Peak Resources (ASX:PEK) Received Further Aircore Rare Earth Drilling Results At Ngualla Project

Perth, Nov 9, 2010 AEST (ABN Newswire) - Peak Resources (ASX:PEK) is pleased to report results from a further 42 aircore drill holes from its recently completed aircore drill programme at the Ngualla Project in south western Tanzania. Peak Resources is earning a 80% interest in the Project (PL 2009/6079) from Zari Exploration Limited. The Ngualla Project is focused on a large carbonatite that has been shown to be highly prospective for rare earths, niobium and phosphate.

Peak Resources recently completed a 373 hole aircore drilling programme within the alluvial material over the Ngualla Carbonatite.

The results now reported on come from 42 drill holes within the programme. Of these 42 aircore holes, 28 intersected significant rare earth oxide mineralisation, above a 1% lower grade cut for total rare earth oxides (TREO), and 39 holes intercepted niobium oxide (Nb2O5) above 0.25%.

The assay results from these holes further confirm the widespread nature of both the TREO's and Nb2O5 mineralisation in the alluvial zones.
Better drill intersections from the new results received include:

NAC - 364 0-10m 10m @ 3.17% TREO (EOH)

NAC - 366 0-12m 12m @ 3.62% TREO (EOH)

These holes also intersected Nb2O5 and P2O5 with:

NAC - 364 0-2m 2m @ 0.26% Nb2O5 and 3.41% P2O5

NAC - 366 0-8m 8m @ 0.29% Nb2O5 and 2.64% P2O5

Other holes intersected substantial thickness of Nb2O5 and P2O5, including:

NAC - 378 0-20m 20m @ 0.46% Nb2O5 and 9.67% P2O5 (EOH)

NAC - 379 0-7m 7m @ 0.57% Nb2O5 and 9.00% P2O5 (EOH)

NAC - 425 0-10m 10m @ 0.47% Nb2O5 and 8.67% P2O5

*EOH= End of Hole intersection

Mineralisation both TREO and Nb2O5 intersected to date is predominantly shallow and frequently starts from surface as demonstrated by the above intersections. The mineralised material is generally soft and on that basis, is likely to be free dig in nature.

There remains a further 29 aircore holes for which results are awaited.

The next phase of exploration at Ngualla commences in early November and focuses on the central core area of approximately 2.7km by 700m where four scout RC holes drilled in late July 2010 returned significant rare earth and niobium - tantalum intersections with associated elevated phosphate. Previously reported results included:

NRC-1 0-40m 40m @ 3.2% TREO (EOH)

NRC-2 0-20m 20m @ 3.7% TREO (EOH)

NRC-3 0-30m 30m @ 0.38% Nb2O5 and 150ppm Ta2O5 (EOH) with 26m @ 14.7%, P2O5

NRC-4 0-24m 24m @ 0.39% Nb2O5 and 128ppm Ta2O5 (EOH)

For the complete Peak Resources announcement including tables and figures, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/64119-ASX-PEK-514410.pdf

Contact

Alastair Hunter Chairman Tel: +61-8-9316-9599 Fax: +61-8-9316-9588 http://www.peakresources.com.au