70cps +

Hi all

PEN as a stock is one which, as it develops through the regulatory processes become a more and more viable proposition with each box ticked. Like a couple of other stocks I own this has become a long term hold. I am not interested in a tick here or there, I am interested in 8-10 bags or more. Think I am joking??? Read on as to what Hartley's have to say (though many long time holders would be well aware of this already):


PENINSULA MINERALS LTD
Massive Uranium Potential, Upside >70cps
Peninsula Minerals Limited (??Peninsula??, ??PEN??, ??Company??) has made significant progress over the last two months, particularly at its 100% owned In Situ Recovery (??ISR??) uranium project (??Lance Project??) in Wyoming, USA. The
Company is targeting a 15mlb U3O8 JORC compliant resource by mid 2010; however, we believe that recent achievements could result in a surprise in both timing and magnitude. Results from the ongoing drilling program should provide
further confirmation of the potential at Wyoming. The Lance Project has exploration potential of 76mlb, which we estimate could be worth up to 44cps. We are also expecting increased activity towards the end of the year at the
Company??s 76% owned Karoo Project, in South Africa, where the exploration potential of 150mlb could be worth an additional 33cps.
Full Steam Ahead ?V Major Milestones Achieved
The following achievements have been made recently:
?h Increase in landholdings across the Wyoming acreage, now with title over 11 of 13 project areas with historical mineralisation. Leasing activity is ongoing and the Company has secured exclusion zones from many of its
peers in the region, ensuring control at its key areas.
?h Proved up exceptional porosity and permeability. Results from 24 core plugs taken from wells drilled in late 2008 returned average porosity of 42% and average permeability of 2,400 millidarcies. This is significantly higher than
the 30% porosity and 500 millidarcies considered sufficient for ISR mining.
?h Confirmed excellent grades of up to 3,300ppm, roll front thicknesses >35ft and grade thickness >1.6ft%. Grade thickness is a better indicator of commerciality than grade or thickness taken individually. Indicative cut offs
for commercial ISR mining are 0.2ft%.
?h Recovery rates of 76%-88% were also achieved from testing of the cores taken. Significantly, the higher recovery rate was achieved from a relatively low-grade core, indicating potential for increased resources.
?h The NuBeth database, which contains data for over 5,000 historical drill results, was acquired for US$1m. Much of this data has been independently confirmed as being eligible for inclusion in a JORC resource, resulting in
significant time and cost savings for the Company. The database also contains roll front maps, permitting data, environmental and operational reports from the historic pilot plant. Most significantly, the database confirms
a positive disequilibrium factor of 27%, where the results from down-hole gamma logging of uranium mineralisation have been shown to be lower by 27% than the more accurate chemical assays. This indicates potential for
upgrading of possible resources.
?h The permitting process has commenced at the most advanced project, Ross, and aquifer monitoring wells are planned for the next phase of drilling.
?h Funding optionality has been secured through a line of equity arrangement for up to $50m. This may result, if used, in the issue of new shares; however, the Company retains complete discretion as to the timing of any
drawdowns. We also view this as providing the Company with certainty around its funding situation and leverage in relation to any negotiations with potential partners.
?h Confirmation of high grade and broad intersections of mineralisation have also increased the potential for increased resources.

Now tell me I was a fool for buying in on the granting of permit to mine (allbeit for another comapny). Simply another box ticked, increased surity of project.

PGamble