Mallee bull resource grows 65% to 175,000t CuEq1

MALLEE BULL RESOURCE GROWS 65% TO 175,000t CuEq1  Total Mineral Resource estimate of 6.76 Mt at 1.8% copper, 31 g/t silver, 0.4 g/t gold, 0.6% lead and 0.6% zinc (2.6% copper equivalent) using 1.0% copper equivalent cutoff  Mineral Resource contains approximately 119,000t copper, 6.6 Moz silver, 83,000 oz gold, 38,000t zinc and 38,000t lead (175,000t copper equivalent)  T1 prefeasibility work continuing; infill, metallurgical and geotechnical drilling nearing completion (assays awaited); metallurgical testwork continuing Peel Mining Limited (ASX: PEX) (“Peel”, “the Company”), together with its 50% joint venture partner CBH Resources Limited, is pleased to report an updated JORC Mineral Resource estimate for the Mallee Bull copper-silver-gold-lead-zinc deposit. The updated mineral resource reflects the substantial exploration success that has occurred since the completion of Mallee Bull’s maiden mineral resource estimate in May 2014. The updated Mineral Resource estimate represents a 65% increase in total contained copper equivalent tonnes and comprises 6.76 million tonnes at 1.8% copper, 31 g/t silver, 0.4 g/t gold, 0.6% lead and 0.6% zinc (2.6% copper equivalent) containing approximately 119,000 tonnes of copper, 6.6 million ounces silver, 83,000 ounces gold, 38,000t lead and 38,000t zinc (175,000t copper equivalent) (using a 1% copper equivalent cutoff - see Table 1 below). Peel Mining’s Managing Director Rob Tyson stated: “The updated Mineral Resource estimate for Mallee Bull demonstrates the significant exploration success achieved over the last three years. This success is highlighted by the addition of lead and zinc mineralisation into the estimate, underpinned by the discovery of near-surface, high-grade zinc-lead-silver mineralisation at T1. T1 is now the focus of activity where prefeasibility work is investigating the potential for an early production opportunity.”