ABN Newswire

Peel Mining Limited (ASX:PEX) Announce CBH To Spend Up To $8.33 Million Farming-In To Mallee Bull

newsroom@abnnewswire.net — Mon, 21 May 2012 10:23:00 GMT

Emerging Cobar district explorer and developer Peel Mining Limited (ASX:PEX) is pleased to announce that Peel and CBH Resources Limited (ASX:CBH), a wholly owned subsidiary of Toho Zinc Co Ltd., have signed a binding Heads of Agreement related to EL7461 and ML1361, which includes the Mallee Bull copper-polymetallic discovery near Cobar.

Under the agreement, CBH has the right to earn an interest of up to 50% over a three-year period through staged expenditure on exploration and a contribution to previous exploration costs incurred by Peel.

CBH Resources is an Australian-based mineral resources company producing zinc, lead and silver from the Endeavour Mine north of Cobar. The company, which is 100%-owned by Tokyo Stock Exchange-listed Toho Zinc, is also commissioning the Rasp underground zinc, lead and silver mine at Broken Hill.

CBH brings a wealth of technical expertise and resources to Mallee Bull, particularly with regards to exploration and development within the Cobar Superbasin, and Peel looks forward to working with CBH at Mallee Bull, which is possibly the most significant mineral discovery in the Cobar District over the past 10 years.

Commenting on the agreement, Peel Managing Director Rob Tyson said:

"Peel welcomes CBH Resources as the company's partner at Mallee Bull and the wider May Day-Gilgunnia project area. The recent results we have reported have confirmed the Mallee Bull prospect as a true greenfields copper-dominant discovery, and we believe that attracting a partner of CBH's calibre is testament to the excellent potential of Mallee Bull. As an established producer in the Cobar region, CBH brings years of local experience to the project, and we look forward to working with CBH as exploration at Mallee Bull progresses."

The key terms in the Binding Heads of Agreement between Peel and CBH are:

- HOA covers all of the May Day-Gilgunnia project assets (ML1361 and EL7461) including

Mallee Bull copper-polymetallic discovery.

- Condition precedent - CBH to obtain any necessary FIRB approval.

- Peel to be responsible for exploration activities (operator).

- Stage 1 of the Farm-in sees CBH earn a 15% interest in the project by making a payment of $1 million to Peel (within 14 days of the condition precedent being satisfied) as contribution to past expenditure and by contributing $1.5 million to eligible exploration expenditure within a 12 month period.

- Stage 2 of the Farm-in sees CBH (at its election) earn an additional 15% interest in the project (30% total interest) by contributing a further $2.5 million to eligible exploration expenditure within a 12 month period.

- Stage 3 of the Farm-in sees CBH (at its election) earn an additional 20% interest in the project (50% total interest) by contributing a further $3.33 million to eligible exploration expenditure within a 12 month period.

- CBH may elect to form a joint venture at the end of any stage and the parties can then elect to contribute on pro-rata basis or be diluted according to an industry-standard dilution formula.

Background on Mallee Bull discovery

In March/April 2011, Peel began targeting a newly-recognised coincident EM and magnetic geophysical anomaly located within the historic 4-Mile goldfield. The 4-Mile goldfield comprises up to 60 shafts and workings spread over an area covering about 1,000m by 500m.

Initial drilling resulted in the discovery of significant silver-lead-zinc mineralisation. Follow-up drilling completed in July/August 2011 intersected massive sulphides containing strong copper-lead-zincsilver-gold-cobalt mineralisation within a broad zone of deformation and alteration, confirming the discovery of a Cobar-style mineralised system.

The Mallee Bull prospect is located less than 10 kilometres east of the May Day gold-silver-lead-zinc deposit (ML1361), where drilling in 2010 confirmed the down-dip continuation of mineralisation to more than 200m below surface.

Peel Mining Limited
T: +61-8-9382-3955
F: +61-8-9388-1025
E: info@peelex.com.au
WWW: www.peelex.com.au

Peel Mining Limited (ASX:PEX) Secures Further Strategic Cobar Basin Tenure

newsroom@abnnewswire.net — Fri, 18 May 2012 09:43:00 GMT

Perth-based explorer Peel Mining Limited (ASX:PEX) is pleased to announce it has reached agreement with OZ Exploration Pty Ltd, a subsidiary of OZ Minerals Ltd (ASX:OZL), to purchase a strategic exploration license (EL) in close proximity to Peel's Mallee Bull copper-polymetallic discovery.

Peel has also pegged several large tenement areas due to expire in the next fortnight currently held by OZ Minerals. The OZ Minerals tenement and new ELAs represent highly prospective additions to Peel's existing tenement holdings and effectively trebles Peel's land position following the pegging of ELA4493 (ASX announcement 18th April 2012).

A review of exploration data has identified several exciting targets of immediate interest to the southwest of Peel's 100%-owned Mallee Bull deposit. These targets will be prioritised for drill testing when timing suits.

