WEST PEAK IRON LIMITED

EXPLORATION UPDATE: NEW TARGETS IDENTIFIED

Bomi South Project:

Recent field activities on the western side of the tenement

indicate the potential for blind DSO magnetite deposits with high

grade rock chip samples collected from float returning iron grades of

up to 66% Fe.

Further hematite rich capping has been identified with rock chip

samples grading up to 59% Fe indicating the potential for a DSO

product.

Additional outcropping soft coarse grained magnetite bearing iron

formations have been identified with the potential for low cost

beneficiation to a high grade product.

Following the completion of the rock chip sample program, a

follow up program inclusive of pitting, trenching and hand auger

drilling has commenced on high priority areas, with results expected

in 4-6 weeks.

Accessible by sealed road to Monrovia and the historic railway

corridors of Bong and Bomi mines.

Bobo Creek Project:

Environmental permitting for ground disturbing work has been

received and field activities have commenced, inclusive of pitting,

trenching and hand auger drilling, to follow up on last season’s rock

chip sample program, where surface iron enrichment was identified

in the form of a hematite rich cap interpreted to overlie friable

itabirite units, and rock chip samples returned grades up to 58% Fe.

Results are expected in 4-6 weeks.

Located 70 km to the east of the port town of Buchanan, which is

an operating port exporting iron from Arcelor Mittal’s Yekepa Iron

mine.

ASX announcement 6 September 2013

ACN: 142 411 390

T: 08 6489 1600

F: 08 6489 1601

E: admin@westpeakiron.com.au

Suite 9, 330 Churchill Avenue,

Subiaco WA 6008

PO Box 866,

Subiaco WA 6904

www.westpeakiron.com.au

________________________

Directors & Management

Gary Lyons: Chairman

Graham Marshall: Director

Mathew Walker: Director

Jimmy Lee: Director

Teck Wong: Director

Shane Tomlinson: Exploration Manager Sonu Cheema: Company Secretary ________________________

Issued Capital

80,500,000 ordinary shares

2,000,000 unlisted options exercisable at 15 cents each on or before 30 June 2014

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Exploration Update - Liberian Projects

The Directors of West Peak Iron Ltd (“West Peak” or the “Company”) are pleased to provide an update on recent exploration activities at the company’s 100% owned project’s in Liberia, West Africa. The objectives of the field activities are to improve target definition across the prospects on the western side of the Bomi South Project during the wet season, where the use of heavy equipment at this time is difficult, as well as initiating ground disturbing work at the Bobo Creek Project, following receipt of environmental permitting. The field campaign is being carried out by Liberian geological consulting firm West African Geoservices (“WAG”).

Figure 1. Regional location of the West Peak granted licences and current iron ore projects.

BOMI SOUTH PROJECT The Bomi South project is located approximately 60 km NNE of Monrovia and is accessed by sealed roads to the western and eastern tenement boundaries, and lies between the two historic railway corridors which serviced the Bomi and Bong mines. The geology is predominantly comprised of composite gneiss with generally E-W-striking itabirite units. Recent field work consisted of visiting high priority targets, identified from aeromagnetic anomalies and previous field work, and carrying out prospect scale mapping, focusing on outcropping iron formations. In the course of this work 103 rock chip samples were taken, representing the various iron enrichment styles.

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Exploration Update - Liberian Projects

All results have been returned and are included as Appendix 1, with selected rock chip samples below:

Sample ID

Type Fe % SiO2 % Al2O3 % P % LOI %

WPL307 DSO magnetite 66.87 2.76 0.99 0.001 -0.2

WPL274 DSO hematite cap 59.04 2.70 1.18 0.689 10.79

WPL351 BFO detrital iron 51.08 8.43 6.09 0.039 10.79

WPL348 BFO Soft itabirite 42.18 36.35 0.85 0.045 0.89

West Peak Executive Director, Mathew Walker said, “We are extremely pleased with results of the rock chip sample program which demonstrate the potential for blind DSO magnetite targets. We also continue to be encouraged by the identification of soft itabirite units which have the potential to provide a low cost beneficiated product”. The field work has identified iron formations outcropping intermittently, which can be followed at surface over strike distances of up to 1 km. The widths of outcropping iron formation ranges from 1m to 20m in areas where the true width may be up to 80m, or consist of narrower multiple iron formations. The dense vegetation conceals much of the surface and as such identifying outcropping iron formation which reflects the true widths of the itabirites is difficult. In order to improve the confidence in iron formation widths and strike lengths a program of pitting, trenching and hand held auger drilling is currently being carried out. Results are expected in 3-4 weeks. During field program iron enrichment was encountered in the form of hematite-rich capping, soft itabirite and coarse grained magnetite-rich iron formation, which appears to be comparable to the blind DSO magnetite seen in the historic Bomi Hills iron mine. Refer figures 3-6. The samples range in grade from 25% to 66% Fe and reflect the differing styles of iron enrichment.

