High-Grade Tungsten Resource at Attunga - 24th April 2008

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The Board of Peel Exploration is pleased to announce the completion of a resource estimate by Geos Mining Mineral Consultants for  the Attunga Tungsten Deposit, also known as Attunga Prospect 1. The resource estimate is a global resource estimate for tungsten and molybdenum mineralisation. Results include: 1.29 Mt grading 0.61% WO₃ and 0.05% Mo for 9,400t contained WO₃ equivalent using 0.2% WO₃ equivalent cutoff.

An expansion of mineralisation at a range of WO3 equivalent1 cutoff grades is contained below.

Total Resources:

WO3 equivalent cutoff	Million Tonnes	WO3 %	Mo %	WO3 equivalent %	Tonnes WO3 equivalent
0.1	2.27	0.39	0.04	0.48	10,800
0.2	1.29	0.61	0.05	0.73	9,400
0.3	0.86	0.82	0.06	0.97	8,300
0.4	0.58	1.09	0.08	1.27	7,300
0.6	0.40	1.40	0.10	1.63	6,500
0.8	0.32	1.60	0.12	1.86	5,900

Peel Exploration is currently planning additional work to be undertaken over the next 3-6months including:

• testing for extensions to the known mineralisation to the west and east of the main zone, as well as around AP1-023.
• testing nearby tungsten targets along the contact between the Inlet Monzonite and sediments.
• metallurgical testwork to determine likely recoveries of ore minerals.

Click here to view the full announcement.