Key Terms

The following is a summary of the acquisition terms agreed between Peel and OZ Minerals Ltd:

- Peel to acquire a 100% interest in Exploration Licence EL7519.

- OZ Minerals Ltd not to renew other tenements in close proximity to the above EL.

- Peel to issue OZ Minerals Ltd: 2,500,000 PEX shares at $0.10 per share ($250,000).

- Consideration shares voluntarily escrowed for 12 months.

The new tenements are presented on the plan included with this release.

Commenting on the agreement, Peel's Managing Director Rob Tyson said:

"The acquisition of EL7519, along with additional regional tenure, is an exciting development for Peel. EL7519 contains several strong magnetic anomalies which lie on the same structural trend as the Mallee Bull prospect. Peel looks forward to testing these anomalies in due course."

Peel Mining Limited
T: +61-8-9382-3955
F: +61-8-9388-1025
E: info@peelex.com.au
WWW: www.peelex.com.au

Indochine Mining Limited (ASX:IDC) Very High Gold and Silver Assays from Mt Kare, Papua New Guinea

newsroom@abnnewswire.net — Fri, 4 May 2012 10:03:00 GMT

Indochine Mining Limited (ASX:IDC) Intercepts Very High Grade Gold and Silver at Mt Kare, PNG. Large intercepts of very high grade gold/silver assays have been returned from the mineralised zones in a further 3 drillholes, and highlight the potential at Indochine Mining's (ASX:IDC) major gold/silver project at Mt Kare, in Papua New Guinea (PNG).

Best results include:

17.7 metres(m) at 100.3 grams/tonne(g/t) gold, 134 g/t silver from 59m, including
4 m at 420 g/t gold, 170 g/t silver from 67m, (Drillhole 122SD11; twinned hole);

in comparison to prior results of 34m at 7.2g/t gold in MK98-132
27 m at 3.1 g/t gold, 4.3 g/t silver from 77m, including
7 m at 6.5 g/t gold, 7.8 g/t silver from 85m, (Drillhole 125SD12; new hole);
16.9 m at 3.9 g/t gold, 20g/t silver from 19.1 g/t, including
8 m at 7.5 g/t gold, 21 g/t silver from 26m, and including
1 m at 50g/t gold, (Drillhole 127SD12; new hole).

Over 25 holes are pending assays, the results of which will be released when available.

The results above are mineralised intervals selected for metallurgical testwork in Perth. The currently unsampled portions of the holes are a lower priority, are expected to be less mineralised and not considered of consequence, and will be assayed in due course.

Additional results were received from the previously reported drillhole 126SD12, including:
23.2m at 2.0g/t gold, 33g/t silver from 26.8m,
16 m at 2.9g/t gold, 6g/t silver from 26.8m,
including 10 m at 4.4 g/t gold from 74m, and
21 m at 5.5 g/t gold, 625 g/t silver from 99m (Drillhole 122SD11; twinned hole).

Drillhole 122SD11 was designed to 'twin' a past hole, MK98-132, for metallurgical test work, while Drillholes 125SD12 and 127SD12 were within the mineralised zone identified for the pre-feasibility study (PFS), scheduled for completion in August 2012. No further significant results were received from Drillhole 123SD11, apart from the previously reported:

36.4 metres at 6.2 g/t gold, 232 g/t silver from 56.8m (Drillhole 123SD11).

Indochine Mining Limited is progressing one of the largest, near term gold projects in Papua New Guinea (PNG), the Mt Kare gold/silver deposit within EL1093 ('The Project'). The Project is located 15 kilometres from one of the world's Top 10 gold mines, Barrick's giant 28Moz Porgera gold mine, which has produced over 500,000 ounces of gold per year for 21 years. Mt Kare shares similar geology, ore types, structures and age of mineralisation to Porgera, which has significant infrastructure (road & power).

Mt Kare has the potential for a high grade, large open cut mine, operating at 125-150,000 ozs gold & silver per year, which is being investigated in the PFS. Ongoing drilling is anticipated to both improve the quality and increase the current resource. The Project is developing as one of the next major gold projects in PNG.

Commenting on the results, Indochine's CEO Stephen Promnitz said, "These results support our confidence in the potential of the Mt Kare gold/silver project. As each new drillhole comes in, our confidence is elevated further."

View the Full Release including tables and charts here:
http://media.abnnewswire.net/media/en/docs/ASX-IDC-677533.pdf

Indochine Mining Limited
T: +61-2-8246-7007
F: +61-2-8246-7005
WWW: www.indochinemining.com

Thomson Resources Limited (ASX:TMZ) Cobar-type Joint Ventures

newsroom@abnnewswire.net — Fri, 20 Apr 2012 09:27:00 GMT

Thomson Resources Limited (ASX:TMZ) - The discovery of significant Cobar-type deposits at Hera, Nymagee (YTC Resources (ASX:YTC)) and Mallee Bull (Peel Exploration (ASX:PEX)) have further highlighted the prospectivity of the Cobar region for polymetallic deposits. Thomson Resources has been exploring north and northwest of Cobar for similar deposits with significant success at Cuttaburra, but further exploration has been delayed by excessive wet weather.

