PEEL MINING LIMITED — Investor Presentation 2007

Nov 11, 2007

Investor Presentation November 2007

ASX: PEX

Exploring forgotten mineral fields near Tamworth, NSW

Discovering more than just Golden Guitars

Who we are

• Peel Exploration Ltd (ASX: PEX) formed in early 2006 to prospect for base and precious metal deposits about the Peel Fault in the New England Orogen

• Listed on ASX on May 17, 2007 following $3 million IPO

Our objectives

• Short term: rapid growth via the exploration/discovery of exotic/precious/base metals prospects and deposits

• Medium term: sustained growth via delineation and development of resources, leveraging off excellent local and regional infrastructure

Management

• Rob Tyson – exec director; geologist, 15 yrs resources industry experience

• Michael Kiernan – chairman; resources industry veteran

• Simon Hadfield – non exec director; 40 yrs publishing & management experience

Capital structure

• 30 million FPO shares issued; approx 14 million escrowed to May 2009

• 30 million options issued – 22.5 million 20c, 7.5 million 30c – all expire Nov 2010

• 6 month share price range – high 48cps, low 25cps

• Market Cap: $7.5 million (based on 25cps - undiluted)

Major shareholders

• Crawley Investments 10%; LJ Kiernan 10%; RM Tyson 8.33%; S Hadfield

Our assets

• Attunga - IRGS Au-W-Mo & skarn W-Mo

• Dungowan - Cyprus/Besshi CuZn-Ag-Au

• Barry - Cyprus/Besshi Cu-Zn-AgAu

• Waverley - Intrusive-related AgPb-Zn

• Armidale - Intrusive-related AgPb-Zn; IRGS Au-Sb

Why invest in PEX?

• Strong management

• Attunga Project represents Intrusive-Related Gold System, IRGS can be worldclass

• Excellent infrastructure & labour pool, low sovereign risk

• Using modern exploration techniques to leverage major gold & exotic metal mineralisation

• Steady flow of results going forward

• MCap $7.5 million (based on 25 cps - undiluted)

Why New England?

• NSW New England Orogen (NEO) unfashionable = underexplored = opportunities

• NEO hosts major gold/base/exotic metal mineralisation, e.g. Mt Morgan, Hillgrove, Mt Rawdon, Gympie, Cracow, Timbara, Twin Hills, etc.

• NSW NEO hosts major structures with related mineralisation, e.g. Peel Fault

• New exploration yielding new finds - Phoenix

• Exploration of historic mineral fields also yielding success – Conrad, Hillgrove

• Large freehold areas

• Excellent infrastructure & skilled labour

Attunga Au-W-Mo Project

• 250km[2] - granted 21/09/2007

• Attunga is an Intrusive-Related Gold System, IRGS deposits can be worldclass

• Historic W resources/prospects

• Historic Au workings/mineralisation

• Historic Cu-Au mine

• Minimal modern exploration

• Prospective for large, low-grade Au-W and small, high-grade W-Mo mineralisation

Attunga Project Geology and Prospect Location

(Source: Goldrap 2002 Annual Report for EL5869)

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Attunga Scheelite Deposit

• 700m south of Attunga Copper Mine

• High-grade W-Mo mineralisation discovered 1968

• Diamond drilling program in 1969, establishing small high-grade W-Mo resource

• Minimal modern exploration

• Relogging and sampling of ATT-23 encountered previously unrecognised high-grade W-Mo mineralisation of

• 2.44m at 4.3% WO3 and 0.23% Mo

• Re-assay confirms high-grade

• intersection, repeating at 2.44m at 3.55% WO3 and 0.23% Mo

• Deposit remains open to north

• Resource modeling underway, initial resource in March Q 2008

• Drill programme planned March/June Qs 2008

Kensington Gold-Scheelite Prospect Geology & Gold-Tungsten Anomalism

Kensington Gold-Scheelite Prospect

• Historic Au workings comprising 4 clusters of shafts and pits across 800m strike

• Historic drilling in 1970s/80s intersected extensive low-grade W & Au mineralisation

• Challenger Mining calculated W resource (non-JORC) in 1983

• Mineralisation outcropping and covered by extensive +300 ppb Au soil geochem anomaly

• Past drilling hasn’t effectively tested the Kensington area; Au-W mineralisation open

• No drilling since 1987

• Challenger drillhole Ken-7 (68m - 13m at 1.07 ppm Au from 0m) relogging and sampling completed at end of October, assays awaited

• Challenger drillhole Ken-6 (150.9m - 108m at 0.74 ppm Au from 8m) next to be relogged and sampled

