dfs pretty much complete, page-3

A pretty informative update Pewal!

I've done a more complete transcript, below.

Highlights are the equity 'interest' in Lance from at least one Asian group and also the building investor/partner interest in the Karoo projects.

Multiple projects + long mine life = 'real' interest from many potential investors (partners?)

Only a little finessing to go with the DFS (hopefully see it this week)

RESOURCE UPGRADE

We?ve got about 300 kms of roll fronts at the Lance projects. We?ve only explored a very small percentage of them. It?s becoming clearer to many groups that Peninsula has the potential to delineate several large mineral deposits within the greater Lance area and this is already attracting interest from many players in the uranium space?and we recently had another large Asian group approach us and try to acquire a direct interest in these projects last week. The implications are that continued drilling here will continue to advance the status of resources that we?ve got and add to them further.

IMPLICATION OF UPGRADE FOR DFS

?allows us to demonstrate greater certainty of potential production rates and revenues?.This is for utilities, financiers and investor groups. This is important because utilities are looking for diversity of supply both across suppliers and within the same supplier. They also want sustained supply?a long mine life effectively.


CURRENT FOCUS

?we are focussed on building lbs?converting inferred to measured and indicated?.The market?s rewarding companies for large deposits and if they look like they can get them into production. We are also keen to get up the curve on the African projects. They are really starting to attract attention as well. The fact that we look like getting multiple projects up is a real interest to many groups.

DFS STATUS

?the DFS is pretty much complete and we are now writing it up?as well as completing several optimisation studies to improve the on-going capital development numbers. With ISR the central processing unit is relatively inexpensive. The big cost is the on-going drilling with injection and extraction wells?encasing these and cementing them. We need to think outside the box to ensure this is done in the most cost effective way and that is what we are doing with the optimisation studies