The company has taken the opportunity to farm-in to three projects with excellent potential for Cobar-type deposits to the west and south of Cobar (Figure 1). While the Cuttaburra discoveries remain the top priority, these new projects give the company more options and flexibility in its exploration program.

Ghostrider

The Ghostrider project is adjacent to the Barrier Highway, 100km west of Cobar and comprises three granted tenements (PlatSearch ELs 7493 to 7495).

At the Bulla Bulla anomaly previous shallow RAB drilling defined a 4km long zone, with maximum values of 1.15% lead, 0.22% zinc, 0.12% copper and 25ppm silver. Limited deeper RC drilling to depths of 100 metres intersected lead sulphides in fresh rock (up to 0.48% lead). The lead anomaly is open to the northwest and east, and appears to be obscured by younger (Late Devonian) sediments to the west.

PlatSearch identified strong IP anomalies in the vicinity of the geochemical anomaly providing immediate drill targets.

Achilles

The Achilles Project is 180km south of Cobar, close to Lake Cargelligo and comprises one granted tenement (PlatSearch EL 7746) and one adjacent application (PlatSearch ELA 4339).

The main prospect in this package is near Mt Boorithumble, which is 26km NNW (on strike) from the Cobar-type Browns Reef zinc-lead-silver deposit held by Comet Resources. The Mt Boorithumble prospect is a 900m long lead anomaly (max 0.24% Pb) defined by 240 shallow RAB holes. A single diamond drill hole BO-1 returned a best intersection of 3m @ 1.95% Pb, 2.0% Zn, 1.20% Cu and 150ppm Ag from 117m.

Thomson initially intends to follow up the mineralised intersection as well as to test other parts of the lead anomaly and further along strike.

Tooroonga

The Tooroonga Project is south of and contiguous with the Achilles Project and comprises of one granted tenement (EL 7891, held by Lassiter Resources Pty Ltd, a private company owned by unrelated third parties).

Several gossans with visible lead-zinc mineralisation outcrop along a fault line extending south from the Browns Reef deposit into EL 7891.

Terms of the Joint Ventures

The joint ventures are all on similar terms where Thomson Resources can earn up to an 80% interest by exploration expenditure over a five year period - $1 million for Ghostrider and Achilles, $500,000 for Tooroonga. Minimum expenditure commitments consist of $250,000 (Ghostrider), $75,000 (Achilles) and $115,000 (Tooroonga), over periods of 2 years (Ghostrider and Tooroonga) and 1 year (Achilles). Once Thomson has earned 80%, the other party's 20% interest is free carried by Thomson to a definitive feasibility study.

Thomson Resources Limited
T: +61-2-9906-6225
F: +61-2-9906-5233
WWW: www.thomsonresources.com.au

Peel Mining Limited (ASX:PEX) Peel Strengthens Position in Cobar District

newsroom@abnnewswire.net — Wed, 18 Apr 2012 09:59:00 GMT

Perth-based explorer Peel Mining Limited (ASX:PEX) is pleased to report the strengthening of the company's position in the Cobar mineral district. Peel has recently secured a 12-month option-to-purchase agreement over portions of Wirchilleba Station, which includes the immediate footprint of the Mallee Bull copper-polymetallic discovery. This option will help to provide Peel with security of tenure and land access as exploration at Mallee Bull progresses.

Highlights:
- 12-month option-to-purchase Wirchilleba Station secured (Mallee Bull discovery footprint).
- New 300 km2 ELA centered on exciting Mundoe prospect, 50 km south of Mallee Bull.
- Mundoe prospect comprises 2km long multi-element geochemical anomaly, coincident geophysical anomalies, and strong historic drill results including:
- - 3m @ 2.90% Zn, 0.87% Zn, 30 g/t Ag and 0.4 g/t Au from 88m in MUD-1;
- - 6m @ 1.66% Cu, 103 g/t Ag from 111m in MURP-2;
- - 3m @ 122 /t Ag, 0.3 g/t Au from 42m and 6m @ 0.42% Cu, 14 g/t Ag from 69m in MURP-3;
- - 12m @ 1.09% Cu and 60 g/t Ag in MURP-4.
- Follow-up drilling in 2005 appears to have failed to adequately test previous mineralisation.

Peel is also pleased to report the pegging of a new Exploration Licence Application (ELA) in close proximity to Mallee Bull. Located about 90 km west of Condoblin in NSW, ELA4493 covers about 300 km2 of the Rast Trough region, the Southern extension of the Cobar Superbasin, and is centred on the Mundoe prospect, which is defined by a 2km long multi-element geochemical anomaly, coincident geophysical anomalies, and encouraging historic drill results.