Figure 2. Bomi South Project: Rock chip sample locations overlain on the analytic signal aeromagnetic image.

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Exploration Update – Liberian Projects

Figure 3. Magnetite sample – Potential DSO Figure 4. Outcropping soft magnetite bearing itabirite

Figure 5. Outcropping BIF Figure 6. Hand held auger drilling

BOBO CREEK PROJECT The Bobo Creek project is located approximately 70 km east of the port town of Buchanan, which is an operating port exporting iron from Arcelor Mittal’s Yekepa Iron mine. The project area covers 200 km2 and is accessed by a well maintained unsealed road that is used to service the logging industry. The licence consists predominantly of a gneiss unit and a composite unit which has iron formations over a strike length of approximately 20 km. A previous field reconnaissance visit carried out by “WAG” has confirmed the presence of iron formation in the project area and associated surface iron enrichment. Surface iron enrichment has been identified in the form of a hematite/goethite-rich cap interpreted to overlie itabirite units. Figure 6 shows sampled areas where enrichment is coincident with magnetic anomalism. Previous rock chip results returned ranged between 22% and 58% Fe and represent hematite-rich capping and magnetite bearing iron formation which may be beneficiated. Upon the granting of the environmental permit for the licence a field team has been sent to the project area to commence field work, inclusive of pitting, trenching and hand auger drilling. Results are expected in 4-6 weeks. The objective of the field work is to identify the potential widths and strike lengths of the iron formations in order to develop drill programs to test the targets in the upcoming dry season.

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Exploration Update – Liberian Projects

Figure 6. Bobo Creek Project: Rock chip samples coloured by iron grades and overlain on the analytic signal aeromagnetic image.

For further information contact: Mathew Walker; Executive Director, West Peak Iron Ltd.

Telephone: +61 8 6489 1600 Email: admin@westpeakiron.com.au

COMPETENT PERSONS’ STATEMENTS Scientific or technical information in this news release has been prepared under the supervision of Mr Shane Tomlinson, an employee of the Company and a Member of the Australian Institute of Geoscientists (MAIG). Mr Tomlinson has sufficient experience which is relevant to the style of mineralisation 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” (the JORC Code). Mr Tomlinson consents to the inclusion in this report of the information in the form and context in which it appears. FORWARD LOOKING AND EXPLORATION TARGET STATEMENTS Some statements in this announcement regarding estimates or future events are forward-looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward looking statements include, but are not limited to, statements concerning the Company’s exploration program, outlook, target sizes and mineralised material estimates. They include statements preceded by words such as “expected”, “planned”, “target”, “scheduled”, “intends”, “potential”, “prospective”, and “seek”, “proposed” and similar expressions.

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Exploration Update – Liberian Projects

Appendix 1. Complete rock chip sample results.

