Peel Exploration Limited (ASX:PEX) Completes The Settlement Of May Day Gold-Lead-Zinc Acquisition

Perth, Nov 20, 2009 AEST (ABN Newswire) - Peel Exploration Limited (ASX:PEX) is pleased to announce the Company has today completed the settlement of the acquisition of the May Day mining lease (ML1361). All conditions precedent to the settlement have been met. Accordingly, Peel has issued 2,750,000 ordinary shares to Imperial Corporation Limited (ASX:IMP) in consideration for May Day, and paid A$43,000 to the NSW Department of Primary Industries as bond relevant to ML1361.

The May Day deposit is an advanced exploration play with historic data indicating significant gold-lead-zinc mineralisation below the existing, shallow open pit. Coupled with Peel's high grade Attunga Tungsten Deposit, May Day offers shareholders additional exploration upside, whilst its situation on a granted mining lease could potentially fast-track any development.

Peel is planning an exploration/resource drilling programme in anticipation of drilling beginning early in 2010.

Contact

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