ann-high grade drill results continue at lance

24th February 2011
Companies Announcement Office
Via Electronic Lodgement
HIGH GRADE DRILL RESULTS CONTINUE AT LANCE
Highlights
 Hole RMR0859 intersected 21ft @ 378ppm U3O8 for GT 0.79 and
22.5ft @ 252ppm U3O8 for GT 0.57
 Hole RMR0827 intersected 8ft @ 820ppm U3O8 for GT 0.66
 Hole RMR0831 intersected 6ft @ 730ppm U3O8 for GT 0.44
 Hole RMR0824 intersected 11.5ft @ 360ppm U3O8 for GT 0.41
 Drilling continues to convert inferred resource to indicated status
 Results will also add to inferred resources at next resource upgrade
 Drilling program expanded with second rig deployed at Ross and a third
planned for Barber
Summary
Peninsula Energy Limited (Peninsula) is pleased to announce that it has completed a further 55
development drill holes for a total of 38,960 feet at the Ross Project (Ross).
Current drilling at Ross is designed to convert the existing inferred resource? to indicated JORC
compliant resource status. One drilling rig is currently engaged within the Ross Permit area
while a second drilling rig is dedicated to the areas immediately adjacent to the north-west.
Within the next quarter a third drilling rig will also commence drilling at Barber.
Executive Chairman Gus Simpson said ?the drilling at Lance is producing very pleasing results
that continue to upgrade the quality and quantity of the resource and augur well for the next
re-calculation. It has been a difficult winter in Wyoming and the team is doing an exceptional
job?.
2011 Lance Drilling Program
During the period 18 January to 18 February 2011 Peninsula has completed 55 drill holes at Ross
of which 33 holes encountered significant mineralisation and 15 holes reported multiple
stacked intersections of uranium.
Peninsula Energy Limited -2-
Level 1, 477 Hay Street, Subiaco WA 6008, PO Box 8129, Subiaco East WA 6008
Phone: +61 (0)8 9380 9920 Fax: +61 (0)8 9381 5064
Peninsula Energy Limited - ABN: 67 062 409 303
The focus of the drilling was within and adjacent to the resource zones in the Ross Permit area,
(predominantly in Sections 12, 13 and 24 as shown in Figure 1), with further exploration drilling in
the more sparsely drilled zones of Section 7.
Drilling during the period continued to test extensions of a strong, stacked roll front system in
the southern parts of Section 12 (north-west of the Ross permit area).
The latest drilling results include 17 separate intersections with GT greater than 0.2ft/% (Refer
Table 1). All of these intersections are located outside the existing measured/indicated
resource boundaries and will add further to the recently announced resource base.
Figure 2 below illustrates the detail of the stacked characteristics of the mineralised system that
trends towards the west and north-west.
Peninsula Energy Limited -3-
Level 1, 477 Hay Street, Subiaco WA 6008, PO Box 8129, Subiaco East WA 6008
Phone: +61 (0)8 9380 9920 Fax: +61 (0)8 9381 5064
Peninsula Energy Limited - ABN: 67 062 409 303
The results (as shown in Table 1), demonstrate the broad intervals of uranium mineralisation
within this roll front system. Further testing of the north-westerly extension of this trend will
continue.
TABLE 1: Drilling Results Ross January 2011-February 2011 (based on grade thickness > 0.2GT)
Hole ID Local
Northing
Local
Easting
Depth
(ft)
From
(ft)
Intercept ft /
PFN U3O8
grade ppm
Peak
Concentration
Intercept ft /PFN
U3O8 grade
ppm
Grade
Thickness
ft% U3O8
RMR0824 4938286 503386 580 425.75 11.5'@360ppm 2.5'@580ppm 0.41
RMR0827 4936801 501858 820 714.25 8'@820ppm 6' @ 1000ppm 0.66
RMR0831 4936825 501826 820 694.75 6'@730ppm 4.5' @ 930ppm 0.44
RMR0834 4936845 501892 800 729.75 23.5'@167ppm 5' @ 240ppm 0.39
RMR0834 4936845 501892 800 783.25 4.5'@480ppm 2' @ 750ppm 0.22
RMR0843 4936847 501920 840 744.25 12.5'@175ppm 4.5'@300ppm 0.22
RMR0843 4936847 501920 840 771.25 19.5'@184ppm 9'@240ppm 0.36
RMR0846 4936877 501906 840 765.25 8.5'@300ppm 1.5'@650ppm 0.26
RMR0850 4936767 501894 840 759.25 20.5'@170ppm 3'@390ppm 0.35
RMR0854 4936815 501802 820 686.25 10.5'@263ppm 1'@560ppm 0.28
RMR0859 4936798 501961 840 715.75 21'@378ppm 3.5'@810ppm 0.79
RMR0859 4936798 501961 840 759.75 22.5'@252ppm 16'@310ppm 0.57
RMR0862 4937009 501807 860 796.25 18'@140ppm 2'@350ppm 0.25
RMR0866 4935047 502731 680 573.75 9.5'@286ppm 0.5'@510ppm 0.27
RMR0872 4935048 502743 660 554.75 10'@340ppm 1.5'@530ppm 0.34
RMR0876 4936681 501983 840 747.75 6.5'@560ppm 4'@710ppm 0.36
RMR0878 4936678 501958 780 709.25 20.5'@147ppm 2'@710ppm 0.30
(Cutoff > 2 feet and 100ppm)
Peninsula Energy Limited -4-
Level 1, 477 Hay Street, Subiaco WA 6008, PO Box 8129, Subiaco East WA 6008
Phone: +61 (0)8 9380 9920 Fax: +61 (0)8 9381 5064
Peninsula Energy Limited - ABN: 67 062 409 303
These results are reporting a significantly increased percentage of ore grade holes. This is due
to an improving geological model which forms the basis of on-going drill planning.
Peninsula is pursuing a strategy of converting inferred resource to indicated resource as well as
undertaking regional exploration that aims to locate the mineralised portions of over 320 lineal
kilometres of mapped redox boundaries.
Two rotary mud rigs are currently engaged full-time in the northern Ross area and a third rig is
planned for the Barber area to identify additional uranium mineralisation and increase the
status of the existing resource.
Yours sincerely
John (Gus) Simpson
Executive Chairman