LCL RESOURCES LIMITED — Capital/Financing Update 2008

Mar 13, 2008

Peak Resources Limited ACN 72 112 546 700 13 March 2008 ASX R ELEASE

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	SX RELEASE		13 Ma	rch 2008
Peak RLevel 161 KishoMount PWesternPO Box 1CanningWesternStock EAustraliaSymbol:Issued43.9m S24.9m Swww.pe	esources Limited	METMINCO	TOJOINPEAK	NADVANCING	T H E E
	rn Road	H I G H LYP	RO S P E C T I V EA	S H B U RTO NB A S
	leasantAustralia 6153		M E TA LP RO J	E C T
	271
	Bridge	♦Peak and MeMetal Project	tminco agree to joint v	nture on the Ashburto
	Australia 6153	.
	xchangen Stock Exchange	♦Metminco caAhbt P	earn a 40% interest bt ithi th t 24	providing $1,000,000th
	PEK	suron r	jec wn e nex	ons.
	Citl	♦Ashburton Prht l b	ject is seen by both cotl dit	mpanies as having pote
	apahares	os arge a	e mea eposs.
	ept ‘09 options	♦The Metminc	agreement will assist t	he fast tracking of explo
		activity at As	burton over the coming	months.
	akresources.com.au	Peak Resources Lim	ited (ASX:PEK—”Peak”) is	pleased to advise that
ContacMark MaManaginMob 04Kell NielTechnicaMob 04Tel: +61Fax: +61info@peJohn WilProfessi(08) 938	t:	executed a heads of	agreement with ASX listed	exploration company, Me
	ine	Limited (ASX:MNC—emerin Ashburton	Metminco”) to advanceBase Metals Project M	exploration on Peak’s etminco will rovide $100
	g Director16107244	ggwithin 24 months to	.fund exploration program	p ,mes at the Ashburton Pro
		earn a 40% interest.
	senl Director
	17914328	The terms of the hea	ds of agreement between	Metminco and Peak are s
	8 9316 9599	to Metminco complet	ing due diligence on the pr	oject which is to occur wit
	8 9316 9588	next fourteen days.
	akresources.com.au
	liams	Peak will work withthat will begin in ear	Metminco on the developly April with the commenc	ment of exploration prograement of a Induced Polar
	onal Public Relations8 0944	geophysical survey as	a precursor to a Reverse	Circulation drilling program
Base Metal Project:AshburtonGold Projects:Peak Hill WestPeak Hill EastDoolgunna (Peak Hill)MenziesNickel Projects:YellowdineLake BallardUranium Projects:CosmoLake DarlotCogla DownsGabyon
		Peak’s Managing Dir	ector, Mark Maine, said “w	e are extremely pleased t
	etal Project:	the Australian base	d mineral exploration com	pany Metminco join us
	n	Ashburton Project. Othe area to host lar	ur work over recent monthe tonnae base metal de	s has highlighted the poteosits Metminco’s artic
	ojects:	will assist us to ram	gp up the exploration on th	, pe project in the coming m
	l West	Metminco will not on	ly bring additional funding	capacity, while Peak will r
	Eastna (Peak Hill)	manager of the pro	ject, Metminco will play a	n important role assistin”
		technical input in dev	elopment and implement	xploration programmes.
	Projects:	“
	ne	We are looking foridentified a central a	ard to getting on the gronomalous zone within the	und in April. Peak has rMt Vernon tenement over a
	lard	of approximately 5k	m x 1.5km which will be	the focus of our work
	m Projects:	upcoming field progr	amme. Significant Gravity	and EM Geophysical ano
		have been outlinedzone This provides	with coincident geochemicus with an exploration tar	al responses within thiset area of outstanding po
	rlot	.There were also n	umerous rockchips that	recorded elevated iro

ASX Release

Page 2

I believe that we are well placed for a very interesting period during the upcoming phase of exploration. As we find out more about this exciting area Recent successes at Abra and Prairie Downs indicate that the potential of this region as a base metals province is beginning to be realised” Mr Maine said.

Ashburton Project Background

The Ashburton Project is located approximately 70 km south of the township of Paraburdoo and 300km NNW of Meekatharra, Western Australia. The Project consists of two granted Exploration Licences E08/1239 (Mt Vernon) and E08/1240 (Pingandy) covering a total combined area of 412km².

Peak completed a 1,400 station gravity survey in November 2007 at its Mt Vernon Prospect (E08/1239). This survey was completed in conjunction with surface geochemical sampling, geological mapping and rock chip sampling at both the Mt Vernon and Pingandy Prospects. An interpretation of the gravity data has shown that a potential large structural trap (or embayment) exists along an unconformable lithological contact. This coincides with anomalous Pb & Zn rockchip samples collected from outcropping quartz rich iron-oxide boxworks grading up to 6.5% Pb and 0.24% Zn and other geochemical results (reported to ASX).

The exploration results received to date combined with ideal lithologies, structural controls and the Projects tectonic location has increased the prospectively of the Project to host large tonnage base metal deposits.

Future Exploration

A ground IP survey on the Project area is to be undertaken prior to drilling. Planning for this IP programme is well underway. The Induce Polarisation survey will assist targeting the initial Reverse Circulation drilling programme within an anomalous “ area of interest” that has a spatial extent that exceeds 5km of strike length & 1.5km of width.

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----- Start of picture text ----- A S H B U RTO N P RO J E C T L O C A T I O N500,000 550,000 600,000 650,000Ó ÓÓ ÓÓÓParaburdoo ÓVÓ ÓÓÓ ÓBaring Downs Ó BillingarraÓÓÓ KalkamundaMount Maguire # Mount Channar #Ó × Seven Mile BendSnowy Mountain #Capricorn Range Mount Blair # Ó Ó ÓÓÓBeasley Pinnacles #Prismoid Hill # PilbaraMount Elephant #ÓMininer OutcampÓ × MininerTable Hill # Kunderong RangeMount Boggola # Mt VernonPingandy Mount Bresnahan # (E08/1239)(E08/1240)Kenneth RangeGregorys GapGodfrey RangeGlen CamelRiley GapGorge JunctionPeedawarra Bluff # × Dooley Downs Mount Vernon #Peedawarra FlatGlen Ross0 20 40 60Kilometers × Mount Ve Bronco Outcamp rnrn on500,000 550,000 600,000 650,000Yarraloola To Kalgoorlie Gas PipelinePingandy RoadWWWAshburton Downs Meekatharra RoadWWWWWs.s s. .s.s.s.7,400,000 s. 7,400,000s.s.s.s7,350,000 . s 7,350,000.ss ..s.s. s.s.----- End of picture text -----