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PEEL MINING LIMITED Capital/Financing Update 2009

May 18, 2009

65545_rns_2009-05-18_197ec185-263a-48de-aa39-5acbbb7f50b5.pdf

Capital/Financing Update

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==> picture [78 x 38] intentionally omitted <==

19th May 2009

The Australian Stock Exchange ASX Company Announcements Office Level 5, 20 Bridge Street Sydney NSW 2000

Dear Sir,

re: Release from Escrow of Restricted Securities

The Board of Peel Exploration Limited wishes to advise that under Listing Rule 31.10A the following restricted securities will be released from ASX imposed escrow on 18th May 2009.

Description of security Number Date of Release
Fully paid ordinary shares 13,890,000 18thMay 2009
Options expiring at $0.20 on or before 30 November 2010 7,000,000 18thMay 2009
Options expiring at $0.30 on or before 30 November 2010 7,500,000 18thMay 2009

Attached is an Appendix 3B requesting quotation of the ordinary shares and the 7,000,000 Options expiring at $0.20 on or before 30 November 2010.

The Appendix 3B is also requesting quotation of 500,000 Options expiring at $0.20 on or before 30 November 2010 which were released from ASX imposed escrow on 7 March 2008.

Yours faithfully

==> picture [137 x 44] intentionally omitted <==

David Hocking

Company Secretary

Peel Exploration Limited (ACN 119 343 734) Telephone (08) 9382 3955 Facsimile (08) 9388 1025 Email [email protected] Level 1, 79 Hay Street, Subiaco, Western Australia 6008