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Peak Resources: trading halt granted pending capital raising details

Peak Resources (ASX: PEK) has been granted a trading halt by the ASX pending the release of details for a proposed capital raising, with the company's shares placed in pre-open.

Peak has not yet indicated where the potential capital injection will be allocated, but the company is in a very interesting position and continues to return rare earth intersections from surface from the Ngualla Rare Earth Project in southern Tanzania.

The company anticipates that a maiden JORC Resource will be completed and delivered to the market in the March quarter of 2012, which is being conducted by Hellman and Schofield Ltd.

The halt will last until the earlier of announcement being made to the market, or the opening of trade on Wednesday 16 November.