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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.

High grade uranium intersections for Peninsula Minerals in Wyoming

Friday, March 05, 2010

Drilling at Peninsula Mineral's (ASX: PEN) Ross, Wyoming uranium project has identified two new distinct mineralised systems.

A total of 59 development holes were drilled during February 2010 for a total of 32,355 feet at the Ross (Lance) Project.

The two highly mineralised trends are in close proximity to each other. These trends are open to both the north and south and have the potential to substantially increase the JORC estimates at the project area.

Peninsula is focusing on these and currently has four drill rigs operating at Ross, with three rigs chasing extensions of the mineralised trends while a fourth rig continues to test more sparsely drilled targets.

Executive Chairman Gus Simpson said “The discovery of these two new systems has the potential to add significantly to the Ross Project.”

Drilling in February revealed two new roll front systems. Best results were as follows:

- Hole RMR0257 intersected 8.5ft @ 960ppm U3O8 from 451.75’ to 460.25’ GT 0.82
- Hole RMR0285 intersected 20ft @ 310ppm U3O8 from 526.25’ to 546.25’ GT 0.62
- Hole RMR0261 intersected 17ft @ 330ppm U3O8 from 457.75’ to 474.75’ GT 0.56
- Hole RMR0237 intersected 6.5ft @ 590ppm U3O8 from 452.75’ to 459.25’ GT 0.38

Drilling commenced at Ross on 22 January 2010, of which 47 holes encountered significant mineralisation. A total of 38 holes recorded multiple stacked intersections of uranium mineralisation.

During the early October drilling program Peninsula encountered mineralisation in two holes within the ore zone of a roll front.

The Trend 1 holes were located approximately 200 feet from each other and demonstrated a Northeast-Southwest trend (RMR0084 – 8.5’@ 460ppm and RMR0086 – 5’ @ 540ppm). Subsequent 2010 drilling has extended the mineralised trend approximately 600 feet to the southwest of RMR0084.

During the early October drilling program Peninsula encountered mineralisation in one hole (RMR0085 – 16.5’ @ 220ppm) within the ore zone of a roll front. The North-South orientation of this trend is approximately 300 feet east of Trend 1.

February drilling has extended the mineralised trend 375 feet north of RMR0085. Highlights included hole RMR0257 which intersected 8.5’ @ 960ppm from 451.75’ including 2’@ 3,340ppm within the mineralised trend.

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