annoucement

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
survey;
• 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.