PEN-Peninsula minerals-Uranium,gold

[JBmurc]

PENINSULA COMMENCES ENVIRONMENTAL BASELINE STUDIES
AT THE LANCE PROJECT, WYOMING USA
Highlights
• Senior Environmental Consultant appointed to lead the baseline monitoring
and permitting process in preparation for the development of the Lance ISR
Project; and
• Independent engineering expert appointed to review the hydrologic,
process and production data generated by the historic ISR Pilot Plant
operation
Summary
The Directors of Peninsula Minerals Limited (“Peninsula”) are pleased to announce two
key Environmental and Engineering appointments as the Company progresses
towards the development and re-commencement of uranium production at the
Lance ISR Project in Wyoming, USA (“Lance Project”).
Environmental Appointment
Peninsula has appointed Senior Environmental Consultant Pat Gochnour to lead the
environmental baseline monitoring and the permitting process required for permitting
of new ISR operations in Wyoming. Mr. Gochnour has provided environmental service
to the mining industry since 1981. Prior to forming his own company in 1994, he was
Vice President of Environmental Services for Pincock, Allen & Holt, a division of Hart
Crowser, Inc. He has also served as Corporate Environmental Manager for St. Joe
Minerals, Bond International Gold, LAC Minerals & MinVen Gold Corporation. His areas
of expertise include environmental audits, permitting programs, Plan of Operations
and EA/EIS development, alternative siting studies, reclamation planning,
environmental contingency planning, remediation and environmental litigation
support.

Past clients have included Phelps Dodge, BHP Billiton, Barrick Gold and LAC Minerals.
In addition to these site-specific capabilities and experience, Mr. Gochnour also
provides environmental and permitting feasibility support for project financing to a
wide range of United States and international clients.
Engineering Appointment
Peninsula has commissioned Doug Christopherson, Senior Engineer with independent
consultants World Industrial Minerals, to conduct a thorough review of all of the
historic hydrologic, process and production data generated in the historic ISR Pilot
Plant which was located on recently acquired mineral tenements at the Lance
Project.
With more than 32 years experience as a mining engineer, Mr. Christopherson has
held a number of senior engineering positions in the United States and Asia. In
addition to his engineering experience, Mr. Christopherson has completed a number
of plant/mine permitting, feasibility studies and ore reserve estimates and
environmental assessments.
Mr. Christopherson will review the significant amount of historic data related to the ISR
Pilot Plant that previously operated at the Lance Project. The trial mine and ISR Pilot
Plant were designed to produce 40,000 lb of U3O8 per year and ran successfully for
ten months prior to being closed due to the Three Mile Island Incident in March 1979.
The site was fully rehabilitated with all bonds returned from the Department of
Environmental Quality and the Nuclear Regulatory Commission by 1984.
The information related to the operation includes historic assay results, metallurgical
tests, environmental baseline studies and proven aquifer restoration and should prove
invaluable to Peninsula in reducing the time required for state and federal permitting
for a planned new ISR mining operation.
The appointment of these key engineering and environmental personnel is an
important step in Peninsula’s stated aim of progressing the Lance Project to a
production decision as soon as is practicable.
Yours Sincerely
John (Gus) Simpson
Chairman
For further information, please contact our office on (08)9420 9333 during normal business

[JBmurc]

I really think it's not if but when PEN trades 10x higher than current SP for mr hopefully before march 2010

worth alook major US holder
checkout the managerment of PEN worldclass


http://www.peninsulaminerals.com.au/news_articles.html

[JBmurc]

http://www.peninsulaminerals.com.au/...26abd0d8e33583

[drillfix]

I really think it's not if but when PEN trades 10x higher than current SP for mr hopefully before march 2010

worth alook major US holder
checkout the managerment of PEN worldclass

JBmurc,

Good luck with the world class management.

[JBmurc]

JBmurc,

Good luck with the world class management.

Ok not worldclass in the general sense more so in small-cap emerging miner sense

-with a world wide shortage of experienced Geo's PEN certainly has alot skills on board with these guys I bet many other aussie U308 companies would give there left one to gain even half of PEN's geo's

Warwick Grigor -is a highly respected and experienced mining analyst (once talked with peter from HGD where WG is also non-exe remember him saying WG was a genius in the U308 feild)

Andrew Ford -A geology Honours graduate ,for the last 10 years has lead exploration teams throughout Australia with Barrick Gold prior to bringing his strong management and operations skills to Peninsula Minerals in November 2007.

Jim Guilinger-A geologist with more than 31 years in the minerals industry,Mr Guilinger was Director of Exploration and Development in Mexico for Eldorado, and the mineral arm of Texaco

Bob Guilinger (Chief Geologist - Wyoming USA)
Mr Bob Guilinger has more than 45 years experience in the minerals industry and has completed numerous minerals development projects and resource estimation reports in the U.S. and overseas. He is a senior Fellow of the Society of Economic Geologists. Formerly with Union Carbide and the U.S. Atomic Energy Commission, he has been a private consultant for the past 22 years and is an expert on uranium exploration and resource estimation.

