Proactiveinvestors recommends

Red Sky Energy sees upside potential as New South Wales decision on Talma CSG pilot draws near
Xceed Resources: Cash backed and developing coal production and cash flows from Moabsvelden
Oro Verde on the exploration trail of gold and copper in Chile, commences trading today

Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	PEN
Latest Price:	0.06 (17.65% )
52-week High:	0.15
52-week Low:	0.03
Market Cap:	128.13M

1 year chart

1 day chart

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 adds to stature of Lance projects in Wyoming

Monday, July 19, 2010 by Proactive Investors

Uranium developer and explorer Peninsula Minerals (ASX: PEN) has completed a further 129 development drillholes for a total of 85,607 feet at the Ross and Barber Projects with results showing high grade uranium intersected.

Ross and Barber are within the Lance Projects, located on the north-east side of the Powder River Basin in Wyoming, USA.

The majority of the results larger than 0.2GT were located outside the current JORC resource and will therefore add directly to the existing resource.

The highlights of the drilling at Ross were drill hole RMR0515 which intersected 19.5ft @ 390ppm U3O8 (GT 0.76), and drillhole RMR0361 which intersected 4ft @ 1,550ppm U3O8 (GT 0.62), including a peak intersection of 2ft @ 2,700ppm. Other results include:

- Hole RMR0438 intersected 9ft @ 580ppm U3O8 from 622.25’ to 631.25’ GT 0.52; and
- Hole RMR0405 intersected 7ft @ 670ppm U3O8 from 471.25’ to 478.25’ GT 0.47.

At Barber drillhole RMR0559 intersected 6ft @ 1,200ppm U3O8 (GT 0.72) including a peak intersection of 3ft @ 2,020ppm.

Gus Simpson, executive chairman, said “we are particularly pleased with these drilling results as they are adding pounds and increasing the status of the existing resource."

Drilling at Ross is testing extensions of the known mineral zones identified by the 3D geological model while at Barber it is testing sparsely drilled mineral zones, with the aim of enhancing the grade and definition of the current 15,100,000 lb U3O8 JORC compliant resource and to progress inferred resource to indicated status.

During the period 21 May to 30 June 2010 Peninsula completed the 129 drill holes at Ross and Barber, of which 89 holes encountered significant mineralisation. A total of 49 holes recorded multiple stacked intersections of uranium mineralisation.

Peninsula completed 121 holes at Ross during the period for a total of 78,417 feet. The focus of the drilling has been within and adjacent to the exploration target zones in the Ross Permit area, predominantly in Sections 7, 12, 18 and 19.

In addition drilling is being stepped out into more sparsely drilled target zones in Sections 13 and 7.

Peninsula completed 8 holes at Barber for a total of 7,190 feet. The focus of the drilling has tested extensions to the known roll fronts as well as other additional historic roll front trends.

The Barber area is located approximately 20km south of Ross and is characterised by generally higher grade roll front mineralisation with intersections such as the 6ft @ 1,200ppm U3O8 (GT 0.72) reported from hole RMR0559 being typical.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.