PEEL MINING LIMITED — Capital/Financing Update 2009

Apr 26, 2009

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ASX / MEDIA RELEASE 27 APRIL 2009

DRILLING NOW UNDERWAY AT ATTUNGA

Peel Exploration Ltd (ASX:PEX) is pleased to announce that an RC (reverse circulation) drilling programme is now underway at the Company’s 100%-owned Attunga project, 20km north of Tamworth in northern NSW.

Drilling will initially be focused on the Attunga Copper Mine prospect to test for depth and strike extensions to known mineralisation, and to test several geophysical targets, including a recently identified TEM (electromagnetic) anomaly. Earlier this month, Peel reported the identification of a moderate, shallow conductor, centred approximately 200m north of the historic Attunga Copper Mine workings. The TEM response occurs in close proximity to a reputed historic IP anomaly.

The Attunga Copper Mine, discovered in 1902 and worked over various periods up until World War 2, has total recorded production of about 1,600t ore grading ~6% copper, ~8 g/t gold and ~150 g/t silver. Workings comprised pits, shafts and levels and extended to about 80m below surface with sulphide mineralisation including chalcopyrite and chalcocite reported to occur in the deeper levels. No significant drilling has ever been completed at the Attunga Copper Mine prospect.

Drilling will also be directed at the Attunga Tungsten Deposit where Peel has previously confirmed major tungsten and molybdenum mineralisation. Drilling at the Attunga Tungsten Deposit has been designed to test for depth extensions to the current resource. The Attunga Tungsten Deposit is a high-grade tungsten-molybdenum skarn deposit that remains open in several directions.

In April 2008, Peel reported an independently estimated, JORC-compliant inferred resource of 1.29 Mt grading 0.61% WO3 and 0.05% Mo for 9,400t WO3 equivalent at the Attunga Tungsten Deposit. No extensional drilling has been carried out Attunga since its discovery in the 1960s.

For further information, please contact Rob Tyson on 0420 234 020.

The information in this report that relates to Exploration Results is based on information compiled by Mr Robert Tyson, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Tyson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr Tyson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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