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Market: ASX
Sector: General Mining - Uranium & Lithium
EPIC: PEN
Latest Price: A$0.04  (0,00%)
52-week High: A$0.09
52-week Low: A$0.03
Market Cap: A$80.07M
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Peninsula Energy
www.pel.net.au

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.


Pdf

Peninsula Energy's new high grade uranium hits at Lance bode well for JORC Resource upgrade

24th Feb 2011, 6:15 am

Peninsula Energy (ASX: PEN) has intersected more high grade uranium at the Ross Project with drilling continuing to convert the inferred resource to indicated JORC compliant resource status.

The company has now completed a further 55 development drill holes for a total of 38,960 feet at Ross, within the Lance project in Wyoming, USA.

Drilling intersected 21 feet at 378 parts per million (ppm) uranium U3O8 for GT 0.79 and 22.5ft at 252ppm U3O8 for GT 0.57.

Other results include:

- 8ft at 820ppm U3O8 for GT 0.66;
- 6ft at 730ppm U3O8 for GT 0.44;
 -11.5ft at 360ppm U3O8 for GT 0.41.

Results will also add to inferred resources at next resource upgrade which will boost the grade and definition of the current; 25.2 million pound uranium JORC Resource.

The drilling program will be expanded with second rig deployed at Ross and a third planned for Barber within the next quarter.

The company said these results are reporting a significantly increased percentage of ore grade holes "due to an improving geological model which forms the basis of on-going drill planning."

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