Ann: Southern Nights Returns High Grade Infill Results, page-3

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Resourcedrilling at Southern Nights continues to return high grade results with WTRCDD175returning 33m @ 11.71% Zn, 5.65% Pb, 0.19% Cu, 147 g/t Ag and 1.25 g/t Au from 172mincluding 10.8m @ 27.49% Zn, 14.54% Pb, 0.5% Cu, 409g/t Ag and 3.16g/t Au.

·     WTRCDD180drilled as a metallurgical twin of the high grade zone intersected in hole WTRCDD150and showed excellent repeatability with assays returning 16.95m @ 43.25% Zn, 14.66%Pb, 1% Cu, 356g/t Ag and 3.11g/t Au from 179.15m against the intercept from WTRCDD150previously reported as 18.2m @ 40.3% Zn, 15.21% Pb, 0.97% Cu, 356 g/t Ag and 2.77g/t Au from 182m.

·     Geologicallogging and portable XRF analyses indicate significant intersections in WTRCDD189,WTRCDD199 and WTRCDD179 continuing to delineate a coherent body of high-grade mineralisation.

·     Close-spacedinfill drilling to better define the geometry and scale of the target zone continueswith broader step-out drilling being undertaken around WTRCDD166 to test the extentof mineralisation at depth.

 

Peel Mining Limited (ASXEX)(“Peel” or the “Company”) is pleased to report results from its 100%- owned WaggaTank project, south of Cobar in western New South Wales. The Wagga Tank project,which includes Southern Nights, is emerging as one of the most significant zincpolymetallic discoveries in Australia in recent years.

 

Southern Nights CentralZone

 

Assays received duringFebruary represent additional close spaced (20x20m) infill drilling of the SouthernNights Central Zone and drilling for metallurgical and Mineral Resource EstimateQA/QC purposes.

 

WTRCDD175 was drilled approximately30m up-dip of WTRCDD043 and crosscuts WTRCDD035 a historical hole which had beendrilled down the dip of mineralisation. WTRCDD175 returned 33m @ 11.71% Zn, 5.65%Pb, 0.19% Cu, 147 g/t Ag and 1.25 g/t Au from 172m including 10.8m @ 27.49% Zn,14.54% Pb, 0.5% Cu, 409g/t Ag and 3.16g/t Au. This drillholehole intersecteda zone of significant shearing and experienced 2.2m of core loss from within the32m mineralised interval. A value of zero was assigned to all elements inintervals of core loss which is considered conservative.

 

WTRCDD180 was drilled asa twin (+/- 5m) of drillhole WTRCDD150 to provide material for further metallurgicaltestwork and for Mineral Resource Estimate QA/QC purposes. Results for this twinhole showed excellent repeatability of those reported in WTRCDD150. WTRCDD180 returned16.95m @ 43.25% Zn, 14.66% Pb, 1% Cu, 356g/t Ag and 3.11g/t Au from 179.15m againstthe intercept from WTRCDD150 previously reported as 18.2m @ 40.3% Zn, 15.21%Pb, 0.97% Cu, 356 g/t Ag and 2.77 g/t Au from 182m.

 

Geological logging andportable XRF analyses indicate significant intersections in WTRCDD189, WTRCDD199and WTRCDD179 further delineating a coherent body of high-grade mineralisation.