Sample ID East North Lithology Type Fe % SiO2 % Al2O3 % P % LOI1000 %

WPL248 322718 749624 IF F 53.14 17.05 1.3 0.233 4.43

WPL249 322718 749714 DUR F 46.41 14.76 8.79 0.172 9.99

WPL250 322691 749623 QZT F 22.76 66.03 0.26 0.027 0.64

WPL251 322908 750005 DUR F 59.04 2.7 1.18 0.689 10.79

WPL252 322973 750109 QZT F 17.43 73.62 0.21 0.019 0.3

WPL253 323003 750344 IF O 42.96 37.41 0.65 0.008 1.02

WPL254 323239 749809 DUR B 51.63 14.98 2.95 0.1 6.93

WPL255 323553 749711 IF F 47.62 22.67 1.97 0.09 5.26

WPL256 323767 749699 IF O 36.12 46.76 0.45 0.038 1.35

WPL257 323793 749698 IF O 45.64 27.44 1.12 0.069 3.66

WPL258 320622 749211 QZT O 17.54 73.29 0.44 0.028 0.44

WPL259 320856 749496 QZT F 17.38 70.16 2.81 0.006 1.93

WPL260 322742 750141 QZT B 7.85 84.96 1.9 0.009 0.33

WPL261 322978 750330 IF F 42.64 37.79 0.57 0.019 0.33

WPL262 323205 749826 IF F 34.19 47.83 0.99 0.048 2.66

WPL263 323223 749835 IF B 41.9 34.58 1 0.047 3.53

WPL264 323267 749838 IF B 29.41 53.75 0.36 0.042 2.45

WPL265 323278 749818 IF F 38.68 40.96 0.57 0.052 2.26

WPL266 321774 750523 IF F 28.51 57.71 0.49 0.021 0.27

WPL267 321748 750491 IF B 34.66 48.18 0.7 0.013 0.18

WPL268 321724 750480 IF B 38.41 41.69 0.49 0.048 0.89

WPL269 321606 750433 DUR O 35.1 35.35 7.7 0.045 5.65

WPL270 321531 750437 IF O 37.41 44.26 0.72 0.02 0.61

WPL271 321505 750429 IF B 43.41 36.01 0.48 0.015 -0.67

WPL272 321465 750380 IF B 39.36 42.15 0.36 0.024 0.47

WPL273 321278 750349 IF B 40.01 40.61 0.86 0.034 0.71

WPL274 320441 750328 IF B 59.84 2.94 5.82 0.093 3.59

WPL275 320076 750312 IF F 45.36 27.02 3.94 0.037 2.54

WPL276 320029 750309 IF F 36.9 29.04 11 0.017 4.8

WPL277 320871 750742 IF F 43.57 34.85 0.65 0.014 0.34

WPL278 317920 749217 IF F 54.35 7.85 3.02 0.227 8.96

WPL279 317864 749290 IF F 32.11 53.35 0.65 0.011 0.3

WPL280 317568 749383 IF O 41.12 39.45 0.38 0.016 0.39

WPL281 317554 749377 IF O 47.69 29.9 0.7 0.014 0.61

WPL282 317489 749313 IF F 45.45 22.28 4.49 0.058 6.12

WPL283 317485 749218 IF F 39.96 39.37 0.79 0.012 1.13

WPL284 320799 749515 GNL F 15.79 71.6 3.73 0.012 1.98

WPL285 320601 749233 IF F 37.05 44.96 0.64 0.016 0.89

WPL286 320252 749172 IF O 41.3 38.37 0.76 0.014 0.6

WPL287 317361 749340 IF O 38.7 42.74 0.26 0.011 0.62

WPL288 316477 749524 IF B 41.99 36.21 0.52 0.074 2.05

WPL289 316424 749555 IF O 41.44 37.24 0.38 0.052 2.01

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cont.

