PEEL MINING LIMITED — Director's Dealing 2010

Mar 14, 2010

Appendix 3Y

Rule 3.19A.2

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity	Peel Exploration Limited
ABN	42 119 343 734

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Craig McGown
Date of last notice	10/03/2010

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Indirect – Ionikos Pty Ltd
Date of change	09 & 12 March 2010
No. of securities held prior to change	Direct1,000,000 Unlisted Options expiring 30/04/11,exercisable at $0.30Indirect920,000 Fully Paid Ordinary Shares

+ See chapter 19 for defined terms.

Class	Fully Paid Ordinary Shares
Number acquired	80,000
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$6,197.46
No. of securities held after change	Direct1,000,000 Unlisted Options expiring 30/04/11,exercisable at $0.30Indirect1,000,000 Fully Paid Ordinary Shares
Nature of changeExample: on-market trade, off-market trade, exercise of options, issueof securities under dividend reinvestment plan, participation in buyback	On-market purchase

Part 2 – Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract
Nature of interest
Name of registered holder(if issued securities)
Date of change
No. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuation
Interest after change

+ See chapter 19 for defined terms.