Sept 8 (Reuters) - Peel Mining Ltd PEX.AX :
* Plans to vend its 100%-owned Apollo Hill gold project in Western Australia into a newly established, 100%-owned subsidiary
* Apollo Mining Pty entered into an agreement to sell its interest in tenements and contractual rights and obligations to Saturn.
* Plans to list subsidiary, Saturn Metals, on ASX via an initial public offering
* Under IPO Saturn seeks to raise up to $7 million through issue of up to 35,000,000 fully paid ordinary shares at an issue price of $0.20