major milestone, page-7

4 January 2011
Companies Announcement Of f ice
Via Elect ronic Lodgement
PENINSULA COMPLETES MAJOR REGULATORY MILESTONE
Peninsula Energy Limited (Peninsula) is pleased to announce that it has, through its wholly
owned US subsidiary Strata Energy Inc (Strata), completed a major regulatory milestone with
the submission of its application to the US Nuclear Regulatory Commission (NRC) for a
Combined Source and 11e.(2) Byproduct Material License.
The December 31, 2010 application requests authorization to construct and operate an in-situ
uranium recovery (ISR) facility at Peninsula?s Ross ISR Project, located near Oshoto, in northeastern
Wyoming (Ross Project). The proposed facility would consist of wellfields, pipelines and
a central plant to process extracted uranium into yellowcake for commercial use in nuclear
power plants.
Peninsula is targeting commencement of uranium mining at the Ross Project in 2012, joining
other successful uranium producers in Wyoming whose efforts are spearheading domestic
energy development in the U.S. using the most environmentally benign uranium recovery
process available.
The submission of the license application follows approximately 25 months of drilling, baseline
testing, data analysis, resource modeling, process design, and public outreach and was
prepared in accordance with relevant NRC regulations and guidance. Strata also reviewed
requests for additional information (RAIs) from NRC Staff to current ISR licensees and license
applicants to ensure that the information requested, where appropriate, was included in
Strata?s own data sets and analysis.
The process involved public outreach to interested stakeholders in the proposed Ross project
area and to the broader community beyond to identify and acknowledge any public
concerns and to include appropriate measures in its license application to address all of those
concerns. As previously announced, in October of 2010 the NRC conducted an
unprecedented on-site visit and pre-license application submission review of Strata?s proposed
license application to identify any major acceptance or technical/environmental review
issues. Feedback from that critical review was then incorporated into the final license
application package.
Peninsula?s Chief Operating Officer Tony Simpson said he is pleased with the efforts of the
Wyoming-based permitting team in preparing the application for submission in just one year.
?We set a very aggressive schedule for this project, and we are confident that what we are
delivering to the NRC is a very comprehensive, technically complete and publicly vetted
submission.?
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 history of uranium development in the proposed Ross project area extends back to the
late 1960s, when some 5,000 exploration holes were drilled and an ISR research and
development plant was constructed in the area by a joint venture between Nuclear Dynamics
and Bethlehem Steel (NuBeth).
Strata purchased the complete database for the NuBeth project containing, among other
things, the original electronic drill logs, permitting application and approvals, plant operating
reports and plant closure reports. The information contained in the database, combined with
additional data gathered and analyzed by Strata, confirms significant uranium mineralization
and hydrogeological conditions conducive to the ISR method.
Building on this information, Strata has applied state-of-the-art technology to a proven uranium
recovery method through the use of sophisticated geological and hydrological modelling
systems.
Strata commenced an independent feasibility study in December of 2009 with the
development of a 5,200+-hole, computer-based geologic model. Strata used cutting-edge
well installation methods and hydrologic instrumentation systems to develop pre-operational
baseline characteristics of the proposed Ross ISR site, which forms part of the total project area
and the first proposed area to be permitted for production.
The comprehensive application package is available for public review at the Crook County
Public Library at 414 Main Street and the Crook County Courthouse at 309 Cleveland Street in
Sundance, Wyoming; and at the Wyoming Department of Environmental Quality offices at
2100 W. 5th Street in Sheridan, Wyoming and 122 W. 25th Street in Cheyenne, Wyoming.
Strata will deliver hard copies of its NRC license application to the NRC at a public meeting in
Washington, DC on Tuesday, January 4. Information on this and future NRC public meetings will
be posted at http://www.nrc.gov/public-involve/public-meetings/index.cfm. The NRC will then
conduct an ?acceptance review? to ensure that the application is complete. If the
application is deemed complete, it will be accepted for detailed technical and
environmental review.