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MENAFN - ProactiveInvestors - Australia - 10/10/2012

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(MENAFN - ProactiveInvestors - Australia) Peak Resources (ASX: PEK) director Jonathan Murray has acquired 213,702 shares on market for a consideration of A38,122.8 - or an average entry price of around A0.178 per share.

Peak is currently undertaking a Scoping Study on the Ngualla Rare Earth Project in Tanzania, which remains on budget and on track for completion in December 2012.

The Study will provide a keenly awaited preliminary economic assessment of the rare earth project, where recent reverse circulation drilling has returned results including 42 metres at 7.86% Rare Earth Oxide from 48 metres.

Ngualla already hosts a very significant resource of 170 million tonnes at 2.24% of rare earth oxides for 3.8 million tonnes of contained REO. Within this resource there is a highly weathered and near surface zone estimated at 40 million tonnes at 4.07% REO for 1.6 million tonnes of contained REO.

Importantly - over half of the in-ground value at Ngualla comprises the Critical Rare Earths of Neodymium, Dysprosium, Europium, Terbium and Yttrium.

 






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