Mundoe was first identified in the 1970s as a "bulls-eye" magnetic anomaly. Follow-up exploration in early 1980s included geological mapping, RAB drilling, IP and gravity geophysical surveys, and a single diamond drillhole where a best result of 3m @ 2.90% Zn, 0.87% Zn, 30 g/t Ag and 0.4 g/t Au from 88m was returned.

Exploration in the 1990s culminated in the discovery of strong copper-silver mineralisation in three separate drillholes covering 400m strike. Better results from this drilling included:
- 6m @ 1.66% Cu, 103 g/t Ag from 111m in MURP-2;
- 3m @ 122 /t Ag, 0.3 g/t Au from 42m and 6m @ 0.42% Cu, 14 g/t Ag from 69m in MURP-3;
- 12m @ 1.09% Cu, 60 g/t Ag in MURP-4.

A small follow-up drilling programme in 2005 failed to return mineralisation. However, a data review by Peel indicates that mineralisation is likely to be dipping to the east presenting a significant possibility that this drilling (drilled from west to east) inadequately tested the previously intersected mineralisation. Accordingly, Peel has commenced exploration planning in anticipation of the granting of the Mundoe licence.

For the full announcement including tables and charts, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-PEX-585951.pdf

Peel Mining Limited
T: +61-8-9382-3955
F: +61-8-9388-1025
E: info@peelex.com.au
WWW: www.peelex.com.au

Peel Mining Limited (ASX:PEX) Drilling Underway at Ruby Silver

newsroom@abnnewswire.net — Fri, 16 Mar 2012 10:38:00 GMT

Perth-based explorer Peel Mining Limited (ASX:PEX) is pleased to report that a maiden RC drilling programme has now commenced at the Company's 100%-owned Ruby Silver Project located about 30km east of Armidale in NSW. The programme is designed to test numerous IP chargeability anomalies that were identified following completion of an IP survey last year, and to also test beneath historic workings. The drilling comprises about 15 holes for 1,200m and is expected to take about 10 days.

In April/May 2011, Peel completed an 18 line kilometre IP survey over the historic Tulloch silver mine and Rockvale arsenic mine areas. Multiple zones of strong shallow chargeable anomalism were identified, many of which are coincident or proximal to known historic workings. These chargeable IP responses are interpreted as areas of possibly concentrated sulphide mineralisation and are targeted by this round of drilling.

About Ruby Silver project

In February 2011, Peel was granted EL7711 covering the historic Ruby-Tulloch-Rockvale silverfield located approximately 30 km east of Armidale, New South Wales. The area contains numerous historic silver mines, workings and prospects including: the Ruby silver mine which produced 350,000 ounces silver at 620 g/t silver; and the Tulloch silver mine which produced 50,000 ounces silver at 6,200 g/t silver. The area has been subject to limited modern exploration and drilling.

To view the full Peel Mining announcement including Figure 1, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-PEX-582459.pdf

Peel Mining Limited
T: +61-8-9382-3955
F: +61-8-9388-1025
E: info@peelex.com.au
WWW: www.peelex.com.au

Peel Mining Limited (ASX:PEX) Mallee Bull Confirmed as Significant Virgin Copper Discovery

newsroom@abnnewswire.net — Thu, 15 Mar 2012 10:10:00 GMT

Peel Mining Limited (ASX:PEX) High-grade mineralisation remains open at depth offering excellent potential for Mallee Bull to grow into a major Cobar-style copper find.

Highlights:

Latest assays continue to return new high-grade copper-dominant polymetallic mineralisation from multiple drillholes.

Significant results include:

4MRCDD009:
- 5m @ 3.11% CuEq* (2.40% Cu, 28 g/t Ag, 0.60g/t Au) from 302m
- 7m @ 2.58% CuEq* (2.32% Cu, 14 g/t Ag, 0.15 g/t Au) from 336m

4MRCDD010:
- 7m @ 1.89% CuEq* (1.31% Cu, 19 g/t Ag, 0.56 g/t Au) from 271m

4MRCDD011:
- 4m @ 1.90% CuEq* (1.34% Cu, 11 g/t Ag, 0.69 g/t Au) from 262m
- 5m @ 1.60% CuEq* (1.42% Cu, 12 g/t Ag, 0.05 g/t Au) from 273m

4MRCDD023:
- 5m @ 3.44% CuEq* (2.14% Cu, 41 g/t Ag, 1.29 g/t Au) from 257m
- 3m @ 3.14% CuEq* (2.22% Cu, 38 g/t Ag, 0.75 g/t Au) from 264m
- 2m @ 2.46% CuEq* (1.75% Cu, 26 g/t Ag, 0.63 g/t Au) from 272m
- 2m @ 5.61% CuEq* (3.88% Cu, 57 g/t Ag, 1.67 g/t Au) from 277m

4MRCDD025:
- 2m @ 1.97% CuEq* (1.38% Cu, 17 g/t Ag, 0.61 g/t Au) from 210m
- 3m @ 7.12% Pb, 3.84% Zn, 23 g/t Ag, 0.25 g/t Au from 215m
- 2m @ 4.47% CuEq* (3.48% Cu, 40 g/t Ag, 0.82 g/t Au) from 223m
- 3m @ 2.35% CuEq* (1.84% Cu, 36 g/t Ag, 0.13 g/t Au) from 258m

4MRC027:
- 3m @ 1.90% CuEq* (1.39% Cu, 36 g/t Ag, 0.12 g/t Au) from 169m

Mineralisation remains open in multiple directions including at depth.

