30 July 2007 Australian Stock Exchange Limited (ASX) Company Announcements Platform Via e-lodgement JUNE 2007 – QUARTERLY ACTIVITIES REPORT HIGHLIGHTS WYOMING, USA - SUNDANCE URANIUM PROJECT �� Further historical data obtained for the Sundance uranium project in Wyoming, USA. �� Expansion of the project area has commenced with an accelerated acquisition programme of additional mineral rights. �� Consultants appointed to review data and conduct drilling to produce JORC compliant resource on Oshoto deposits. SOUTH AFRICA – URANIUM / MOLYBEDENUM EXPLORATION �� All six South African Prospecting Rights for uranium/molybdenum now notarially executed by the Department of Minerals and Energy. �� Approval received from the Nuclear Energy Corporation of South Africa for access to previously unavailable historical data held in archives. �� Consultants have been appointed to commence field work.
The Company is very pleased to announce that during the quarter it has successfully negotiated the purchase of much of the original data generated by the Nubeth JV, including original radiometric drill logs, drill core and roller blade drill chips. The Company now controls key properties hosting a significant portion of the defined mineralisation, as well as properties south of the mineral deposits, in an area that has excellent exploration potential. Better uranium intersections from the ground held include; 3.8 metres (12.5 feet) @ 0.243% eU3O8, 3.5 metres (11.5 feet) @ 0.159% eU3O8, 6.2 metres (20.5 feet) @ 0.083% eU3O8 and 9.1 metres (30 feet) @ 0.056% eU3O8.
An active programme of claim “staking” and negotiation with landowners and mineral rights holders is underway to secure further strategic portions of the original Nubeth JV project area at Sundance which contain uranium intersections similar to those cited above from the existing tenement areas. It is expected that this activity will lead to a considerably enhanced uranium exploration project.
The Company is also pleased to report that World Industrial Minerals (WIM) of Denver, Colorado, have been appointed to review the historical data and to conduct a drilling programme to facilitate conversion of the previous resource and reserve estimates to JORC compliant resources, initially on the Oshoto deposit areas currently held and later on other deposit areas.
Peninsula Minerals Limited June 2007 – Quarterly Activities Report Page # : 4 WIM is an international consulting firm that specialises in the evaluation of industrial, precious, base and strategic mineral projects throughout the world. WIM have extensive experience in uranium exploration and production projects in both the Powder River Basin in Wyoming and the
Karoo region of South Africa. SOUTH AFRICA – URANIUM / MOLYBDENUM EXPLORATION [Peninsula Minerals 74% / BEE Group 26%] The three outstanding Prospecting Rights in the Northern Cape Province have been formally executed by the Kimberley office of the Department of Minerals and Energy (DME) and are awaiting registration at the Mining Titles Office in Pretoria. As there is now a backlog for registration at the Mining Titles Office the Company has agreed with the National Nuclear Regulator to process the application for a Certificate of Registration initially for field work to commence on Sites 22, 29 and 37 whilst awaiting registration of the Prospecting Rights for Sites 5, 45 and 49. Field work, involving collecting samples for assay for uranium, could not commence until a Certificate of Registration was received from the National Nuclear Regulator. In the previous quarter data consisting of plans and cross sections of percussion and diamond drill holes from the late 1970’s and early 1980’s drilling by JCI Limited at Sites 22 and 45 was acquired from the legal owner of the data base but the written reports and drill logs had not been located. Following a joint approach with the legal owner of the database to the Nuclear Energy Corporation of South Africa for access to all relevant data in their files has recently been granted and copies of these reports and data are being produced. Reconstruction of the drill logs from the lithology and the down-hole logging uranium values recorded on the cross sections is progressing so that preliminary calculations can be made on the tonnage and grade of the historic deposits. The Company is pleased to announce that Geo-Consult International (Pty) Ltd (GCI) of Johannesburg has been appointed to conduct the field work. This will commence with locating previous drill holes, geological mapping and radiometric traversing shortly after the National Nuclear Regulator issues the relevant certificate. GCI is an international consulting firm that specialises in a wide range of services to the exploration, mining, minerals and engineering industries, including Exploration and Project Management, Project and Mineral Rights Evaluation, Target Generation, Geological and Geophysical Surveys, Exploration Logistics Management, Digital Mapping and Data Base Design, Due Diligence Assessments and Geological Audits.
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0.0¢ Sentiment: Buy Disclosure: Not Held
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