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Peak Resources Announces Availability of Its Fiscal Q1 2013 Quarterly Report

30.10.2012  |  Marketwired
Annual Shareholders Meeting Set for November 30, 2012

WEST PERTH, AUSTRALIA -- (Marketwire) -- 10/30/12 -- 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 announced that its quarterly report for the three months ended September 30, 2012 is available on its corporate website.

The following is a summary of key accomplishments during Q1 2013:

  • Completed "Proof of Concept" testing from samples in the Southern Rare Earth Zone ahead of schedule

  • Commenced preliminary discussions with interested parties regarding potential off take agreements

  • A rare earth carbonate concentrate was produced grading 50.3% REO at an overall process recovery of 87%


The first quarter 2013 quarterly report is available on the Company's website at www.peakresources.com.au/ or by clicking on the link above.


Separately, the Company announced information regarding its Annual General Meeting for the fiscal year ended June 30, 2012.


Date: Friday, November 30, 2012

Time: 9:30 a.m. WST

Location: 48 Ord Street, West Perth, Western Australia


A copy of its 2012 proxy form is available at http://www.asx.com.au/asxpdf/20121029/pdf/429s2qzc51mh9c.pdf

Safe Harbor Statement


The information in this document has been prepared as of October 15, 2012. 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 Canadian provincial 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 Canadian Securities Administrators and the U.S. Securities and Exchange Commission. The Company does not intend, and does not assume any obligation, to update these forward-looking statements and information. Marc Legault, a Qualified Person and the Company's Vice-President, Project Development, reviewed the technical information disclosed herein. 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.

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 mineralisation. 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.

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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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