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    ASX and Media Release Strategic South Australian Iron Ore
    Farm-in Agreement
    ASX Announcement – 18 November 2008
    Figure 1
    Commonwealth Hill Tenements, WPG’s Peculiar Knob and Hawks Nest
    Tenements, and Proposed Infrastructure
    Metallurgical testwork on RC drill cuttings and diamond core shows the Sequoia ore
    is readily beneficiated to a high grade concentrate. Liberation was obtained at a P80
    of 63 microns giving an Fe recovery of 88% and a concentrate grade of 70.3% Fe,
    3.7% SiO2, 0.29% Al2O3 and <0.01%P2O5 from a head grade of 37.2% Fe, 41.0%
    SiO2, 1.36% Al2O3 and 0.18%P2O5.
    The Sequoia East, Ibis and St Andrews prospects have never been drilled. The Ibis
    magnetic anomaly, which is about 30 kilometres to the east of the Challenger gold
    mine, is significantly larger in dimension than Sequoia. Coarse grained BIF outcrops
    at Ibis. A third and generally similar magnetic anomaly, Sequoia East, is several
    kilometres to the NE of Sequoia, but there is no outcrop there. St Andrews is to the
    S of Sequoia and one hole drilled as part of a gold exploration program returned an
    intersection of 28 metres at an average grade of 53.4% Fe.
    WPG believes the Commonwealth Hill tenements have the potential for the
    discovery of additional magnetite deposits, which have been the focus of the small
    amount of past exploration, and also for DSO haematite deposits, on which very
    little attention has so far been placed. WPG’s exploration will focus on both styles of
    iron ore deposits.

    The total identified mineral resource estimate for WPG’s Peculiar Knob, Buzzard
    and Tui DSO deposits is 37.4 million tonnes at an average grade of 62.6% Fe and
    any DSO deposits discovered at Commonwealth Hill will be ideally located to benefit
    from the crushing and screening plant and the rail loader that WPG intends to
    construct at Wirrida.
    Under the terms of the farm-in agreement, WPG:
    • must meet a minimum commitment of $90,000 within 12 months. WPG
    intends to satisfy this commitment by conducting a detailed aeromagnetic
    • may earn a 51% interest by spending an additional $660,000 on exploration
    within 24 months of meeting the minimum commitment. (bringing total
    expenditure to $750,000); and
    • may, at its discretion, earn a 75% interest by spending an additional
    $750,000 on exploration within 24 months of acquiring a 51% interest taking
    total expenditure to $1.5 million.
    Once WPG has acquired a 75% interest in the tenements, Apollo has the right to
    convert its residual interest into a 1.5% gross production royalty and be refunded an
    amount equal to its then residual interest multiplied by the amount spent on
    exploration pursuant to the farm-in agreement.
    The farm-in agreement contains a standard force majeure provision which has been
    extended to place a standstill on exploration expenditure obligations in the event
    that access to any material part of the tenement package is denied by the
    Department of Defence, operator of the WTF.
    Competent Person
    The review of exploration activities and results contained in this report are based on information
    compiled by Mr Gary Jones, a Member of the Australasian Institute of Mining and Metallurgy. He is
    Technical Director of Western Plains Resources Limited and a full time employee of Geonz
    Associates Limited. He has sufficient experience which is relevant to the style of mineralisation and
    types of deposits under consideration and to the activity which he is undertaking to qualify as a
    Competent Person as defined in the December 2004 edition of the Australasian Code for Reporting
    of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Gary Jones has
    consented in writing to the inclusion in this report of the matters based on his information in the form
    and context in which it appears.
    Further Information
    For further information please contact WPG’s Executive Chairman Bob Duffin, on (02) 9247 3232 or 0412 234
    684, or Heath Roberts, Executive Director and Company Secretary on (02) 9247 7359 or 0419 473 925.
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