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Peak Reports Positive Results from Metallurgical Testing at Tanzania Ngualla Rare Earth Project

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 positive results from metallurgical testing of rare earth mineralization samples from its 100%-owned Ngualla Rare Earth Project in Tanzania. Ngualla is the world's fifth largest rare earth deposit (outside China) and the highest grade of the top seven.

Using a simple and cost effective sulphuric acid leach process, Peak generated results showing rare earth leach extraction rates of up to 96.5% and an average rate 80% across the central portion of the Southern Rare Earth Zone (SREZ), the Bastnasite Zone that is targeted for initial production by early 2016.

Richard Beazley, Managing Director of Peak Resources, said, "The high recoveries achieved over a wide area support the Company's chosen simple sulphuric acid leach process for Ngualla's rare earth mineralisation. This means a relatively simple processing plant, lower capital costs and faster start-up."

The 112 new samples add to the 38 samples previously tested, providing a high level of confidence and will allow a solid geometallurgical model to be constructed for project feasibility studies due to commence in early 2013. Samples are representative of a range of rare earth grades 1.11% to 11.0% collected across an 850m x 800m area and from depths of 0 to 120m from surface across the whole SREZ.

Peak is in the process of completing a scoping study at Ngualla, which will include a preliminary economic assessment of the project. The scoping study is on track for completion before the end of December 2012.

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