Peninsula Energy leadership take up shares

On the heels on its first uranium deliver to a U.S. power utility,Peninsula Energy has made a strong show of internal confidence with two directors consolidating their stake in the company.

Peninsula directors John (Gus) Simpson and Warwick Grigor have exercised options in the company, with a combined value of A$128,000.

Simpson acquired about 66,700 shares valued at $80,000 while Grigor acquired 40,000 shares worth $48,000.

The uptake comes as the market anticipates some positive newsflow out of the burgeoning uranium operator, including an update on ambitions to list on the New York Stock Exchange – MKT.

Peninsula’s new status as a producing uranium company with active sales channels is expected to drive increasing revenues in the medium term on the back of price hikes for the nuclear fuel connected to growing demand from Asia’s expanding reactor fleets.

Peninsula has 1.9 million pounds of U3O8 contracted to utilities at a weighted average price approaching US$60 per pound, which is well above the current spot price (US$34per pound).

This is estimated to represent about 40% of stage-1 production per annum at the company’s Lance operations in the U.S.

http://www.*.com.au/companies/news/...-leadership-shows-faith-in-uranium-66514.html