Downhole EM and follow-up exploration planning underway.

Perth-based explorer Peel Mining Limited (ASX: PEX) is pleased to report that follow-up RC/diamond drilling at the Mallee Bull prospect, part of its 100%-owned May Day-Gilgunnia Project located about 100km south of Cobar in NSW, has intersected more high-grade Cobar-style polymetallic mineralisation.

Peel's Managing Director, Mr Rob Tyson, said the Company was pleased with the latest results which confirm Mallee Bull as a significant virgin copper discovery.

"These results confirm the Mallee Bull prospect as a true "greenfields" copper-dominant discovery. The grades and widths we are seeing are comparable to those found at other major deposits located in the Cobar district and with mineralisation open in multiple directions, including at depth, Mallee Bull has excellent potential to grow into a major copper find," Mr Tyson said.

Tyson added: "We believe that the potential being demonstrated at Mallee Bull is exciting for the broader Cobar region, which has come increasingly under the spotlight recently with Glencore's interest in YTC Resources, which is looking to develop its Cobar-style Nymagee and Hera deposits located about 45 km NE of Mallee Bull".

The results listed above are in addition to those reported previously, where highlights included:

4MRCDD006:
- 10m @ 9.01% Pb, 11.00% Zn, 41 g/t Ag, 0.77 g/t Au from 253m
- 6.65m @ 4.09% CuEq* (3.1% Cu, 34 g/t Ag, 0.93 g/t Au) from 267.35m

4MRC007:
- 10m @ 2.41% CuEq* (1.70% Cu, 46 g/t Ag, 0.27 g/t Au) from 248m
- 4m @ 2.31% CuEq* (1.49% Cu, 59 g/t Ag, 0.18 g/t Au) from 262m

4MRCDD008:
- 4m @ 2.97% CuEq* (1.98% Cu, 45 g/t Ag, 0.72 g/t Au) from 358m

4MRC015:
- 6m @ 3.05% CuEq* (2.01% Cu,64 g/t Ag, 0.43 g/t Au) from 208m

4MRC016:
- 11m @ 3.30% CuEq* (2.71% Cu, 36 g/t Ag, 0.26 g/t Au) from 233m

4MRC019:
- 10m @ 3.47% CuEq*(2.66% Cu, 44 g/t Ag, 0.51 g/t Au) from 237m

4MRC024:
- 10m @ 2.89% CuEq* (2.22% Cu, 33 g/t Ag, 0.44 g/t Au) from 174m

The follow-up RC/diamond drilling programme was designed to test along strike and down dip of previously intersected mineralisation. Drilling was carried out on an approximate 40m by 40m grid pattern and comprised a series of RC and RC pre-collar/diamond tail drillholes. Polymetallic mineralisation intersected consisted of intervals of massive sulphide and/or stringer mineralisation, including visible chalcopyrite, sphalerite and galena with accessory sulphide minerals including pyrrhotite, pyrite, and arsenopyrite.

Drilling to date indicates that high-grade copper-dominant polymetallic mineralisation at Mallee Bull has a strike length of at least 120m, comes to within at least ~150m of surface, extends to at least ~310m below surface and is open in multiple directions including at depth. Peel notes that several strongly mineralised intercepts were recorded from deeper drillholes (4MRCDD008/009), and that Cobar-style deposits are typically short in strike length but long in the vertical plane.

Mineralisation occurs within a package of sheared and brecciated volcaniclastic sediments comprising siltstones and mudstones and is interpreted as occurring as a shoot-like structure dipping moderately to the west. Drill intercepts are construed as being close to true.

The Mallee Bull prospect is interpreted to be positioned in a favourable geological and structural position, sited on the "nose" of an anticline - a suitable high-stress environment, and occurring in a geological unit interpreted to be age equivalent of the Chesney and Great Cobar Slate Formations found in the immediate Cobar region.

Background on Peel's Mallee Bull discovery

In March/April 2011, Peel began targeting a newly-recognised coincident EM and magnetic geophysical anomaly located within the historic 4-Mile goldfield. The 4-Mile goldfield comprises up to 60 shafts and workings spread over an area covering about 1,000m by 500m.

Initial drilling resulted in the discovery of significant silver-lead-zinc mineralisation. Follow-up drilling completed in July/August 2011 confirmed the discovery of Cobar-style copper-silver-gold-lead-zinccobalt mineralisation.

The Mallee Bull prospect is located less than 10 kilometres east of Peel's 100%-owned May Day goldsilver-lead-zinc deposit (ML1361), where drilling in 2010 by Peel confirmed the down-dip continuation of mineralisation to more than 200m below surface.

