Peak Resources explains share price rise on rare earths exposure

Friday, August 27, 2010
Peak Resources explains share price rise on rare earths exposure

Peak Resources (ASX: PEK) has been queried by the Australian Stock Exchange on an increase in share price on 2 August of 5 cents to 27 August of 11 cents.

The shares closed at 18 cents on trading volume of 2,247,619 shares today.

Executive director Mark Maine said the company was not aware of any information that had not been announced that could explain the price rise.

Maine explained the company had released initial rare earth assay results from drilling at the Ngualla Project in Tanzania on the 24 August and that while these represented only 25% of total samples taken from recent drilling, more results would follow in coming weeks.

He said that market releases by a number of listed Australian rare earth companies that detailed the impact of rare earth price increases on their business, could explain investor interest in the rare earth sector and in Peak Resources.

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