PEEL MINING LIMITED — Major Shareholding Notification 2009

Oct 8, 2009

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Peel Exploration Limited
ACN/ARSN	119 343 734
1. Details of substantial holder (1)
Name	Robert Maclaine Tyson
ACN/ARSN (if applicable)
There was a change in the interests of the30/09/2009, 05/10/09 & 07/10/2009substantial holder on
The previous notice was given to the company on		25/02/2008
The previous notice was dated		25/02/2008

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary Shares	2,583,750	8.60%	3,448,250	10.08%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of	Person whose	Nature of change (6)	Consideration given	Class and number	Person's votes
change	relevant interest		in relation to change	of securities	affected
	changed		(7)	affected
	Robert	Participation		748,250
30/09/2009	Maclaine	in Entitlement	$74,825.00	ordinary	748,250
	Tyson	Issue		shares
	Robert			11,015
30/09/2009	Maclaine	On-market	$1,487.03	ordinary	11,015
	Tyson	purchase		shares
	Robert		$2,000.00	20,000
05/10/2009	MaclainepurchaseTyson	On-market		ordinary	20,000
				shares
	Robert			24,235
07/10/2009	Maclaine	On-market	$2,423.50	ordinary	24,235
	Tyson	purchase		shares

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of	Registered	Person entitled to	Nature of relevant interest (6)	Class and	Person's
relevant	holder of	be registered as		number of	votes
interest	securities	holder (8)		securities
Robert	Robert	Robert		2,800,000
Maclaine	Maclaine	Maclaine	Mr Tyson holds shares	ordinary	2,800,000
Tyson	Tyson	Tyson	directly in Peel.	shares
Robert				400,000
Maclaine	Jordan &	Jordan &	Mr Tyson is parent/guardian	ordinary	400,000
Tyson	Flynn Tyson	Flynn Tyson	of Jordan & Flynn Tyson.	shares
RobertMaclaineTyson	Tyson TitanSuper Fund	Tyson TitanSuper Fund	Tyson Titan Super Fundholds shares directly inPeel. Mr Tyson is a trusteeand member of the Tyson	248,250ordinaryshares	248,250
			Titan Super Fund.

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Robert Maclaine Tyson	35 Edison St, Dianella, WA 6059
Jordan & Flynn Tyson	35 Edison St, Dianella, WA 6059
Tyson Titan Super Fund	35 Edison St, Dianella, WA 6059

Signature

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.
• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• (4) The voting shares of a company constitute one class unless divided into separate classes.
• (5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• (6) Include details of:
  • (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
  • (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".
• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.