To view the complete Peel Mining announcement including all data, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-PEX-582142.pdf

Peel Mining Limited
T: +61-8-9382-3955
F: +61-8-9388-1025
E: info@peelex.com.au
WWW: www.peelex.com.au

Peel Mining Limited (ASX:PEX) Mallee Bull Returns More High-Grade Copper

newsroom@abnnewswire.net — Thu, 9 Feb 2012 09:44:00 GMT

Perth-based explorer Peel Mining Limited (ASX:PEX) is pleased to report that follow-up RC/diamond drilling at the Mallee Bull prospect (previously known as 4-Mile), part of its 100%-owned May Day-Gilgunnia Project located about 100km south of Cobar in NSW, has intersected additional new high-grade Cobar-style polymetallic mineralisation.

The results continue to confirm that Mallee Bull is host to high-grade copper-dominant mineralisation, and importantly, that the mineralising system is open at depth. The results are in addition to those reported in mid-January where better assay results included: 4MRC015 - 6m @ 3.05% CuEq (2.01% Cu, 64 g/t Ag, 0.43 g/t Au) from 208m; 4MRC016 - 11m @ 3.30% CuEq (2.71% Cu, 36 g/t Ag, 0.26 g/t Au) from 233m; and 4MRC019 - 10m @ 3.47% CuEq(2.66% Cu, 44 g/t Ag, 0.51 g/t Au) from 237m.

Peel recently completed a follow-up RC/diamond drilling programme designed to test along strike and down dip of previously intersected mineralisation. Drilling was carried out on an approximate 40m by 40m grid pattern and comprises a series of RC and RC pre-collar/diamond tail drillholes. Assay data for many drillholes remain outstanding although multiple drillholes completed to date have intersected zones of polymetallic mineralisation comprising intervals of massive sulphide and/or stringer mineralisation, including visible chalcopyrite, sphalerite and galena with accessory sulphide minerals including pyrrhotite, pyrite, and arsenopyrite.

Drilling to date indicates that high-grade copper-dominant polymetallic mineralisation at Mallee Bull has a strike length of at least 120m, comes to within at least ~150m of surface, extends to at least ~310m below surface and is open in multiple directions including at depth. Peel notes that the majority of assays for deeper drillholes remain outstanding, and that Cobar-style deposits are typically short in strike length but long in the vertical plane.

Mineralisation occurs within a package of sheared and brecciated volcaniclastic sediments comprising siltstones and mudstones and is interpreted as occurring as a shoot-like structure dipping moderately to the west. Drill intercepts are construed as being close to true.

The Mallee Bull prospect is interpreted to be positioned in a favourable geological and structural position, sited on the "nose" of an anticline - a suitable high-stress environment, and occurring in a geological unit interpreted to be age equivalent of the Chesney and Great Cobar Slate Formations found in the immediate Cobar region.

Background on Peel's Mallee Bull discovery

In March/April 2011, Peel began targeting a newly-recognised coincident EM and magnetic geophysical anomaly located within the historic 4-Mile goldfield. The 4-Mile goldfield comprises up to 60 shafts and workings spread over an area covering about 1,000m by 500m.

Initial drilling resulted in the discovery of significant silver-lead-zinc mineralisation. Follow-up drilling completed in July/August 2011 confirmed the discovery of Cobar-style copper-silver-gold-lead-zinc-cobalt mineralisation with better intercepts including: 4MRCDD06 - 10m @ 20% Pb/Zn, 41 g/t Ag, 0.77 g/t Au from 253m and 6.65m @ 4.09% CuEq (3.1% Cu, 34 g/t Ag, 0.93 g/t Au) from 267.35m; and 4MRC007 - 10m @ 2.41% CuEq (1.70% Cu, 46 g/t Ag, 0.27 g/t Au) from 248m and 4m @ 2.31% CuEq (1.49% Cu, 59 g/t Ag, 0.18 g/t Au) from 262m.

The Mallee Bull prospect is located less than 10 kilometres east of Peel's 100%-owned May Day gold-silver-lead-zinc deposit (ML1361), where drilling in 2010 by Peel confirmed the down-dip continuation of mineralisation to more than 200m below surface.

For the complete Peel Mining announcement including figures and tables, please view the following link:
http://media.abnnewswire.net/media/en/docs/ASX-PEX-577528.pdf

Rob Tyson
Mob: +61-420-234-020
Peel Mining Limited
T: +61-8-9382-3955
F: +61-8-9388-1025
E: info@peelex.com.au
http://www.peelex.com.au

Peel Mining Limited (ASX:PEX) Quarterly Activities Report

newsroom@abnnewswire.net — Wed, 1 Feb 2012 11:25:00 GMT

Peel Mining Limited (ASX:PEX) is pleased to provide a quarterly activities report for the period ended 31 December 2011.

