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The Board of Western Areas Ltd (ASX:WSA) ("Western Areas" or the "Company") is
pleased to announce the execution of a Farm-in and Joint Venture Agreement (the
Agreement) with Traka Resources Limited (Traka). The Agreement provides a staged
program for Western Areas to acquire up to a 70% interest in a number of Traka's
core tenements within the Musgrave region of Western Australia. The total area
included under the proposed Musgrave JV Project is approximately 1,075km2.


Western Areas has identified the Musgraves as a highly prospective,
underexplored base metals region, and execution of the Agreement is consistent
with the Company's regional exploration strategy of securing strategic base
metals tenure. 


Western Areas Managing Director, Dan Lougher commented: "Western Areas has
received a number of farm-in and joint venture opportunities over the last
quarter and following substantial due diligence we believe the opportunity with
Traka offers significant upside potential."


"Junior explorers are currently finding it difficult to access capital for their
projects and given the strong cashflow position of Western Areas, it provides
the Company with the opportunity to undertake disciplined analysis of
exploration projects for the medium term that will complement our core focus on
exploration in the nickel-rich Forrestania region."


"The Agreement allows Western Areas immediate on ground access to realise the
potential for higher grade intrusive related nickel and copper deposits in an
area that has a substantial demonstrated endowment. The Musgrave JV Project
holds key ground around the known mineralised trend that hosts the significant
Nebo-Babel and Succoth deposits owned by BHP Billiton," Mr Lougher said.


The Agreement is consistent with Western Areas' strategy to acquire interests in
prospective early-stage nickel and copper projects that have the potential to
significantly increase the Company's already robust resource inventory and
ultimately supply future sources of production. Western Areas strongly believes
that the discovery of a higher grade poly-metallic ore-body in the Musgrave
region will open up the area to development and potentially unlock future and
previously defined resources.


Western Areas plans to build on the results generated by Traka's exploration
activities as well as utilising its extensive in-house experience to focus on
the discovery of higher grade mafic hosted nickel/copper/PGE ore-bodies. A
number of potentially prospective mafic intrusions have already been identified
using the existing geochemical and geophysical datasets and initial work will
focus in these areas. 


Traka's excellent existing relationships with the traditional owners and the
Ngaanyatjarra Council will allow early access to the targets while ongoing
dialogue has opened up new areas for access that will facilitate sustained
exploration.


Musgrave Region of Western Australia 

The Musgraves region of Western Australia is known to contain significant
amounts of nickel, copper and PGEs, namely within the giant Nebo-Babel and
recently discovered Succoth deposits. 


The area also contains lesser known (and smaller), but equally significant
high-grade nickel and copper deposits. Ongoing academic, exploration and
targeting work is also making significant progress in understanding the links
between the similarly aged and tectonically related Musgraves (Nebo/Babel and
Succoth) and Albany-Fraser Orogens (Nova/Bollinger), as well as other worldwide
examples of mafic intrusive related deposits (Eagle, Voisey Bay and the giant
Norilsk/Talnakh). These styles of deposits are different from the komatiitic
hosted deposits at Forrestania with individual deposits being typically larger
and multi-commodity (nickel, copper and +/-PGEs). 


Key Terms of the Agreement:

Western Areas may earn into Traka's interests in the JV tenements (EL69/2253,
2747, 2032, 2230 and 2618) by expending as follows:- 




--  Stage 1: Western Areas may earn the right to 30% equity by expending
    $1.3 million within 18 months of the date of the Agreement with a
    committed expenditure of $1.0 million. Western Areas may withdraw after
    expending the committed expenditure without having any residual
    interest.  

--  Stage 2: Upon Western Areas earning its 30% equity, it can elect to earn
    an additional 21% equity by the additional expenditure of $2.5 million
    within an additional 18 month period. Whilst it is expending up to $2.5
    million, Western Areas maintains the tenements in good standing. If
    Western Areas elects to cease expenditure during this stage, a joint
    venture will be formed with Traka having 70% equity and Western Areas
    having 30% equity, and with Traka having the right to assume management.

--  Stage 3: If Western Areas earns 51% equity by having expended a total of
    $3.8 million, it can elect to earn up to 70% equity by the expenditure
    of a further $5 million within an additional 3 year period and agreeing
    to free carry Traka through to completion of a Bankable Feasibility
    Study ("BFS"). The effect of this earning provision is that Western
    Areas will carry Traka for a minimum of $5 million in expenditure even
    if it completes a BFS within that expenditure. If completion of the BFS
    requires Western Areas to incur costs in excess of $5 million Traka
    would be carried for such additional expenditure. 

--  Western Areas is to make an initial $200,000 payment to Traka as partial
    reimbursement of Traka's incurred exploration expenditure. 



DISCLAIMER AND QA-QC STATEMENT: The information within this report as it relates
to geological and drilling data is based on information compiled by Mr Charles
Wilkinson of Western Areas Ltd. Mr Wilkinson is a member of AusIMM and is a full
time employee of the Company. Mr Wilkinson has sufficient experience which is
relevant to the style of mineralisation and type of deposit under consideration
and to the activity which they are undertaking to qualify as Competent Persons
as defined in the 2004 Edition of the 'Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves.' Mr Wilkinson consents
to the inclusion in the report of the matters based on the information in the
form and context in which it appears.  


FORWARD LOOKING STATEMENT: This release contains certain forward-looking
statements. Examples of forward-looking statements used in this release include:
"Western Areas believes the Farm-in allows immediate on ground access to realize
the potential for higher grade intrusive related nickel and copper deposits in
an area that has a significant demonstrated endowment" and "WSA strongly
believes that the discovery of a higher grade poly-metallic ore-body in the
Musgrave's region will open the area up to development and potentially help
unlock future and previously defined resources". 


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 Musgrave JV 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Western Areas Ltd
Dan Lougher
Managing Director
+61 8 9334 7777
dlougher@westernareas.com.au


Western Areas Ltd
David Southam
Executive Director
+61 8 9334 7777
dsoutham@westernareas.com.au
www.westernareas.com.au


FTI Consulting
Shane Murphy
+61 8 9485 8888 / 0420 945 291
shane.murphy@fticonsulting.com

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