PEEL MINING LIMITED — Capital/Financing Update 2009

Oct 5, 2009

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6 October 2009

Manager Announcements Company Announcements Office Australian Stock Exchange Limited Level 4,20 Bridge St Sydney, NSW 2000

COMPLETION OF NON‐RENOUNCEABLE ENTITLEMENT ISSUE

Peel Exploration Limited has completed the allotment and issue of shares following its offer of a one for three non‐renounceable entitlement issue at an issue price of 10 cents per share announced on 21 August 2009 with the closing date at 25 September 2009. A total of 3,293,400 shares (for $329,340) were subscribed for by eligible shareholders. The Company’s issued capital (including all options) after completion of the Entitlements Issue is as follows:

Issue is as follows:
Number Quoted	Class	Description
34,220,400	PEX	Fully paid ordinary shares
22,473,000	PEXO	Options exercisable at $0.20 on or before 30 November 2010
Number Not Quoted	Class	Description
1,000,000	PEXAI	Options exercisable at $0.30 on or before 30 April 2011
7,500,000	PEXAQ	Options exercisable at $0.30 on or before 30 November 2010
600,000	PEXAS	Options exercisable at $0.25 on or before 30 November 2010

Other information following:

• A final, revised Appendix 3B in respect to the issue – this Appendix 3B amends the Appendix 3B notice released on 24 August 2009

• The Top 20 lists for ordinary shares (ASX code: PEX)

• Appendix 3Y Change of Director’s Interest Notices for Mr Robert Tyson and Mr Simon Hadfield (see separate notice following).

On behalf of the Board, I would like to thank all fellow shareholders for their continued support. Peel Exploration will seek to place the shortfall from the issue pursuant to details in the Prospectus dated 21 August 2009.

Yours faithfully

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Rob Tyson Managing Director Peel Exploration Limited

Peel Exploration Limited ACN 119 343 734

Level 1, 79 Hay St, Subiaco, WA 6008. Ph: (08) 9382 3955. Fax (08) 9388 1025. E: info@peelex.com.au.

www.peelex.com.au