Western Areas announces completion of A$225 Million of convertible bonds



    /THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR
    FOR DISSEMINATION IN THE U.S./

    ASX:TSX WSA

    WEST PERTH, Western Australia, June 29 /CNW/ - Further to the
announcement dated 19 June 2007, Western Areas NL is pleased to announce the
completion of its issue of A$225M of 8.00 per cent convertible bonds due
2 July 2012. The offering was made on a private placement basis to
institutional, professional and sophisticated investors outside the United
States to non-U.S. persons in accordance with Regulation S under the U.S.
Securities Act of 1933, as amended, and to accredited investors in Canada.
    Macquarie Equity Capital Markets Limited and UBS AG, Australia Branch
acted as Joint Lead Managers and Bookrunners.
    Proceeds from the offering will be used to further advance Western Areas
objective of becoming a major nickel producer in Australia and Canada.
Specifically, proceeds will be applied to the following:

    
    -   funding the feasibility study at Diggers South where mineral
        resources were upgraded in late March 2007;
    -   continuing the scoping study for potential mine development at the
        New Morning / Daybreak deposit where mineral resources were upgraded
        in April 2007.;
    -   accelerating exploration at Western Areas highly prospective
        tenements along the 90km Forrestania nickel project;
    -   accelerating exploration at Western Areas Canadian projects;
    -   potential construction of a concentrate plant at Cosmic Boy that
        could be operational during 2008;
    -   potential restructuring Western Areas remaining hedging commitments
        (2,100 nickel tonnes); and
    -   funding possible nickel project and corporate opportunities.
    

    The offering circular relating to the Convertible Bond can be viewed in
full at the Western Areas website at www.westernareas.com.au and following the
news release links.

    FORWARD LOOKING STATEMENT: This release contains certain forward-looking
statements. These forward-looking statements are subject to a variety of risks
and uncertainties beyond the Company's ability to control or predict which
could cause actual events or results to differ materially from those
anticipated in such forward-looking statements.
    This announcement does not include reference to all available information
on the Company or the Forrestania Nickel Project and should not be used in
isolation as a basis to invest in Western Areas. Any potential investors
should refer to Western Area's other public releases and statutory reports and
consult their professional advisers before considering investing in the
Company.
    For Purposes of Clause 3.4 (e) in Canadian instrument 43-101, the Company
warrants that Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability.

    /THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR
    FOR DISSEMINATION IN THE U.S./





For further information:

For further information: Julian Hanna, Managing Director - Western Areas
NL, Telephone +61 8 9486 7855, Email: jhanna@westernareas.com.au; Craig
Oliver, Finance Director - Western Areas NL, Telephone +61 8 9486 7855, Email:
coliver@westernareas.com.au; Ann Nahajski, Investor Relations - Porter
Novelli, Telephone +61 8 9386 1233, Email: anahajski@wa.porternovelli.com.au,
Or visit: www.westernareas.com.au

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WESTERN AREAS NL

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