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URANIUM PROJECTS COMBINED
The combined portfolio of international uranium projects will provide existing and new shareholders with exciting exposure to assets in 3 countries (Figure 1). The two advanced uranium projects, Karoo in South Africa and Sundance in Wyoming (USA) have excellent potential for the definition of multiple uranium deposits. The dedicated uranium exploration team and focused funds provided by Peninsula which held $4.5 million in cash at 31 December 2006, will ensure rapid resource definition on the advanced stage uranium plays of Karoo and Sundance.

Sundance Uranium Project - Wyoming USA
PacMag's Sundance project in the north-east Powder River Basin in Wyoming USA, includes major portions of the Oshoto uranium deposits (Figure 2). Wyoming is host to several former and currently operating uranium mines owned by companies such as Cameco, Rio Tinto and Cogema.

The Sundance district hosts a significant amount of uranium mineralisation over a large area (35 kilometres by 8 kilometres). The mineralisation, which is related to an extensive system of roll fronts, is hosted in several discrete uranium deposits, and along the oxidation-reduction interfaces throughout the area. The uranium mineral deposits in the area of Oshoto, where the claims are situated, are amenable to in situ leaching, as demonstrated by the results of the pilot plant program undertaken in the late 1970’s.

Technical data covering the project including drilling database is owned by PacMag, which will facilitate conversion of the previous resources and reserve estimates to JORC compliance.

The technical data purchased by PacMag covers the full extent of the roll front systems in the Sundance district, whilst the Company’s mineral rights (~1000 acres) cover important parts of two of the Oshoto deposits, and further state mining leases (1500 acres) cover portions of the projections of the roll fronts south of the deposits.