Peel Mining Limited (ASX:PEX) Shortfall Placement and Commencement of Drilling at 4-Mile

Perth, Nov 25, 2011 AEST (ABN Newswire) - Peel Mining Limited (ASX:PEX) is pleased to advise that it has placed the full amount of Shortfall arising from the Company's Non-Renounceable Entitlement Issue offer document dated 6 October 2011. The Company received strong interest in the Shortfall from various parties including existing shareholders and institutional investors and subsequently placed 5,434,958 shares raising an additional A$652,195. This completed the Entitlement Issue.

Peel is also pleased to advise that follow-up drilling at the Company's exciting 4-Mile Cobar-style polymetallic discovery has now commenced. The current programme will see about 18 RC and RC precollar/diamond tail drillholes completed for a total of about 5,000m. The drilling is designed to test along strike and down-dip from previously intercepted high-grade base-precious metals mineralisation. It is anticipated that this drilling will be completed prior to Christmas.

Contact

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