Peak Resources Limited

Peak Resources Limited (ASX:PEK) report highly encouraging assay results received from the initial 13 RC drill holes completed during the November - December 2010 drilling campaign at Ngualla.

As advised to the ASX on 10 November, the Company has commenced an extensive diamond and RC drilling programme on the central area of the Ngualla Carbonatite. Currently one diamond drilling rig and one RC drilling rig are in operation at Ngualla.

Peak Resources (ASX:PEK) is pleased to announce it has recommenced drilling within its rare earth project at Ngualla in Southern Tanzania. The Ngualla Project is focused on a 3.5km diameter carbonatite that recent work by the Company has shown to be highly prospective for rare earth metals, niobium, tantalum and phosphate.

Peak Resources (ASX:PEK) is pleased to report results from a further 42 aircore drill holes from its recently completed aircore drill programme at the Ngualla Project in south western Tanzania. Peak Resources is earning a 80% interest in the Project (PL 2009/6079) from Zari Exploration Limited. The Ngualla Project is focused on a large carbonatite that has been shown to be highly prospective for rare earths, niobium and phosphate.

Peak Resources Limited (ASX:PEK) is pleased to advise that Mr. Dave Hammond has been appointed to the Board of the Company as Executive Technical Director with immediate effect.

Peak Resources Limited (ASX:PEK) advise that the Company has today appointed Mr. Paul Price as a director of the Company.

Peak Resources Limited (ASX:PEK) advise that Mr. Rodney Foster has tendered his resignation as a non executive director of the Company to take effect from today. Mr. Foster was instrumental in the establishment of Peak Resources and has been a director of the Company since 2006 has made a significant contribution to the Company with technical and strategic advice throughout the past four years in his capacity as a non executive director of the Company.

Peak Resources Limited (ASX:PEK) is pleased to advise that it has agreed to place 5 million shares at an issue price of 46 cents per share to raise gross funds of A$2,300,000.

The Australian market opened firmer on Thursday as Wall Street ended its losing streak overnight. The broader All Ordinaries Index rose 0.57 per cent shortly after the opening bell.

FINANCE VIDEO: Peak Resources (ASX:PEK) Director Alistair Hunter Speaks at Sydney RIU Resources Round-up in Sydney, May 2010