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Additional information
Additional Information
Market: ASX
Sector: General Mining
Epic: .PEN
News: Latest news
Web Site: Peninsula Minerals
Other Articles: 12-02-201003-02-201029-01-2010

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Peninsula Minerals

Peninsula Minerals

Peninsula Minerals Limited is an ASX listed (ASX Code: PEN) uranium developer / explorer with assets in the USA, South Africa and Australia. Its primary focus is on uranium development and exploration through its Lance projects, located in Wyoming, and its Karoo projects in South Africa. The Company’s strategy shifted towards uranium mining in late 2005 when it acquired the Karoo projects and then, in 2007, it acquired additional uranium permits in the USA and Australia. The Company is targeting first production of 1.5 million pounds of uranium per annum from Wyoming in 2012 with additional production of 3 million pounds of uranium per annum planned from South Africa in 2017.

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Wednesday, November 25, 2009

Peninsula Minerals completes initial drilling at Barber Uranium Project

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Australian-listed exploration company Peninsula Minerals (ASX: PEN) has wrapped up the initial drilling campaign at the Barber Uranium Project in the United States, with high grade intercepts reported along a sparsely drilled roll front indicating good continuity of mineralisation.

In addition, a deeper roll front system extending over at least 800 metres has been identified with significant high grade intercepts.

The new roll front is open in all directions and has the potential to significantly expand the known mineralisation at Barber.

Drilling commenced at Barber in October and to date 44 holes have been completed, with 27 holes encountering significant mineralisation.

The highlights included 8ft @ 910ppm U3O8 from 734.25’ to 742.25’, 11.5ft @ 480ppm U3O8 from 741.75’ to 753.25’ and 8ft @ 530ppm U3O8 from 742.25’ to 750.25’.

Barber is planned to be the second production centre at Peninsula’s Lance Projects in Wyoming, USA.

Peninsula executive chairman Gus Simpson said there were numerous other sparsely tested roll fronts in the Barber area and the success experienced in the early stages boded well for the company's development efforts.

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