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Peak Resources Issues Quarterly Update
Company Is Fast Tracking Development of Its Low Cost Ngualla Rare Earth Project

WEST PERTH, AUSTRALIA -- (Marketwire) -- 01/24/13 -- Peak Resources Limited ("Peak" or "the Company") (ASX: PEK) (OTCQX: PKRLY), the developer of a potentially low cost, long term rare earth project in Tanzania, today issued a report discussing achievements over the past quarter.

The following is a summary of the report:

Peak confirmed strong project economics with the completion of the scoping study and preliminary economic assessment. Key indicators from the scoping study include:

  • Pre-tax NPV of US$1.571 billion
  • IRR of 53%
  • Modest capital cost of US$400 million
  • Low operating cost of US$10.09 / kg REO
  • Annual revenues of US$361 million
  • Payback inside 3 years

Other factors that distinguish Ngualla from other rare earth projects and de-risk the development include:

  • Proven beneficiation and simple metallurgical processes
  • Mineralisation is not radioactive and has the lowest uranium and thorium of any major rare earth deposit
  • Simple open pit mining with low strip ratio
  • No requirement for acid baking
  • Significant opportunity to scale up production

Additionally, Peak reached several other milestones, including:

  • Breakthrough in the identification of a beneficiation process that significantly reduces the plant size and reagent consumption (capital and operating costs)
  • Commissioning of a solvent extraction (SX) pilot plant (after Quarter end) to produce purified, high value rare earth products
  • Completion of 2012 Ngualla drilling program. A series of intersections received from surface shows the potential to increase the amount of high grade mineralisation amenable to simple acid leach, further improving project economics, and also to extend the overall Mineral Resource to the south and west
  • Commencement of the Ngualla Rare Earth Project pre-feasibility study
  • Appointment of advisors (after quarter end) to source strategic partners to assist with financing the development of the project and off-take agreements
  • Acquisition of four prospective new gold properties in the Lake Victoria Gold Fields region of northern Tanzania

The Company had approximately $4.2 million of cash on hand at December 31, 2012. A copy of the full report can be found at www.peakresources.com.au or on the ASX website www.asx.com.au/.

About Peak Resources
Peak is developing the Ngualla Project, a potentially low-cost, long term rare earth project located in south west Tanzania. Ngualla has been ranked as the fifth largest deposit in the world outside China, and the highest grade of the top seven.

Ngualla has a Mineral Resource of 170 million tonnes grading 2.24% of rare earth oxides (REO). Within the resource there is a highly weathered and near-surface zone estimated at 40 million tonnes at 4.07% REO, equivalent to 1.6 million tonnes of contained REO (see Table 1 below for resource classifications). Ngualla is also a bulk deposit which is largely outcropping. These attributes place the project among the world's most notable rare earth discoveries of recent years.

Ngualla is a potential low cost open pit mine due to its shallow outcropping high grade mineralization. The initial sighter metallurgical test work to date has been completed using a sulphuric acid leach process route suggesting a relatively less complex, potentially cheaper capital outlay and shorter time to production.

Safe Harbor Statement
The Company does not intend, and does not assume any obligation, to update these forward-looking statements and information. The information in this report that relates to Exploration Results is based on information compiled and/or reviewed by Dave Hammond who is a Member of The Australasian Institute of Mining and Metallurgy. Dave Hammond is the Technical Director of the Company. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dave Hammond consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Certain statements contained in this document constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward looking information under the provisions of securities laws. When used in this document, the words "anticipate," "expect," "estimate," "forecast," "will," "planned," and similar expressions are intended to identify forward-looking statements or information.

Such statements include without limitation: statements regarding timing and amounts of capital expenditures and other assumptions; estimates of future reserves, resources, mineral production, optimization efforts and sales; estimates of mine life; estimates of future internal rates of return, mining costs, cash costs, minesite costs and other expenses; estimates of future capital expenditures and other cash needs, and expectations as to the funding thereof; statements and information as to the projected development of certain ore deposits, including estimates of exploration, development and production and other capital costs, and estimates of the timing of such exploration, development and production or decisions with respect to such exploration, development and production; estimates of reserves and resources, and statements and information regarding anticipated future exploration; the anticipated timing of events with respect to the Company's minesites and statements and information regarding the sufficiency of the Company's cash resources. Such statements and information reflect the Company's views as at the date of this document and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements and information. Many factors, known and unknown could cause the actual results to be materially different from those expressed or implied by such forward looking statements and information. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, capital expenditures, and other costs; currency fluctuations; financing of additional capital requirements; cost of exploration and development programs; mining risks; community protests; risks associated with foreign operations; governmental and environmental regulation; the volatility of the Company's stock price; and risks associated with the Company's by-product metal derivative strategies. For a more detailed discussion of such risks and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this document, see the Company's Annual Report on Form 20-F for the year ended December 31, 2011, as well as the Company's other filings with the Australian Securities Administrators and the U.S. Securities and Exchange Commission.

The information in this report that relates to Mineral Resources is based on information compiled by Rob Spiers, who is a member of The Australasian Institute of Geoscientists. Rob Spiers is an employee of geological consultants H&S Consulting Pty Ltd. Rob Spiers has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Rob Spiers consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. For a detailed breakdown of the Company's reserve and resource position see the July 18th, 2012 press release on the Company's website. That press release also lists the Qualified Persons for each project.

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Contact:

Peak Resources Limited
Richard Beazley
Managing Director
Phone: +61-8-9200-5360
Email: richard@peakresources.com.au

MZ Group - North America
Derek Gradwell
SVP
Natural Resources
Phone: 949-259-4995
Email: dgradwell@mzgroup.us
Web: www.mzgroup.us

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