peninsula minerals ticks more boxes

Peninsula Minerals ticks more boxes at Lance uranium projects in Wyoming

Thursday, September 24, 2009

Flush with cash and an equity line of capital, Wyoming uranium project developer Peninsula Minerals (ASX: PEN) is continuing to tick boxes at its low cost Lance uranium projects in the USA.

Gus Simpson, chairman of Peninsula is targeting uranium production from Lance of 1.5 million pounds per annum via In-Situ Recovery mining from Q1 2012.

A JORC resource is due in Q2 2010.

The Peninsula share price has been on a tear since early 2009, tripling in effect. However, the real upside could come from an aggressive exploration program over 13 project sites at Lance in Wyoming.

Wyoming currently boasts 50% of US uranium production. Production in Wyoming is from ISR, allowing for application reviews by the Nuclear Regulatory Commission within two years.

Peninsula has appointed an experienced ISR Mining Professional, Al Berglund as consultant to the company. Since leaving Cogema, Berglund has consulted as Development Manager for the Honeymoon In-situ Uranium Project located in South Australia.

The company has also appointed Wyoming based WWC Engineering Services to conduct the ISR permitting program at the Lance projects in Wyoming, USA.

Significantly, WWC have committed to the completion and submission of all permitting applications to the Nuclear Regulatory Commission (NRC) and Wyoming Department of Environmental Quality (WDEQ) by 1 December 2010.

Peninsula chief operating officer Tony Simpson has moved to Wyoming, to oversee the development of the Lance projects. This has involved the establishment of an office in Gillette along with the expansion of the local geological, drilling and land acquisition teams.

Gus Simpson said, "Mr Simpson's presence in Wyoming has communicated Peninsula’s strong commitment to fast tracking Lance and this is being recognised both by the response of the land/mineral-rights owners in the Lance area and the other uranium project developers in the Powder River Basin."

“In a very short time we have put in place all the key people and expertise to take these projects to development. This has resulted in many groups identifying Peninsula as a serious participant in Wyoming Uranium and is delivering both results and opportunities to Peninsula,” Simpson said.


http://www.proactiveinvestors.com.au/companies/news/2653/peninsula-minerals-ticks-more-boxes-at-lance-uranium-projects-in-wyoming-2653.html