Sample ID East North Lithology Type Fe % SiO2 % Al2O3 % P % LOI1000 %

WPL290 316583 749629 IF B 32.98 51.43 0.46 0.017 0.66

WPL291 316824 749537 IF O 33.31 49.89 0.35 0.022 0.56

WPL292 317087 749307 IF O 37.67 44.2 0.58 0.008 0.42

WPL294 326576 751390 IF F 46.74 20.31 3.9 0.076 7.66

WPL295 326737 751234 GNL B 11.98 76.66 2.5 0.013 1.82

WPL296 317453 749217 IF B 37.05 45.2 0.42 0.003 0.48

WPL297 326800 751329 QZT O 11.12 78.41 2.62 0.004 1.14

WPL298 325734 751980 IF F 38.94 42.96 0.18 0.014 0.38

WPL299 325727 751948 IF O 42.64 20.45 7.65 0.082 8.15

WPL300 325684 751928 IF O 39.57 41.56 0.24 0.005 0.09

WPL301 325579 751855 IF O 40.62 39.3 0.25 0.009 0.22

WPL302 325374 751879 IF B 43.01 37.25 0.18 0.012 0.5

WPL303 325301 751820 IF B 40.96 39.62 0.39 0.03 1.99

WPL304 326453 752252 IF F 39.2 42.23 0.49 0.022 -0.41

WPL305 326032 752170 IF F 43.65 36.92 0.37 0.018 0.27

WPL306 325967 752151 IF B 40.41 40.64 0.63 0.021 0.3

WPL307 319896 752772 IF F 66.87 2.76 0.99 0.001 -0.2

WPL308 319756 752874 DUR O 43.9 11.02 11.28 0.044 10.5

WPL309 320051 753125 IF F 66.47 0.75 2.16 <0.001 0.84

WPL310 320105 753188 IF F 47.39 8.82 7.92 0.008 12.76

WPL311 320238 753321 IF F 31.67 52.62 0.29 0.015 0.26

WPL312 320331 753351 IF F 36.03 45.22 1.05 0.02 1.34

WPL313 320581 753433 IF B 41.11 40.16 0.57 0.011 -0.02

WPL314 323203 749770 IF F 36.69 42 0.67 0.048 2.93

WPL315 323150 749672 QZT B 18.75 70.83 0.38 0.01 0.49

WPL316 306693 751283 IF F 50.45 17.66 1.85 0.123 7.02

WPL317 306572 751285 IF F 47.38 25.28 1.72 0.088 3.78

WPL318 306429 751239 IF F 46.44 21.55 2.94 0.236 7.1

WPL319 306208 751126 IF B 13.78 45.91 11.35 0.327 0.24

WPL320 305968 751101 IF F 50.37 14.92 4.6 0.112 6.83

WPL321 305731 751012 IF F 43.22 32.59 1.63 0.043 2.24

WPL322 305533 751065 IF F 43.29 25.68 4 0.199 6.03

WPL323 305327 751010 IF F 44.44 28.17 1.63 0.097 5.16

WPL324 305280 750862 AMP O 1.55 73.77 13.01 0.007 0.33

WPL325 305271 751014 IF F 43.56 28.36 1.32 0.16 7.06

WPL326 304952 751130 AMP F 2 71.96 14.84 0.016 5.81

WPL327 304890 751318 IF F 25.3 60.06 0.43 0.041 1.51

WPL328 313997 753226 IF O 32.13 51.83 0.44 0.023 1.07

WPL329 314434 753268 IF O 37.4 44.73 0.47 0.022 0.64

WPL330 314867 753074 IF O 46.71 30.59 0.66 0.081 1.48

WPL331 314930 753080 IF O 41.45 38.65 0.34 0.034 0.24

WPL332 315021 753078 IF O 36.81 43.11 0.69 0.057 1.75

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cont.

Sample ID East North Lithology Type Fe % SiO2 % Al2O3 % P % LOI1000 %

WPL333 314905 753045 IF O 39.44 39.3 0.62 0.034 2.5

WPL334 314355 752833 IF F 55.99 2.25 4.49 0.334 10.5

WPL335 314349 752833 AMP F 2.69 70.88 13.37 0.012 2.19

WPL336 306922 751690 DUR O 41.69 6.97 16.87 0.043 13.73

WPL337 307012 751633 IF F 52.82 13.97 2.13 0.228 8.49

WPL338 307299 751642 GNL O 11.67 79.51 0.79 0.021 1.67

WPL339 307431 751615 GNL F 1.81 72.61 14.33 0.017 0.42

WPL340 307839 751824 IF F 29.5 47.93 3.29 0.071 5.89

WPL341 309092 752484 IF F 42.29 38.47 0.87 0.047 -0.76

WPL342 309107 752256 GNL F 6.78 87 0.85 0.005 0.78

WPL343 309107 752190 IF B 35.27 44.78 1.22 0.056 2.34

WPL344 309265 752055 AMP O 1.97 74.08 12.72 0.015 0.77

WPL345 309349 752171 IF B 34.35 48.52 0.45 0.043 0.38

WPL346 307515 751626 IF O 40.92 33.63 1.29 0.128 5.23

WPL347 310161 752803 IF F 44.21 34.83 1.01 0.039 -0.09

WPL348 310083 752781 IF O 42.18 36.35 0.85 0.045 0.89

WPL349 310933 753004 AMP O 2 71.8 14.75 0.016 1

WPL350 311584 752616 IF F 33.6 39.87 5.19 0.028 4.28

WPL351 326342 751211 DUR F 51.08 8.43 6.09 0.039 10.79

Coordinates are in WGS84 Zone 29 North. All samples were analysed by X-Ray Fluorescence Spectrometry (XRF). Losses on Ignition (LOI) values were determined using Thermo-Gravimetric Analyses at 1000ºC.

Type: O = outcrop, F = float and B = boulder

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