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Peak Resources to reveal capital raising details, granted ASX trading halt

Peak Resources (ASX: PEK) has been granted a trading halt by the ASX today as it prepares to release an announcement regarding a proposed capital raising.

The company has been actively exploring at its Ngualla Rare Earth Project in southern Tanzania with first drilling results from its 2012 drilling program delivering several wide, high grade intersections from the surface.

These assays are just the tip of the iceberg in 2012 for Peak, as the drilling program for the year only commenced in late May after the end of the rainy season, with an extensive 30,000 metres planned.

Ngualla is already shaping up as a low cost, long term rare earth project, and is impressing on a global scale, considering it is the world’s fifth largest rare earth deposit outside of China and the highest grade of the top seven.

The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Friday 27 July.

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