Peel Exploration (ASX:PEX) Entitlements Issue Placement To Fund Attunga Tungsten Copper - Gold Deposit

Perth, Nov 19, 2009 AEST (ABN Newswire) - Peel Exploration (ASX:PEX) are pleased to announce the Company has placed the entire shortfall of 7,015,517 ordinary shares from its recent entitlements issue with Point Nominees Pty Ltd, the private investment vehicle of Perth businessman Graham Hardie.

The Shortfall Placement has been completed today at 10 cents per share and has raised A$701,551.70 before costs.

The shortfall represents the number of shares not taken up by shareholders under Peel's 1:3 pro-rata non-renounceable entitlements issue Prospectus of August 24, 2009.

Proceeds from the Entitlements Issue and the Shortfall Placement would be applied to an infill drilling programme at Peel's high-grade Attunga Tungsten Deposit, further work on the recently discovered copper-gold mineralisation at the Attunga Copper Mine, and exploration of the conditionally-acquired May Day gold and base metals deposit near Cobar, in New South Wales.

Following the allotment of the Shortfall Placement the Company will have a total of 41,235,917 ordinary shares on issue.

Contact

Peel Mining Limited T: +61-8-9382-3955 F: +61-8-9388-1025 E: info@peelex.com.au WWW: www.peelex.com.au