• Substantial drill programme planned for March/June Qs 2008

Mount Patterson Gold Prospect

• Worked briefly in 1920s for only minor gold production

• Brecciated skarn-hosted mineralisation

• Primary brecciated skarn unit strikes at least 280m

• Past exploration has yielded high-

• grade rock-chips up to 41.7 ppm Au

• Substantial (300m strike) +300 ppb Au soil geochem anomaly

• IP survey indicating a continuous resistive body at depth

• No drilling

Mount Patterson Gold Prospect Geology

(Source: Goldrap 2002 Annual Report for EL5869)

Scheelite Prospects 2, 3, 4, 5 & 6

• Analagous to Attunga Scheelite Deposit, ie, complex skarn mineralisation proximal to Inlet Monzonite

• 1969 – 6 hole diamond drill programme

• Maximum historic rock chip assay of 1.41% WO3 for Prospect 5, with many assays greater than 0.1% WO3

• Minimal modern exploration

Inlet Monzonite Scheelite Prospects 2, 3, 4, 5 & 6

Attunga Moly-Gold Prospect

• Historic workings comprise pits and adit - no recorded production

• Mo-Au mineralisation reportedly occurs in quartz veining and breccia over 1200m strike

• Rock chip sampling by NSW Geo Survey in 1986 returned best result of 6.6 ppm Au,

• 0.22% Mo, 0.2% Bi, 5.1 ppm Ag and 880 ppm W

• Past exploration has identified additional Au and Mo mineralisation in rock chip

Namoi Copper Prospect

• Discovered 1903, workings comprise underground shaft, drives

• Only minor recorded production

Other Prospects

• Three significant Au-W-Cu surface geochem anomalies at Attunga NW, Kensington NE and Kensington NW reported by Geoservices in 2000

• Initial reconnaissance at Kensington NW identified an extensively outcropping breccia unit that returned Au values up to 0.22 ppm Au

• Kensington NW is approx 1,500m NW and directly along strike from Kensington GoldScheelite Prospect

Attunga Copper Mine

• Not owned by PEX

• Lease scheduled for expiry in 2009

• Worked 1904-1916, and again in WW2 for recorded production of 1,600t grading 6.2% Cu and 7.75 ppm Au • Non-JORC Cu-Au-Ag-Mo-Bi resource stated by current lease holder • Minimal modern exploration

Attunga P Shaft

Dungowan Project Magnetics

Dungowan Project

• Approx 250 km[2] - granted 22/8/06

• Considered prospective for Cyprus/Besshi-style Cu-Zn-Ag-Au mineralisation

• Historic Cu workings

• Minimal modern exploration

• PEX geochem surveys confirmed anomalous base metal levels associated with historic prospects

• High resolution airborne geophysical survey flying November 2007

• RC drill programme March/June Qs 2008

Barry Project Geology

Barry Project

• Approx 50 km[2] - granted 22/8/06 • Considered prospective for Cu-Zn-AgAu Cyprus/Besshi-style mineralisation

• Historic Cu workings

• Minimal modern exploration

• High resolution airborne geophysical survey flying November 2007

Waverley Project Magnetics

Waveley Project

• Approx 100 km[2] - granted 26/2/07

• Considered prospective for IntrusiveRelated Ag-Pb-Zn

• Historic Ag workings

• Magnetic anomaly

• Minimal modern exploration

• GIS data compilation March Q 2008

• High resolution airborne geophysical survey flying November 2007

Armidale Project Gravity

Armidale Project

• Approx 300 km[2] - granted 26/2/07

• Considered prospective for IntrusiveRelated Ag-Pb-Zn ; IRGS Au-Sb mineralisation

• Historic Ag workings

• Gravity anomaly

• Minimal modern exploration

• GIS data compilation March/June Q 2008

Milestones to Monitor

• November 2007 – high resolution airborne geophysical survey at Dungowan, Barry and Waverley

• March Q 2008 – Attunga Scheelite Deposit resource estimate

• March/June Qs 2008 – RC drill programme

Exploring forgotten mineral fields near Tamworth, NSW Discovering tungsten, moly & gold

ASX: PEX

Level 1, 79 Hay St, West Perth Ph: (08) 9382 3955 rtyson@peelex.com.au www.peelex.com.au

The information in this report that relates to Exploration Results is based on information compiled by Mr Robert Tyson and Mrs Sue Border, both of whom are Members of the Australasian Institute of Mining and Metallurgy. Mr Tyson and Mrs Border each have sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr Tyson, and Mrs Border each consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.