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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 discovers new roll front system, hits more high grade uranium at Lance

5th May 2011, 2:46 am

Peninsula Energy (ASX: PEN) has discovered a new roll front system and encountered significant mineralisation from drilling at the Lance In-Situ Recovery (ISR) Uranium Project in Wyoming, USA, adding directly to the next Resource estimate.

The new roll front system was confirmed in Area 16 and has an average thickness 12.4 feet (3.75 metres) grading 470 parts per million (ppm) uranium (U3O8) (GT 0.58).

Highlights include:

- 14.5 ft (4.39m) at 380ppm U3O8 (GT 0.55)
- 15.5 ft (4.69m) at 281ppm U3O8 (GT 0.46)
- 10.5 ft (3.18m) at 409ppm U3O8 (GT 0.41) including peak intersection of 4.5ft (1.36m) at 740ppm U3O8.

Drilling continues to convert the Indicated Resource from Inferred status within and adjacent to the Ross Permit Area and results will also add to Inferred Resources at the next Resource upgrade.

The company has completed a further 89 exploration drill holes for a total of 40,420 feet (12,248m) at the Lance Project with 50 holes encountering significant mineralisation and 12 holes reported multiple stacked intersections of uranium.

Results continue to demonstrate thick intervals of stacked mineralisation present in the high priority, previously untested area immediately to the north west of Ross.

Regional exploration has so far proved successful in identifying new mineralised roll front systems such as Eagle Claw and Area 16.

The company said drilling will continue to step out into these targeted areas that have the potential to significantly increase the existing Resource inventory.

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.

On April 16 Peninsula took another step toward commencing mineral extraction operations with the approval for the construction and testing of Underground Injection Control (UIC) Class 1 wells at Lance.

Stockbroker Hartleys upgraded Peninsula to a Buy with a 12 month price target of $0.16 on April 20.


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