Highlights for December quarter 2011

- Mallee Bull (previously 4-Mile) Cobar-style greenfields discovery:

-- 5,000m follow-up RC/diamond drilling commenced November 2011.

-- Initial results return high-grade copper-dominant polymetallic mineralisation from multiple drillholes, better assays include:

- 4MRC015 - 6m @ 3.23% CuEq* (2.00% Cu, 64 g/t Ag, 0.43 g/t Au, 0.52% Pb, 0.22% Zn, 0.02% Co) from 208m;

- 4MRC016 - 11m @ 3.33% CuEq (2.71% Cu, 36 g/t Ag, 0.26 g/t Au, 0.11% Pb, 0.07% Zn, 0.03% Co) from 233m; and

- 4MRC019 - 10m @ 3.63% CuEq (2.66% Cu, 41 g/t Ag, 0.51 g/t Au, 0.42% Pb, 0.22% Zn, 0.03% Co) from 237m.

-- Strike length of mineralisation extended to at least 120m and open in multiple directions.
-- Further assay results pending.

- Rise & Shine Gold project granted.

- Rights issue for A$2.6 million completed with strong demand for shortfall.

Plans for March quarter 2012

- Follow-up drilling and exploration at Mallee Bull.
- Initial drill programme at Ruby Silver.
- Metallurgy/scoping study at Apollo Hill.

* CuEq = Copper Equivalent (see page 6 for details regarding calculation).

To view the complete Peel Mining Quarterly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-PEX-576274.pdf

Rob Tyson
Mob: +61-420-234-020
Peel Mining Limited
T: +61-8-9382-3955
F: +61-8-9388-1025
E: info@peelex.com.au
http://www.peelex.com.au

Cerro Resources (ASX:CJO) Announce Namiquipa Drilling Continues To Define Significant Silver/Lead/Zinc Mineralization Within Multiple Vein System - Mexico

newsroom@abnnewswire.net — Wed, 1 Feb 2012 11:06:24 GMT

Cerro Resources NL (ASX:CJO) (CVE:CJO) is pleased to announce assay results for an additional eighteen drill core holes from the Namiquipa Silver Project, in Chihuahua state, Mexico.

60 holes have been completed for a total of 22,633m of core, with further assays pending. Drilling has resumed after the holiday break.

Highlights of the Princesa /Megan Vein system include

- NAM-047 6m @ 1,175g/t AgEq from 163m;
- including 1.4m @ 3,607g/t AgEq from 164.6m;
- NAM-036 12.5m @ 129g/t AgEq from 330.4m, with zinc values averaging 3%;
- NAM-039 2m @ 898g/t AgEq from 388m.

Core drilling has now intersected mineralization to vertical distances of 350m below the surface and continues to be open at depth. High grade mineralization intersected in NAM-047 correlates with mineralization intersected in NAM-018 and remains open at depth. Further drilling will test down dip and strike extensions.

Vein Systems

Core rigs operating at Namiquipa have continued to test the main vein systems at depth and along strike. To date the drilling confirms the system consists of multiple veins and strongly anomalous assays across the six main veins identified to date: Princesa, America, Mexico, Megan, Esmeralda and Antenna.

Eleven of the core holes currently being reported were drilled to test mineralization along the Princesa/Megan Vein system (NAM-033, NAM-034, NAM-036, NAM-037, NAM-039, NAM-043, NAM-047, NAM-049, NAM-052, NAM-057 and NAM-058: Figure 1 and Table 1). Assay results were also received for three drill holes designed to test surface geological features and potential mineralization along the Antenna system (NAM-040, NAM-041 and NAM-042: Figure 1 and Table 2). And results were received for holes drilled to test targets in the Northern Extension Area (NAM-022, NAM-025 and NAM-045: Figure 1 and Table 3), as well as results for two holes drilled to test the Southern Area (NAM-031 and NAM-042: Figure 1 and Table 4). Further assays are pending and will be reported as they become available.

The Princesa and Megan Veins

The historic La Venturosa Mine produced an estimated 14.4 million ounces of silver, 32,550 tonnes of lead and 43,530 tonnes of zinc from two prominent quartz/breccias vein systems; the America and Princesa, in a wider six-vein system.

The Princesa/Megan vein continues to be the principle target of Cerro Resources' exploration program, as the Princesa vein was only reported to have been mined to 100m below the surface and the down dip projection of the mineralization remains open at depth as well as along strike to the north and south. A simplified Long Section shown in Figure 2 summarizes the results of some of the recent assay results and the previously announced drill data.

NAM-033 and NAM-034 (Figure 3) were drilled below the previously reported NAM-008 (Press Release Aug 2011) which intersected an open stope at the target depth. NAM-033 also intersected an open stope at the projected target but still cut 0.49m with 409g/t AgEq comprised of 96g/t Ag, 2.5%Pb and 8.92%Zn from 213.2m to 213.7m. NAM-034 drilled at a steeper angle on the same drill platform as NAM-033 and intersected 133g/t AgEq over 7m from 257m to 264m with highs of 4% Pb and almost 14% Zn. NAM-034 was also successful in intersecting multiple silver, lead and zinc mineralization within a much larger zinc zone that broadly defines the Princesa system (Figure 3 and (Table 1).

