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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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Friday, January 29, 2010

Peninsula Minerals plugs into US, South Africa uranium projects

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Uranium explorer Peninsula Minerals Ltd (ASX: PEN) said it has made significant progress in the feasibility process for its US Wyoming-based Lance projects, and that a scoping study for its South Africa-based Karoo projects was proceeding.   

A$68.8 million-capped Peninsula - which has prospects in the US, South Africa, South Australia, Western Australia and Fiji - said December-quarter drilling at its 100 per cent-owned Lance projects (Barber) featured 79 holes over 48,770 metres.

According to Peninsula, 51 holes encountered “significant mineralisation”, including 1140 ppm uranium at 760 feet, to 260 ppm at 760 feet.

“In excess of 1100 drill holes have now been drilled at Barber, with 589 of these being mineralised,” the company said.

“Peninsula remains on track to meet its initial JORC targets by June 2010.”

Management added that the design of a three million pound per annum uranium processing plant should be complete by the end of February 2010, and that a feasibility study had been launched into disposal wells.

Twenty four aquifer monitoring wells had been completed at the nearby Ross prospect, a precursor to gaining regulatory approvals at Lance.

Peninsula also gained an additional 916 acres of exploration rights on previously inaccessible Ross land.

In South Africa, Peninsula said it had gained promising geological data for the six sections comprising its 74 per cent-owned Karoo uranium and molybdenum prospect.

Peninsula said it had negotiated drilling access with local landowners, in return for financial compensation.

At Peninsula’s 50 per cent-owned Raki Raki gold project in Fiji, 365 metres of trenching was completed, with samples sent to a local analysis facility.

At the end of the December quarter 2009, Peninsula had A$7.94 million in cash.

$A2.7 million had been outlaid over the quarter, mostly on exploration, although A$2.59 million of retained cash had been expended. $108,000 of equity was gained through the sale of securities.

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