Western Plains Gold Ltd(new name – Western Plains Resources Ltd – will become effective this week)

Chairman’s Presentation to 2006 AGM14 November 2006

Western Plains Resources Ltd• IPO in August 2005 raised just under $3m

• SPP and placement in October/November 2006 to raise $2.75m; cash on hand on completion $3.7m

• Initial focus was on exploration on gold-copper projects in NSW (Lachlan Fold Belt and Broken Hill Block) and South Australia

• Focus broadened from gold-copper explorer to iron ore pre-producer following acquisition of Southern Iron Pty Ltd in October 2006

• Name will change this week from Western Plains Gold to Western Plains Resources to reflect new strategic focus

Western Plains Resources LtdIn our first 12 months we:

• Drilled 1,382 RAB and aircore drill holes on eleven prospects for 6,862 metres

• Completed detailed geological mapping on six prospects

• Carried out two ultra-detailed aeromagnetic surveys and interpretation

• Drilled fifteen RC percussion holes on two prospects for 1,587 metres

• Drilled four diamond core holes on two prospects for 1,244 metres

• Collected and analysed 1,291 calcrete and 237 soil samples

• Completed moving loop EM surveys on five prospects

• Carried out ground magnetic surveys on ten prospects

Project Locations

• WPG’s copper-gold exploration projects are in the Lachlan Fold Belt and in the Broken Hill Block

• Our iron ore tenements are in South Australia

Iron Ore Projects

• Peculiar Knob is 30 km E of Stuart Highway, 50 km NW of Oxiana’s Prominent Hill mine and 100 km E of Adelaide-Darwin railway line

• Hawks Nest is 115 km SSE of Coober Pedy, straddles Stuart Highway and is 45 km from railway line

• Project is 600 km from Port of Whyalla (closest port)

• Standard gauge railway to 6 ports: Whyalla, Port Bonython, Port Augusta, Port Pirie, Inner and Outer Harbours at Adelaide, Darwin

Iron Ore Projects

Photos show (clockwise from top):

• Peculiar Knob hill

• High grade intersection in PK-41 (16m @ 65.4% Fe from 97m)

• Ironstone outcrop at Hawks Nest

Mineral Resource Estimates

Tonnes Fe SiO2 Al2O3 P2O5 LOI Status Estimatedmt (%) (%) (%) (%) (%) by

Peculiar Knob RL 103: 14.0 63.2 4.80 0.31 0.02 Inferred MESA DSO (16 drill holes)

Hawks Nest EL 3196:Kestral (to depth of 135 m) 221.0 36.4 37.9 0.94 0.13 0.69 Measured/Inferred Hellman and Schofield MagnetiteBuzzard 6.7 60.0 9.9 1.90 0.10 1.51 Measured/Inferred Hellman and Schofield DSOGoshawk 148.0 34.8 Inferred MESA MagnetiteHarrier 54.0 35.4 Inferred MESA MagnetiteEagle 92.0 31.3 Inferred MESA MagnetiteKite 30.0 50.5 Inferred MESA DSO??Falcon 25.0 32.4 Inferred MESA Magnetite

Hawks Nest Total DSO 36.7 52.2 Not prime DSO but blendable/hi grade pods?Hawks Nest Total Magnetite 540.0 34.8

Total DSO 50.7 55.3 Not all prime DSO but blendable/hi grade pods?

Comment

The China Kingdom MOU• MOU signed on 10 October 2006; it gives China Kingdom

International a 45 day exclusive due diligence period with start date extended to 15 January 2007

• The MOU does not bind either party

• If China Kingdom proceeds as set out in the MOU, it will:Inject $5m into WPG or project as JVCommit to debt fund up to $30m for project development, in return for:Right to buy approx 75% of offtake on take-or-pay basis, at prices attractive to WPG

• China Kingdom is a private company with interests in iron ore trading (and many other businesses) and has a 30% interest in CKISTEEL, a steel mill

• China Kingdom seems an ideal partner but there are many other potential partners from China and India

Peculiar Knob Project

Peculiar Knob Project

Peculiar Knob ProjectWe collected and analysed drill cuttings from a 2005 drilling program that were not previously analysed, with the following results:

65.41611397PK-41

64.0146147PK-40

61.845182137PK-39

65.38213048PK-38

65.82911889PK-37

63.0167155PK-37

61.633229PK-36

62.564943PK-35

Terminated prior to haematite bodyPK-34

Fe Grade (%)Interval (m)

Depth To(m)

Depth From (m)

Hole No.

