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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, February 03, 2010

Peninsula Minerals completes first stage of pre-feasibility study at Lance

by Proactive Investors company news image

Australian-listed uranium explorer Peninsula Minerals (ASX: PEN) has wrapped up the first stage of an Independent Pre-Feasibility Study on the Ross and Barber projects, the first two planned production centres in Wyoming.

The results support the viability of Peninsula’s planned In-Situ Recovery mining operations.

During the morning trade, shares in the company increased slightly to 5c.

The Pre-Feasibility Study is being conducted by international engineering company Lyntek and involves an in-depth assessment of the proposed ISR mining methods and process options at the Ross project.

The work also estimated uranium recoveries as well as capital and operating costs.

The Pre-Feasibility Study, along with other studies currently being conducted, including optimisation, metallurgy, hydrology and mine permitting, will form the basis for the full feasibility study which is scheduled to be completed in 2011.

Executive Chairman Gus Simpson said the company was very pleased with the outcome of this study as it completes another piece in the development process and further supports its aim of commencing uranium production at Lance in 2012.

In addition to the Pre-feasibility Study Lyntek is currently designing a centralised ISR processing plant at Ross with a capacity to produce up to 3m lb U3O8 per annum with design completion expected by the end of February.

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