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Additional Information
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.


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Peninsula Energy looks to upgrade Resource on high grade uranium hits at Lance

25th Mar 2011, 12:59 am

Peninsula Energy (ASX: PEN) has intersected more high grade uranium from drilling at its Lance uranium project in Wyoming, USA, which will add to Inferred Resources at the next Resource upgrade.

The company has completed a further 60 exploration drill holes for a total of 14,278 metres of which 30 holes encountered significant mineralisation and 13 holes reported multiple stacked intersections of uranium.

Results include:

- 8.3 metres at 518ppm U3O8 from 167.19m to 175.53m (includes peak intersection of 1.51m at 2,300ppm U3O8); and
- 4.09m at 567ppm U3O8 from 172.80 to 176.89m (includes peak intersection of 0.9m at 1,380ppm U3O8).

Drilling continues to convert the Indicated Resource from Inferred Status.  There are also further extensions to newly-discovered roll fronts adjacent to the Ross Permit Area.

Results continue to demonstrate thick intervals of stacked mineralisation present in the area immediately to the north west of Ross. This area was identified as a high-priority drilling target from Peninsula’s high resolution 3D modelling and was not tested during the 1970’s Nubeth drilling.

One drilling rig is currently engaged within the Ross Permit Area while a second drilling rig is dedicated to the expanded Ross and Barber areas.

Peninsula continue to utilise an advanced 3D geological and resource modelling system to assist in the identification of targets in previously unexplored areas.

Importantly, the area of strong mineralisation defined over the last three months in the area to the north west of Ross had not been drill tested by previous explorers.

Towards the south western portion of Ross a second newly-identified roll front has been intersected and the company is planning further drilling to determine the full extent of this system.

The uranium price is currently at $60 a pound, around 50% higher than the $40 a pound in mid-2010, due to demand directly linked to nuclear power plants.

Peninsula's share price has recently been buffeted by the nuclear accident in Japan but has recovered and is currently trading at $0.10 per share. Hartleys brokers recently rated Peninsula Energy as a buy with a price target $0.16.

The company is continuing to make significant progress towards first production from its Lance Projects.

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