great ann

25th March 2011
Companies Announcement Of f ice
Via Elect ronic Lodgement
HIGH GRADE INTERSECTIONS CONTINUE FROM
LANCE RESOURCE DRILLING
Highlights
? Significant Intercepts included:
RMR0903 from 551.75ft to 579.25ft intersected 27.5 ft @ 518ppm U3O8
( includes peak intersection of 5ft @ 2,300ppm U3O8 )
RMR0934 from 570.25ft to 583.75ft intersected 13.5 ft @ 567ppm U3O8
( includes peak intersection of 3ft @ 1,380ppm U3O8 )
RMR0889 from 787.75ft to 811.25ft intersected 23.5 ft @ 418ppm U3O8
RMR0880 from 687.75ft to 708.75ft intersected 21 ft @ 392ppm U3O8
? Drilling continues to convert indicated resource from inferred status
? Results will also add to inferred resources at next resource upgrade
? Further extensions to newly-discovered roll fronts adjacent to the Ross
Permit Area
Summary
Peninsula Energy Limited (Peninsula) is pleased to announce that it has completed a further
60 exploration drill holes for a total of 47,120 feet at the Lance Project, of which 30 holes
encountered significant mineralisation and 13 holes reported multiple stacked intersections of
uranium.
Current drilling at Ross is designed to convert the existing inferred resource? to indicated JORC
compliant resource status, within and adjacent to the Ross Permit Area and to identify new roll
front mineralisation that is yet to be categorised.
Recent results continue to demonstrate thick intervals of stacked mineralisation present in the
area immediately to the north west of Ross. This area, which was not tested during the 1970?s
Nubeth drilling, was identified as a high-priority drilling target from Peninsula?s high resolution
3D modelling.
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
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.
2011 Lance Drilling Program
During the period 19 February to 21 March 2011 Peninsula has completed 60 drill holes at Ross
of which 30 holes encountered significant mineralisation and 13 holes reported multiple
stacked intersections of uranium.
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).
Drilling during the period continued to test extensions of this newly-discovered strong, stacked
roll front system in the southern parts of Section 12 (north-west of the Ross permit area).
Exploration drilling along this roll front system has extended the resource a further 1,200m along
strike. A feature of this area is the almost coincident nature of the lower A Horizon and the
upper B Horizon roll fronts.
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 drilling completed during February and March has defined a more northerly trend to the
roll front system. Figure 2 below illustrates the detail of the stacked characteristics of the
mineralised system.
The latest drilling results include 13 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 inventory.
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
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 is
continuing. Peninsula continue to utilise an advanced 3D geological and resource modelling
system to assist in the identification of targets in previously unexplored areas. Significantly, the
area of strong mineralisation defined over the last three months in the area to the north west of
Ross had not been drill tested by previous explorers.
TABLE 1: Drilling Results Ross February 2011-March 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
RMR0875 501997 4936799 840 707.75 24'@300ppm 2.5'@ 690 ppm 0.72
RMR0880 501958 4936827 840 687.75 21'@392ppm 1'@1260ppm 0.82
RMR0884 501954 4936647 760 730.75 10'@197ppm 1'@560ppm 0.20
RMR0885 502035 4936801 820 713.25 24'@111ppm 3'@260ppm 0.27
RMR0887 502076 4936797 820 691.25 13'@210ppm 0.5'@520ppm 0.27
RMR0889 501789 4937042 860 787.75 23.5'@418ppm 2.5'@1350ppm 0.98
RMR0900 501789 4937078 860 777.75 17.5'@440ppm 6'@650ppm 0.77
RMR0903 502739 4935018 660 551.75 27.5'@518ppm 5'@2300ppm 1.42
RMR0909 501839 4937005 860 798.75 15'@179ppm 2'@290ppm 0.27
RMR0915 502732 4935059 660 563.75 8.5'@250ppm 0.5'@550ppm 0.21
RMR0920 502111 4936875 820 670.75 5.5'@444ppm 1'@1330ppm 0.24
RMR0923 501905 4936963 880 789.25 8.5'@254ppm 4'@360ppm 0.22
RMR0934 502711 4935087 660 570.25 13.5'@567ppm 3'@1380ppm 0.77
(Cutoff > 2 feet and 100ppm). Refer Table 2 for complete list of results for the period.
Towards the south western portion of the Ross Permit Area a second newly-identified roll front
has been intersected with significant results including hole RMR0903 which returned 27.5?@
518ppm U3O8 (Figure 1). Further drilling will be conducted to determine the full extent of this
system.
Conclusion
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.
Yours sincerely
John (Gus) Simpson
Executive Chairman