Pe a k R e s o u r c e s L i m i t e d ACN 72 112 546 700 ASX R ELEASE Peak Resources Limited 11th May 2007 Level 2 61 Kishorn Road Mount Pleasant Western Australia 6153 PO Box 1271 Canning Bridge Western Australia 6153 www.peakresources.com.au ENCOURAGING URANIUM ASSAYS RETURNED FROM LAKE DARLOT Highlights • • • Surface samples from shallow calcrete pit returns up to 384 ppm U3O8 Anomalous soil samples returned from recent field reconnaissance Follow-Up drilling currently being planned Lake Darlot Uranium Project Stock Exchange (Peak Resources 100%) Australian Stock Exchange Symbol: PEK Peak Resources Limited (PEK) is pleased to announce highly encouraging assay results from initial exploration work carried out at its Lake Darlot Uranium Prospect. The Lake Darlot Prospect comprises broad calcareous sedimentary deposits up to 10 metres thick at the margins of Lake Darlot. The calcareous sediments have been identified as being enriched in uranium by precipitation from drainage inflows from nearby catchments that host “hot” granites (high uranium levels). Regional radiometrics data has identified a broad zone of anomalous uranium in sediments that is approximately 7 km long x 2.4 km wide. PEK completed a sample traverse over part of the anomaly in March to verify the radiometrics and delineate background U3O8 within the Prospect. During the sampling programme, the uranium rich mineral carnotite was identified in a shallow calcrete pit (< 1 metre deep) located on the edge of Lake Darlot. Sample results from grab sampling within the shallow pit has returned highly encouraging results of 147 and 384 ppm U3O8 with soil sampling returning a peak result of 186 ppm U3O8. PEK now plans to commence drill testing of the radiometric anomaly at Lake Darlot during the June quarter subject to the availability of appropriate drilling equipment and field crew. Uranium Projects Background Lake Darlot is one of four prospects comprising PEK’s Goldfields Uranium Projects (“GUP”) The project group includes Lake Darlot, Cogla Downs, Gabyon and Cosmo Prospects. GUP run in an east-west band L A K E D AR L O T across the mid west of S H A L L OW C A L C R E T E P I T Western Australia. The prospects were selected in mid 2005 based upon work completed by the CSIRO in the mid 1970’s in identifying uranium occurrences within calcrete sediments. Field work by PEK commenced in March with a field reconnaissance programme over Lake Darlot and the Cogla Downs prospect. Contact: Mark Maine Managing Director Mob 0416107244 Kell Nielsen Technical Director Mob 0417914328 Tel: +61 8 9316 9599 Fax: +61 8 9316 9588 Email: email@example.com Gold Projects: Peak Hill West Peak Hill East Doolgunna (Peak Hill) Menzies Nickel Projects: Yellowdine Lake Ballard Uranium Projects: Cosmo Lake Darlot Cogla Downs Gabyon Base Metal Project: Ashburton ASX Release Page 2 384 ppm U3O8 returned from sampling in shallow calcrete Pit S I G N I F I C AN T R E S U LT S — L A K E D A R L OT Sample Type Sample Number North East Grid (U3O8 ppm) Comments Grab Sample Grab Sample Grab Sample Soil Soil Soil Soil Soil 2044861 2044862 2044863 2044850 2044851 2044852 2044853 2044854 363909 363909 363909 363544 363650 363742 363849 363940 6929267 6929267 6929267 6929600 6929607 6929611 6929617 6929620 MGA94_51 MGA94_51 MGA94_51 MGA94_51 MGA94_51 MGA94_51 MGA94_51 MGA94_51 33.72 146.79 384.35 31.72 61.9 48.93 185.69 54.59 Shallow Calcrete Pit Shallow Calcrete Pit Shallow Calcrete Pit Surface Soil Sample Surface Soil Sample Surface Soil Sample Surface Soil Sample Surface Soil Sample L A K E D AR L O T — U R AN I U M R A D I O M E T R I C S & S A M PL I N G T R AV E R S E arn 0 Ba nja w 6940000arn 454m Ro ad 447m Waltha Well Collin Well Flower Well Hooper Tank Stork Well Banjiwarne Soak Ba nd ya Kilometers Anderson Bore Forgotten Mine Jacks Well 6940000 Bulga Well Ba nja w 2.5 5 New Bore 10 370000 Biddy Well 15 20 Ro ad 469m Goat Show Mine 360000 E 37/832 6930000 E 37/832 !! !!! ! ( ((( !!! !! !! !! ! (! ( 6930000 Vickers Well 441m !( !!! (( Gum Well 444m 435m Lake Tank 6920000 360000 433m 6920000 370000 Sky Tank Results listed as U3O8 ppm 32 62 49 18 556 25 10 1 1 1 2 1 14 ! ! ! ! ! ! ( ! ! ( ( ! ( ! ! ( ( ! ! ! 3 2 4 ! ! ! 1 0 200 400 800 1,200 1,600 2,000 Meters The information in this report is based on information compiled by Mr. Kell Nielsen, a Member of the Australian Institute of Mining and Metallurgy. Mr. Nielsen is a full-time employee of Peak Resources Limited and 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’. Mr. Nielsen consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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