South Australian South Australian Iron Ore Projects Iron Ore - PowerPoint PPT Presentation

Western Plains Resources Ltd South Australian South Australian Iron Ore Projects Iron Ore Projects Bob Duffin, Executive Chairman Bob Duffin, Executive Chairman RIU Sydney Resources Roundup RIU Sydney Resources Roundup 12 May 2009 12 May 2009

IMPORTANT NOTICE  This presentation contains forward looking statements concerning the projects owned by WPG. Statements concerning mineral resources and ore reserves may also be deemed to be forward looking statements in that they involve elements based on specific assumptions  Forward looking statements are not statements of historical fact, and actual events or 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 based on WPG’s beliefs, opinions and estimates as of the date they are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or reflect other future developments  Data and amounts shown in this presentation relating to capital costs, operating costs and project timelines are based on consultant reports, contractor quotes and internally generated estimates  Port user charges are assumptions but cannot be relied upon until port operators finalise their own plans  WPG cannot guarantee the accuracy and/or completeness of the figures or data in this presentation  All dollar amounts indicated in this presentation are in Australian dollars unless otherwise stated. May 12, 2009 2 RIU Sydney Resources Roundup Presentation 2 12 May 2009

Key Corporate Information Directors: – Bob Duffin (executive chairman) – Heath Roberts (executive) – Gary Jones (executive) – Bob Richardson (non executive) – Len Dean (non executive) – Lim See Yong (non executive ) Executives – Martin Jacobsen (COO) – Greg Harding (CFO) – Myles Fang (Business Development - China) Issued shares 81.3m – Larissa Brown (Assistant Secretary) Cash: $1.9m (30 March) Unlisted options 12.8m Directors control 26m voting shares plus options Fully diluted 94.1m Good core group of top 50 shareholders Market $36m capitalisation (at $0.38/share) May 12, 2009 3 RIU Sydney Resources Roundup Presentation 3 12 May 2009

Our Key Iron Ore Projects • DSO: Peculiar Knob ML 6314 and Buzzard and Tui (MC 3810) deposits at Hawks Nest • Magnetite: Kestrel (MC 3809) and Goshawk, Harrier, Eagle, Kite and Falcon (EL 4248) at Hawks Nest • Peculiar Knob is 90 km S of Coober Pedy, 15 km NW of Prominent Hill mine and 85 km E of the Adelaide-Darwin railway line • Hawks Nest tenement EL 4248 (within which MCs 3809 and 3810 lie) is 115 km SSE of Coober Pedy, straddles Stuart Highway and is 45 km east of the railway line • All tenements lie within the Woomera Prohibited Area • It is approximately 600 km by rail from Wirrida siding to Port Bonython, 800 km to Adelaide and 2,150 km to Darwin • Road/rail haulage from PK to Port Bonython virtually identical to Portman’s Koolyanobbing - Esperance road/rail haulage distances May 12, 2009 4 4 RIU Sydney Resources Roundup Presentation 4 12 May 2009

Status in Development Cycle • DSO - Peculiar Knob almost fully permitted and virtually shovel ready for development • DSO – Buzzard and Tui a little further back in development pipeline • Hawks Nest magnetite: Farmed-out to WISCO in $45m deal but subject to completion of documentation and government approvals • Commonwealth Hill – WPG farming into tenements with known iron ore prospects and other exploration targets • Mt Brady: New ELA by WPG with known iron ore intersections and good exploration potential May 12, 2009 5 5 RIU Sydney Resources Roundup Presentation 5 12 May 2009

Peculiar Knob DSO • BFS completed September 2007 • Simple specular haematite deposit; high grade Fe with virtually no impurities • Very sharp break between ore and wall rocks • Lies beneath 15-30 m cover • Effectively all resource reports to reserves • LOM W:O strip ratio 3.6:1 • Lump: fines - 35%:65% May 12, 2009 6 6 RIU Sydney Resources Roundup Presentation 6 12 May 2009

Mineral Resource Estimates Totals – DSO Deposits Category Million Fe P SiO 2 Al 2 O 3 LOl Tonnes % % % % % Measured resource 25.5 62.9 0.03 7.7 0.8 0.7 Indicated resource 9.3 61.6 0.05 9.5 0.7 0.8 Inferred resource 2.6 63.0 0.04 7.8 0.5 0.5 Total resource 37.4 62.6 0.03 8.2 0.8 0.7 May 12, 2009 7 7 RIU Sydney Resources Roundup Presentation 7 12 May 2009

