LCL RESOURCES LIMITED — Board/Management Information 2008

Apr 8, 2008

9 April 2008

Peak Resources Limited ACN 72 112 546 700

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ASX R ELEASE

Peak Resources Limited

N E W D I R E C TO R A P P O I N T M E N T A C C O M PA N I E S Level 1 61 Kishorn Road T A N Z A N I A N G O L D P RO J E C T JV Mount Pleasant Western Australia 6153 ♦ Respected exploration and mining company director, Alastair PO Box 1271 Canning Bridge Hunter, is to join the board of Peak Resources. Western Australia 6153

• ♦ Tanzanian Joint venture with acquisition of Pan African Exploration.

Stock Exchange Australian Stock Exchange Symbol: PEK Issued Capital 43.9m Shares 24.9m Sept ‘09 options www.peakresources.com.au

• ♦ Continued advancement of Ashburton Project.

Peak Resources Limited ( ASX:PEK—”Peak ”) is pleased to advise that experienced resource company executive and director, Mr Alastair Hunter, is to join the board of Peak Resources. The Company has also entered into an agreement that will see it acquire joint venture interests in the highly prospective archean belt in Tanzania via the acquisition of all the share capital of Australian company Pan African Exploration Limited.

Contact: Mark Maine Managing Director Mob 0416107244 Kell Nielsen Technical Director Mob 0417914328

Mr Hunter was formerly the managing director of Matlock Mining NL and has held senior management and exploration roles with a number of companies over a period of over 37 years. Mr Hunter has worked in Australian, Africa and North America exploring for minerals including gold, copper, lead, zinc, diamonds and tin. Alastair played a significant role in a number of gold and base metals deposits. The most notable discoveries being, the Surveyor 1 base metal deposit (which provided what Kagara Limited have described as a company making operation) and identifying the potential of a major gold play leading to an early acquisition by Matlock Mining of a major interest in the Nimary Gold Project, which Matlock, in joint venture with Eagle Mining NL, developed into plus million ounce gold project.

Tel: +61 8 9316 9599 Fax: +61 8 9316 9588 info@peakresources.com.au John Williams Professional Public Relations (08) 9388 0944

Base Metal Project:AshburtonGold Projects:Peak Hill WestPeak Hill EastDoolgunna (Peak Hill)MenziesNickel Projects:YellowdineLake BallardUranium Projects:CosmoLake DarlotCogla DownsGabyon		Peak, subject to shareholder approval, will acquire the share capital of PanAfrican Exploration Limited. Pan African, through its joint venture with ZariExploration Limited, is entitled to earn between 70% and 75% in a number ofTanzanian gold projects in the in the Lupa and Lake Victorian Goldfields. Thatinterest will be earned by sole funding projects through to pre feasibilitybankable feasibility study status following which Zari may then either contributeor elect to revert to a 5% net profits interest. There is no minimum expenditurerequired under the joint venture and Pan African Exploration may withdraw fromany of the project areas by providing notice to Zari.Zari Exploration Limited is a Tanzanian based exploration group that has beenoperating in Tanzania for a number of years. Zari will provide operational supportand logistical support, which will including geological, GIS and administrativeservices. Zari will also provide a conduit for new project opportunities withinTanzania. Mr Alastair Hunter will be engaged by Peak to develop and implementthe Tanzanian exploration programmes, overseeing the activities of Zari andgenerating new opportunities.

Under the acquisition terms of the acquisition agreement Peak, subject to shareholder approval, will issue to the vendor (being a party associated with Mr Alastair Hunter):

• ♦ two million fully paid ordinary shares on settlement;

• ♦ one million fully paid ordinary shares upon all tenements set out in the acquisition agreement being granted; and

• ♦ two million ordinary shares upon a JORC resource of greater than 500,000 ounces of gold being established on a JV project area.

Peak Resources will shortly call a shareholder meeting to consider the acquisition of all the share capital of Pan African Resources Limited, a company controlled by Alastair Hunter. That meeting will also consider Mr Hunter’s appointment. In association with this appointment of Mr Hunter the Directors have instigated a review the board structure and expect to announce the results of this review in the coming weeks.

Peak Managing Director, Mark Maine, said “this development is an important element in the growth of Peak Resources. Not only does Peak gain the services of an experienced and widely respected resource company director at the same time we are entering into an exciting under explored archean region. The Tanzania opportunity provides Peak with a stable operating environment where there is security of tenure, established mining law and good infrastructure together with access to gold targets of outstanding potential. For a small company such as Peak it is vital that we have been able to partner with experienced operators providing us with local knowledge and reduced risk. Having Alastair Hunter join Peak to work with Zari in developing this opportunity provides us with a great deal of comfort.”

Peak further advise that it is raising approximately $1,000,000 to fund its programmes including the newly acquired Tanzanian joint venture interests. The first will be a placement of 6 million shares together with a one for two issue of September 2009 Options to be made under a prospectus, lodged with ASIC on 9 April 2008 with the issue managed by advisory and investment group Marathon Crest Pty Ltd. The option component of that issue is subject to shareholder approval. The second element, a private placement of up to 7.5 million ordinary shares and entitlement options on a one for two basis, to sophisticated investors including parties introduced by Mr Alastair Hunter. This placement is subject to shareholder approval and on the same terms as the prospectus offer. The issue price of the shares under part one and two of the shares issues will be 8 cents per share. The September 2009 Options are of the same class as currently listed on ASX. Approval will be sought at a General Meeting of the Company to be held in mid May. Mr Hunter has advised the Company of his wish to participate in the second placement.

The funds raised by the issue of securities, together with the project funding being provided by Metminco Limited on the Ashburton Project, will underpin the exploration expenditure of the Company over the next twelve months.

Mr Maine said “these developments are an important step in Peak’s growth. We have looked implement a funding programme through placements and strategic partnering that addresses the Company’s operating requirements and allows Peak to develop its exploration opportunities.

We are extremely encouraged by the data being generated out of Ashburton Project with recent work reinforcing what we have seen earlier in the gravity, EM and geochem work. Next week we are mobilising our geological team and a crew commissioned to carry out an induced polarisation geophysical survey. This will lead into the first drilling programme that is anticipated to be undertaken in the middle of the year. We also believe that we will shortly be in a position to schedule RC drilling on the Peak Hill West Gold Project as resolution to access issues looks to be imminent. Additionally, work at the Menzies Gold Project undertaken since December has provided a great deal of encouragement on previously underexplored areas of that tenement package with a decision on drilling to be made shortly. Also we now have the exciting potential within the Tanzanian Projects and the Yellowdine nickel project which we are also looking to advance.”