NAM-036 was drilled as an infill hole between NAM-029 and the section containing drill holes NAM-008, NAM-033 and NAM-034 discussed above. The strong lead and zinc mineralization along with silver was also intersected in this drill hole, highlighted by 127g/t AgEq over 11.6m with 20g/t Ag, 1.13% Pb and 2.78% Zn from 243.3m to 255m (Table 2). Zinc values again clearly define this zone, containing highs to 18% Zn over 0.47m and 8.3% Zn over 1.15m. NAM-036 also intersected a deeper and broad zone consisting of 129g/t AgEq over 12.5m containing 10.9g/t Ag, 1.24% Pb and 3.06% Zn from 330.5m to 343m.

NAM-037 targeted down dip projections of the Princesa Vein intersecting 124g/t AgEq over 1.6m with 70g/t Ag and 0.63% Pb and 1.34% Zn from 339.3m to 341m.

NAM-039 was drilled below previously reported NAM-016 (Press Release October 25, 2011) and intersected a 13.3m drilled length of mineralization from 376.7m to 390m averaging 169g/t AgEq and included a 2m interval averaging 898g/t AgEq with silver to 305g/t Ag over 0.9m and also containing 19% Pb and 24% Zn (Table 1).

NAM-043 was drilled south of NAM-008 and north of NAM-016. This drill hole also intersected multiple zones of mineralization, highlighted by 102g/t AgEq over 12m from 343m to 354m, comprised of 13 g/t Ag, 1.95%Pb and 4.61% Zn.

NAM-047 drilled south of NAM-018 (Press Release October 25, 2011) successfully intersected significant broad zones of silver mineralization along the Princesa Vein system including 6m of 1,175g/t AgEq with 1.41m containing 3,540g/t Ag, 1.02% Pb and 1.43% Zn. A broader zone was intersected lower in the drill hole consisting of a drilled interval of 18.6m from 202m to 220.6m containing 127g/t AgEq (Table 1).

NAM-049 drilled approximately 130m south of NAM-047 (discussed above) intersected the Princesa Vein at approximately 80m to 107m and included a 5m interval containing 56g/t AgEq.

NAM-052 drilled below NAM-049 and was terminated because of strongly broken ground after intersecting a possible historic working. However, despite being stopped early the drill managed to intersect 26.8m averaging 61g/t AgEq from 156m to 182.8m.

NAM-057 was drilled below NAM-029 (Press Release October 25, 2011) and intersected both the Princesa Vein at approximately 231m to 234m with 545g/t AgEq comprised of 193g/t Ag, 2.84% Pb and 9.99% Zn. The drill hole also intersected the Megan Vein lower in the hole, consisting of a 27m interval averaging 167g/t AgEq (20g/t Ag, 1.34% Pb and 4.03% Zn).

NAM-058 drilled below NAM-002 (Press Release August 11, 2011) has results showing a 13m interval from 283m to 296m averaging 71g/t AgEq and a lower zone with 6m from 320m to 326m averaging 79AgEq.

Antenna Veins

Outside of the main zones of mineralization holes NAM-040, NAM-041 and NAM-042 were drilled to test geologic targets along the Antenna veins and the possible blind mineralization projected as splays off of the Princesa. NAM-040 failed to intersect anomalous silver, lead or zinc mineralization. NAM-041 however intersected a very broad zone of low grade zinc mineralization from a drilled depth of 400m to 586m with highs of 6.21% Zn from 585m to 586m. Despite the low grade silver values the mineralization in association with favourable geologic characteristics will require this area to be further evaluated.

Northern and Southern Extension Areas

Results have been partially received for several drills holes that targeted extensions of the northern and southern extensions to zones to the main mineralized zones of the Princesa Vein, America and Mexico Vein systems. Thus far only NAM-045 has returned multiple zones of silver, lead and zinc mineralization. Other assay results for drill holes completed in the area are pending.

2012 Program

Drilling recommenced on 20 January 2012 utilising 1 core rig on double shift. The assay results referred to above are being inputted to the continued remodelling of the project data to review and set drill location targets. The focus in early 2012 will be in and around the area marked on the long section (figure 2) and will follow strongly the significant silver discovered in hole NAM-047 as discussed above.

To view the complete Cerro Resources announcement, including Tables & Figures, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/71531-ASX-CJO-576601.pdf

Tony McDonald
Managing Director
+61-7-3252-0122
admin@cerroresources.com

Greg Germon
General Manager Investor Relations - Australia 
+61-2-9300-3341
greg@cerroresources.com

Ms. Gerri Paxton 
Manager Investor Relations - North America
+1-514-544-2696
gpaxton@cerroresources.com

Cerro Resources NL
http://www.cerroresources.com