WPG Resources Ltd (WPG) announced on 24 January 2012 that it had returned to the iron ore industry by farming into the Giffen Well project area south of Coober Pedy in South Australia. The Company had retired temporarily from this sector when it sold its iron ore assets to OneSteel Limited for approximately $320 million in October 2011. On 27 March 2012 WPG announced that drilling was about to commence at Giffen Well. Three holes of the 15 hole RC percussion and diamond drilling program have now been completed. The three holes were drilled on an east-west section sited on the northern end of the main magnetite banded iron formation (BIF) zone. Preliminary details for each of these holes are set out in the following table and further details are shown on the diagrams on the following pages.

Hole_ID MGA94_East (m)

MGA94_North(m)

Depth (m)

Oxidised BIF (m)

Primary BIF (m)

GW033 477 750 6647 900 102 -- -- GW034 477 850 6647 900 126 18 - 64 64 - 79 GW035 477 950 6647 900 178 24 - 67 67 - 178 GW036 476 050 6747 000 In progress The location of the Giffen Well project area is shown in Figure 1 below. The ground magnetics for the project is shown in Figure 2. Highly weathered limonite-goethite material was intersected in the upper oxide zone over the interval from 18 – 46m in hole GW034 and from 26 – 30m in hole GW035 as shown in Figure 3. This material has the potential to be enriched in iron content given the high probability that it has been derived from the weathering of the underlying banded iron formation over recent geological history.

4 April 2012

ASX and Media Release

Good early results from drilling program at Giffen Well

ASX Announcement –4 April 2012

Figure 1 Location of Giffen Well

Figure 2 Giffen Well Ground Magnetics

ASX Announcement –4 April 2012

Figure 3 Cross Section Line 6,647,900 mN

Note that the BIF is almost 200 metres wide on this section, and lies within 25 to 40 metres from surface. The results from the current drilling program will form part of the preliminary feasibility study that WPG has commenced for the Giffen Well project. There is direct rail access from the Gina siding on the Central Australian Railway to WPG’s port facilities in Port Pirie. 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 WPG 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.