Ann: Quarterly Activities Report, page-3

Peel tested beneath the T1 mineralisation with drillhole MBRC052. Results include a 4m intersection of polymetalic mineralisation (refer to ASX release). This release (along with previous Wirlong results and Mallee Bull update) would have to be the most substantial, even when compared to the previous T1 result releases. They really reinfoce the substantial potential to upgrade the Mallee Bull copper resource in particular with some indication of a continuation of the T1 lense, but more of the stringer style of mineralisation. There are also some very important developments with more strike extent to the mineralisation which is a bit different to the typical Cobar-style model. The Wirlong and Red Shaft results are fantastic and add so much value to that JV area. Peel has proved here that if they can hit geophysical targets they are highly likely to intersect massive sulphide and in particular chalcopyrite (copper). You would have conclude that 15c undervalues Peel substantially (however the present economic climate is a major problem).