 455 576

ASX Release

13 May 2013

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 [email protected] W www.radariron.com.au

Radar Iron Ltd (ASX: RAD) is pleased to provide investors with an update on the progress in acquiring 51% of the Mount Ruby DSO deposit in the Innisfail district of Far North Queensland.

Due diligence continues on the project with latest developments detailed below:

RC drilling assay results returned following an 11 hole programme for 497m completed in April.
A 30-40m thick magnetite rich skarn was intercepted in the drilling.
The current geological interpretation (following drilling) indicates a sub horizontal skarn orientation with stronger magnetite development at the top of the skarn (on surface) and also in bands throughout the unit. Faulting potentially displaces the skarn at the margins.
Best intervals received were 28m at 47.1% Fe and 20m at 46.9% Fe.

Contact:

Jonathan Lea Managing Director E [email protected]

Phillip Wingate Company Secretary E [email protected]

Directors:

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

Issued Capital:

81,340,070 Ordinary Shares 23,050,000 Unlisted Options

ASX Code:

RAD (Fully Paid Ordinary Shares)

Media Enquiries:

Fortbridge +612 9003 0477 Bill Kemmery 0400 122 449

As the quantity of potentially direct shipping ores is less that indicated from surface geology, Radar is currently negotiating with the vendor for a revised acquisition structure and also to include other nearby prospects using a more standard farm-in structure.
The project region has potential to produce direct shipping mineralisation and magnetite concentrates following beneficiation – hence Radar’s continuing interest in pursuing the acquisition.

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Mt Ruby Update

Discussion

Radar and Developed Iron Ore Pty Ltd (DIO) announced to the ASX on 8 February 2013 a potential farm-in of the Mt Ruby magnetite prospect near Cairns in far north Queensland. The farm-in was subject to a due diligence period extended subsequently to conclude on May 31, 2013. Part of the due diligence was to involve RC drill testing of the potentially high grade direct shipping magnetite mineralisation.

The project was selected by Radar given that infrastructure exists (road and port) and is accessible immediately to enable a rapid transition to production. Mt Ruby lies within 120km trucking-distance from the port near Innisfail. The deposit is contained in an existing mining lease - also enabling rapid development approvals.

DIO has access to other tenure also containing high grade magnetite mineralisation. Radar and DIO are discussing the inclusion of these projects into a proposed joint venture structure. A typical joint venture structure is under consideration in which Radar farms into the project through exploration and development expenditure with minimal up-front payments.

Radar will provide further updates to the progress of the Mt Ruby district farm-in process in May.

Concurrently, Radar is considering other project acquisition opportunities both in Australia and off-shore.

Yours faithfully,

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.

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Mt Ruby Update

Figure 2 Mt Ruby Local Geology and Drill Hole Location