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Peel Exploration (ASX:PEX) Extraordinary Tungsten Grades at Attunga
Thursday August 28 2:29 PM

Sydney, Australia, Aug 28, 2008 - (ABN Newswire) - Peel Exploration (ASX: PEX.AX) is pleased to announce that recent drilling at the Attunga Tungsten Deposit has encountered extremely high-grade tungsten-molybdenum mineralisation confirming historic results that indicate the deposit has numerous high-grade zones. The Attunga Tungsten Deposit is 100%-owned by Peel Exploration.

An interval of 2m at 24.21% WO3 and 1.71% Mo from 22m downhole was obtained from RC drillhole ATP1-D. This interval was part of a larger mineralised interval of 42m at 2.09% WO3 and 0.17% Mo from 21m downhole (calculated using a 0.1% WO3 cutoff). Additional mineralisation was also encountered in RC drillhole ATP1-G returning 10m at 0.27% WO3 and 0.04% Mo downhole. Tungsten and molybdenum analyses were completed using pressed pellet XRF methodology by ALS Chemex. High-grade samples (>1.0% WO3) were check analysed by fusion XRF methodology.

Drillholes ATP1-D and ATP1-G are the first drillholes that Peel has drilled into the Attunga Tungsten Deposit and were drilled to provide material for first-pass metallurgical testwork. Further infill and extensional drilling is planned.

The Attunga Tungsten Deposit was discovered in the late 1960s and with the exception of a single RC drillhole in 2006, which Peel subsequently discovered to be strongly mineralised, no noteworthy exploration has been completed since its discovery. In April 2008, Peel announced the completion of an independent resource estimate by Geos Mining Mineral Consultants for the Attunga Tungsten Deposit. An inferred resource of 1.29 Mt grading 0.61% WO3 and 0.05% Mo for 9,400t contained WO3 equivalent using 0.2% WO3 equivalent cutoff was defined.

Mineralisation at the Attunga Tungsten Deposit consists of proximal skarns developed at the contact of a lime-rich sequence with the Inlet Monzonite. The deposit remains open in several directions and future exploration will comprise infill and extensional drilling. At least five other outcrops of tungsten mineralised skarn in contact with the Inlet Monzonite have been identified and Peel believes strong potential exists for the discovery of additional resources.

Peel has engaged NAGROM, metallurgical consultants, to complete metallurgical testwork and first-pass results are expected in 2-4 weeks. Peel then plans to use the results of the metallurgical testwork and additional drilling to undertake a scoping study into possible development scenarios for the deposit.

"To my knowledge, these results are some of the highest grade tungsten mineralisation reported anywhere in the world and give strong encouragement to the deposit's potential for future development", Peel Executive Director Rob Tyson commented.