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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

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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 boosts uranium resource by 67% at Lance projects

Tuesday, August 17, 2010 by Proactive Investors

Peninsula Minerals (ASX: PEN) has added significantly to the value of the Lance projects in Wyoming, USA, with a 67% increase in the JORC-compliant total resource estimate to 25.2Mlbs U3O8, a 130% increase in Indicated Resource from 4.0Mlbs U3O8 to 9.2Mlbs measured and indicated and an Initial Measured Resource of 3.6 Mlbs U3O8.

The Measured and Indicated U3O8, comprises 37% of the total resource estimate.

Given the increased level of resource confidence, Peninsula has decided to scale back the drilling required to convert the Inferred Resource to Indicated Status so that it can be considered for conversion to a reserve as part of the ongoing Definitive Feasibility Study.

90% of the Ross Permit Area Resource has been defined to Indicated or Measured Category and Resource extension drilling continues with a further resource update expected December 2010 as part of the Definitive Feasibility Study.

This upgrade has been achieved by the implementation of a grade/thickness contour model for resource calculation and extensive drilling since the release of the initial resource estimate in April.

The resource upgrade has also defined 3.6Mlbs U3O8 to Measured Resource Classification, the highest level of estimation confidence.

Gus Simpson, executive chairman, said “we are very pleased with these results and Peninsula is on track to convert the remaining inferred resource to DFS standard by December 2010”.

Within the Ross Permit Area the combined measured, indicated and inferred resource totals 5.44Mlbs U3O8 at an average grade of 487ppm and an average GT of 0.43.

At Barber there is a combined measured, indicated and inferred resource of 9.0Mlbs U3O8, an increase of 144% from the initial April resource estimate.

Further exploration drilling has also identified new mineralised trends that have added further resources to the inferred category.

Peninsula will undertake on-going drilling to enhance the grade and definition of the existing drill-defined resources at the Ross and Barber production areas and continue to convert areas of mineralised potential into JORC-compliant resources.

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