Uranium Mining and Exploration

[Lone Clone]

Peninsula Minerals ticks off Pre-Feasibility study milestone at Lance Uranium projects
by Proactive Investors

http://www.proactiveinvestors.com.au/companies/news/3425/peninsula-minerals-ticks-off-pre-feasibility-study-milestone-at-lance-uranium-projects-3425.html

Perth-based uranium miner Peninsula Minerals (ASX: PEN) has commenced the Pre-Feasibility Study at the company's Lance Projects in Wyoming.

Investors may recall Peninsula is targeting an inferred resource of 12-18mlb U308 by mid-2010 at Ross and Barber.

Executive chairman Gus Simpson said today ongoing interpretation of the results from the current drilling program, as well as the inclusion of previously unreported mineralised holes, has increased the company's confidence, in achieving its June 2010 JORC targets.

Significant progress has also been made in the mine planning and development process at the Lance Projects, now at a stage where detailed plant design can commence.

Mining engineers and uranium specialists Lyntek Inc (Lyntek) have been appointed to design an In-Situ Recovery (ISR) uranium processing plant, capable of processing up to 3 million pounds of U3O8 per annum.

Plant design is anticipated be completed by the end of February 2010.

The feasibility study will evaluate subsurface zones for the disposal of fluids from ISR mining and restoration.

The PFS, when combined with optimization studies, metallurgical studies, hydrological studies and mine permitting studies, being conducted in parallel - will form the basis for the full feasibility study - scheduled to for completion by early 2011.

The Nuclear Regulatory Commission (NRC) also provided positive feedback to Peninsula during October and November with potential to reduce the timing of the mine permitting approval process.

Gus Simpson said Peninsula has assembled a first class uranium team to advance the projects on all fronts with significant progress and achievements.

Interestingly, as a result of the recent acquisition of the NuBeth Database acquisition from UrEnergy, gives rise to a far greater exploration potential of over 70m/lb, and hence an upgrading of possible resources over the entire Lance Project area - a possibility not widely factored in at current valuations.