Hawks Nest Project

WPG’s Iron Ore Strategy• Commence DFS on Peculiar Knob DSO project now, to be completed by June 2007

• 6,600m drilling program to begin 15 January 2007; objective is to elevate 14mt inferred resource status to measured and indicated and explore for extra 10mt at depth; good expectation that total resource inventory at Peculiar Knob will exceed 25mt

• Consultants are being appointed to handle resource/reserve estimates, mine design, infrastructure and environmental issues as part of DFS

• Target date for grant of mining lease at Peculiar Knob is December 2007 and our objective is to commence production in Q2 2008 at 1-2mtpa for 10 years project

• Explore for/define DSO opportunities at Hawks Nest

• Use Hawks Nest DSO to blend or supplement Peculiar Knob DSO to extend life of the project and/or increase scale of development

• Potential DSO at Hawks Nest and Peculiar Knob: 50 mt (though may not all be of prime grade)

• In parallel with DSO operation, study potential of Hawks Nest magnetite to underpin concentrate, pig iron or pellet project; huge potential here but capex will be much higher

• Leverage off starter project to obtain broader exposure to iron ore in South Australia and elsewhere

Mulyungarie Project

• Mulyungarie is a very large hydrothermal system with anomalous gold; demands more drilling

• WPG drilled 2 deep diamond holes at K1 prospect; best intersection 0.3m at 7g/t Au

• We have planned 15 rotary core holes to test body; awaiting finalisation of drilling contract

• Further diamond drilling will depend on results of next phase of rotary drilling

Euriowie Project

• We will drill 4 inclined RC percussion holes to test copper geochemical & EM targets at Son of Man prospect, and 2 inclined RC percussion holes to test copper geochemical & EM targets at B40 prospect, commencing later this month and extending into December

Euriowie Project

• Yalcowinna Creek shows good anomalous geochemistry and many gossans over a large area and offset EM anomaly

• We will drill 2 inclined RC percussion holes and one inclined RC/diamond hole to test the copper geochemical & EM targets this month and extending into December

Trundle Project

• Trundle is a Northparkes porphyry copper/gold look-alike and has Cadia/Ridgeway potential

• Drilling contract let for 2 inclined RC percussion holes each to 250m depth to test coincident porphyry Cu-Au bedrock geochemical anomalies at the Mordialloc prospect

• Drilling scheduled to commence late November

Lake CargelligoProject

• Lake Cargelligo contains shear controlled mineralisation similar to the Peak mine, Cobar

• A program of aircore drilling to test 6 magnetic anomaly targets is scheduled to commence this week

• 3 lines of aircore holes will be drilled across the Achilles shear zone between the Achilles 2 and 3 prospects

• Emerging 400 metre long Pb soil anomaly at Achilles 3 prospect likely to be a target for deeper drilling

Peak Hill EastProject

• 31 aircore holes for 1,555 metres were recently completed on 5 magnetic anomaly targets in an area prospective for Wyoming style porphyry gold mineralisation

• Assay results are imminent

WPG’s Capital Structure

On finalisation of the underwritten SPP WPG’s issued securities will be as follows:

$12.72$0.20Market Capitalisation ($m) @

13,479,180Total

$0.253,750,00026 October 2011

$0.353,475,00028 September 2009

$0.253,475,00028 September 2009

$0.302,500,00016 September 2008

$0.25279,18023 August 2008

Exercise PriceNumberExpiry

UNLISTED OPTIONS OVER ORDINARY SHARES

63,614,222Total

Voluntary escrow to November 200711,000,000Chairman

Escrowed to 23 August 20078,949,975IPO promoters, etc

Voluntary escrow to May 200710,800,000Former Southern Iron shareholders

No trading restrictions; quoted on ASX32,864,247Public

Trading RestrictionsNumberShareholders

ORDINARY SHARES