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07/02/2012

Peninsula Energy Chairman talks about production in 2012/13

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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	PEN
Latest Price:	0.07 (11.29% )
52-week High:	0.15
52-week Low:	0.03
Market Cap:	147.35M

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Peninsula Energy Full Peninsula Energy profile here

Peninsula Energy (ASX: PEN) is an emerging ASX listed Uranium producer with assets in the USA and South Africa. The company is focused on advancing the Lance ISR Projects, located in the Powder River Basin, Wyoming USA through to production, and to take the Karoo Projects in South Africa further up the development curve.

Peninsula Minerals has more high grade uranium intersections at Barber

Friday, February 12, 2010

Peninsula Minerals (ASX:PEN) has been conducting intensive drilling at its Barber Project. Exploration commenced on 16 October 2009, with 109 holes completed to date. 80 holes have encountered significant mineralization.

Executive chairman Gus Simpson said, “the drilling program at Barber continues to expand the known mineralisation and is meeting expectations. It is also very pleasing that we now have all the Lance data in an electronic format that will allow us to commence JORC calculations.”

In January 2010 the company conducted a further 30 development drill holes, totalling 15760 feet through sandstone and shale formations.

The focus of the drilling was on upper zone roll front targets with numerous thick, high grade intercepts again encountered in shallow zones.

The new drilling has been predominantly in section 15 of the site, with results indicating higher grade mineralization at average depth in the 350-500 feet range.

Data from drilling includes significant results:

- Hole RMR0160 intersected 8.5ft @ 590ppm U308
- Hole RMR0160 intersected 5.5ft @ 960ppm U308
- Hole RMR0164 intersected 11ft @ 410ppm U308
- Hole RMR0165 intersected 4ft @ 1200ppm U308
- Hole RMR0201 intersected 8ft @ 900ppm U308

The scale of drilling and repeated intersections with higher mineralization loads in previous drilling conducted last year has also included drilling in the Ross area, testing more sparsely drilled areas of section 18.

The majority of holes have intersected mineralization, confirming that roll fronts extend into these areas.

As of February 2010, the combined NuBeth and Peninsula database of 3,698 holes has been combined, with 2043 holes showing reportable grades of U3O8.

A resource modelling strategy, combining 3D polygonal with GT contour method has been designed to produce a JORC-compliant inferred resource.

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