PEEL MINING LIMITED — Capital/Financing Update 2010

Mar 3, 2010

ASX / MEDIA RELEASE

4 MARCH 2010

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FOLLOW‐UP DRILLING UNDERWAY AT ATTUNGA

Peel Exploration Ltd (ASX:PEX) is pleased to announce that a follow‐up diamond drilling programme is now underway at the Company’s Attunga project, 20km north of Tamworth in northern NSW.

Drilling is focused on the Attunga Copper Mine prospect to test for depth and strike extensions to substantial mineralisation intercepted by Peel in May 2009. The Attunga Copper Mine is located approximately 800m north of Peel’s Attunga Tungsten Deposit and is contained within EL6884, 100%‐owned by Peel Exploration.

In May 2009, Peel reported that significant gold‐copper mineralisation was returned from ACM‐ 004 yielding 75m at 1.02 g/t gold, 0.87% copper, 0.09% molybdenum, 0.06% bismuth, and 22 g/t silver from 136m including 27m at 1.60 g/t gold, 1.66% copper, 0.18% molybdenum, 0.1% bismuth, and 39 g/t silver from 136m.

ACM‐4 was designed to test an historic IP anomaly located to the south of the historic workings. Mineralisation at the Attunga Copper Mine is interpreted to be sub‐vertical and the true width of the above intervals is construed to be approximately 25% of the downhole intercepts. The discovery supports Peel’s belief that the Attunga skarn deposits are part of a larger metalliferous system, possibly including a porphyry source.

The Attunga Copper Mine was discovered in 1902 and worked over various periods up until World War 2. Total recorded production was 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. Mineralisation occurs in garnet‐rich calc‐silicate skarn with sulphide minerals including chalcopyrite, bornite and molybdenite.

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

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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