DSO - Status of Approvals • Peculiar Knob feasibility study completed Sept 2007 • PK Native Title Mining Agreement executed Sept 2007 • PK ML granted June 2008 • Deed of access for mining and associated infrastructure (haul roads, camp, crusher plant, rail siding) executed with Defence January 2009 • Water licences granted April 2009 • PK MPLs ready to be lodged; MARP in final stages of preparation • Haul road access agreements with other EL holders and pastoralist compensation agreements nearing completion • Expect all necessary agreements and permits for PK to be in place by September 2009 but we could bring this forward • Hawks Nest DSO permitting ~12 months behind PK • Buzzard feasibility study finished August 2008 • Access deeds for exploration in place with native title claimants and Defence but these will need to be upgraded for mining purposes May 12, 2009 8 8 RIU Sydney Resources Roundup Presentation 8 12 May 2009

DSO Infrastructure We have Defence’s approvals for PK mine and infrastructure but still need to obtain approval for Buzzard May 12, 2009 9 RIU Sydney Resources Roundup Presentation 9 12 May 2009

Mineral Resource Estimates Magnetite Deposits Category Million Fe P SiO 2 Al 2 O 3 LOl Tonnes % % % % % • Kestrel Measured resource 100 37 0.06 37 0.8 0.6 Indicated resource 60 36 0.06 38 1.0 0.8 Inferred resource 60 36 0.06 39 1.1 0.8 Total resource 220 36 0.06 38 0.9 0.7 Category Million Fe P SiO 2 Al 2 O 3 LOl Tonnes % % % % % • All magnetite Kestrel – measured, 220 36 0.06 38 0.9 0.7 indicated and inferred Goshawk - inferred 148 35 - - - - resource Clear potential Harrier - inferred 54 35 - - - - resource to increase total Eagle - inferred 92 31 - - - - resource to >1 resource billion tonnes Kite - inferred 30 51 - - - - resource with further Falcon - inferred 25 32 - - - - drilling resource Total resource 570 36 - - - - May 12, 2009 10 10 RIU Sydney Resources Roundup Presentation 10 12 May 2009

The WISCO Magnetite Deal – Key Elements • Effectively, WISCO will sole fund first $45m to earn a 50% JV interest in the Hawks Nest tenement (excluding Buzzard DSO) • WISCO cannot withdraw until it has spent $25m and if it does then its interest will be 28% • Money will be spent on BFS/exploration/development • WPG’s interest cannot fall below 50% and WISCO’s cannot be >50% • WPG will be manager of the JV (BFS and production stages) • WISCO will subscribe for 15% of WPG’s capital ($3m) and nominate 1 person to join WPG’s board • WISCO to have right to purchase part of WPG’s share of cons • WISCO will assist WPG with capex and Port Bonython • Deal is subject to completion of Transaction Documents, FIRB and NDRC approvals May 12, 2009 11 11 RIU Sydney Resources Roundup Presentation 11 12 May 2009

Kestrel Magnetite • Kestrel is a BIF that outcrops at Hawks Nest • Drilled to 135m depth over strike length of 1,200m with lines 100m apart • Total resource 220 mt at 36% Fe • Excellent metallurgical characteristics – 45% mass recovery to concentrate without fine grinding nor flotation • Scoping study to produce 6 mtpa magnetite concentrate completed April 2008 May 12, 2009 12 12 RIU Sydney Resources Roundup Presentation 12 12 May 2009

Woomera Prohibited Area • Administered by the Commonwealth Department of Defence • Covers 127,000 km 2 - same size as England • Formerly used for space research; now used for the testing of war materials • There are many pastoral leases, opal diggings and major mines inside it May 12, 2009 13 13 RIU Sydney Resources Roundup Presentation 13 12 May 2009

Woomera Prohibited Area • We have agreement with Defence to operate the Peculiar Knob mine and infrastructure • We have exploration agreement with Defence for Hawks Nest • Hawks Nest not as sensitive to Defence as Instrumented Range and area E of Highway and S of 30 0 S but under “flight path” • We will need agreement with Defence to carry out mining at Hawks Nest May 12, 2009 14 14 RIU Sydney Resources Roundup Presentation 14 12 May 2009

Further Potential - Hawks Nest Exploration Targets May 12, 2009 15 RIU Sydney Resources Roundup Presentation 15 12 May 2009

Further Potential - Commonwealth Hill Farm-in •WPG can earn 75% interest by spending $1.5 million •Magnetics and gravity data collected in March 2009 quarter at Wirrida and Ibis prospects suggestive of DSO and magnetite targets May 12, 2009 16 RIU Sydney Resources Roundup Presentation 16 12 May 2009