Mr Douglas Goodall (Operations Manager - Karoo, South Africa)
Mr Goodall is a geologist and mining analyst bringing to the Company over 33 years of experience

Peter Danchin (Project Manager - Karoo, South Africa)
Mr Danchin is a geologist with over 35 years of mineral exploration and is a highly experienced uranium exploration manager. For 10 years Mr Danchin was responsible for all aspects of Union Carbide's uranium Exploration programs in South Africa


Alan Marlow (Technical Director)
Dr Marlow is a geologist with over 30 years experience in the minerals exploration industry

PEN-the U sleeper

[SCHUMACHER]

JB MURC


I spoke with the company a few days ago to ask about drilling contracts for Sept (next month) for LANCE, WYOMING and i have been advised that they are currently in the process of sorting out the drill contracts, therefore we will be on track for next month to commence drilling at LANCE.....recently PEN also announced an increased resource target ......cant wait

Cheers Schu

[SCHUMACHER]

World Intustrial Minerals after re-interpretation have revised their exploration targets at LANCE to 50-76 million short tonnes u308 for between 50-76 million pounds u308


Here is the announcement

REVISED EXPLORATION TARGET SIZES AT LANCE: 50–76 MILLION TONNES eU308
Highlights
• World Industrial Minerals have, after re-interpretation, estimated that the
global exploration target size for the Lance projects is 39-60 million short
tons at 0.05-0.07% eU3O8 for between 50-76 million pounds of U3O81,
including:
o Estimated exploration target size at the Ross Project of 6.35-9.52
million short tons at 0.05%–0.07% eU3O8 for 8-12 million pounds of
U3O81
o Estimated exploration target size at the Barber Project alone of 2.60-
3.90 million short tons at 0.07%–0.09% eU3O8 for 4-6 million pounds of
U3O81
o Estimated exploration target size within and between the other 11
projects of 30.2-46.8 million short tons at 0.05–0.07% eU3O8 for 38-58
million lb U3O81
• Drilling is planned to start in September 2008 to commence the conversion
of historic mineralisation to JORC compliant resource status.
31 Ord Street, West Perth WA 6005,
GPO Box 2809, West Perth WA 6872
Phone: +61 (0) 8 9420 9333 Fax: +61 (0) 8 9321 2477
Peninsula Minerals Limited - ABN: 67 062 409 303
Summary
Peninsula Minerals Limited (“Peninsula”) is pleased to announce that independent
consultants Word Industrial Minerals (“WIM”) have recently completed a thorough reinterpretation
of the historic resources at the Lance Project in Wyoming, USA (“Lance
Project”). This process involved correlation of mineralised sands and construction of
mineralisation outlines over the thirteen project areas defined by historic drilling. The
mineralised outlines were constructed using realistic cut-off levels for grades and
thickness so that an objective estimation of the exploration target size for each
Project could be determined. This assessment has allowed prioritisation of Projects in
terms of a development schedule for the planned commencement of ISR mining. The
Ross Project, due to its high density of existing drilling and previous hosting of the ISR
Pilot Plant (now since fully rehabilitated) in the late 1970’s, has been identified as the
primary production centre. The Barber Project has been identified as the second
production centre. Please refer to Figure 1.
Revised Exploration target Sizes
Following a thorough review of the historic drill data comprising over 4,500 drill holes,
WIM identified a total of 22 mineralised sands with more than 204 km (127 miles) of roll
fronts. Each Project area contains from one to eight vertically stacked mineralised roll
fronts giving multiples of resource potential over the 37 km strike length of the Lance
Project area. Please refer to Figures 2 and 3 for maximum and average historic drilling
results for each project.
Mineralisation outlines were drawn around historic mineralised areas as defined by
drilling, based on a cut off grade of 0.02% eU3O8 and a grade thickness value of 0.3
%ft (a realistic threshold for Wyoming ISR projects). The exploration target size was
then calculated using estimates of the historic mineralised zones which were then
extrapolated into undrilled areas. A specific gravity conversion factor of 15.5 cu. ft.
per short ton has been used to calculate the tons tabulated in this report. Historic JV
operator Nuclear Dynamics had calculated this tonnage factor from large diameter
core they collected from drill holes on the Lance Project mineralisation during their
work in the 1970’s.
Based on the re-interpretation process above, the Ross Project, identified as the first
production centre, has a revised Exploration target size of 6.35-9.52 million short tons
at 0.05-0.07% eU3O8 for 8-12 million pounds of U3O81.
The Barber Project, located 18km (18.2 miles) south of Ross and seen as a second
production centre, has a revised exploration target Size of between 2.60-3.90 million
short tons at 0.07–0.09% eU3O8 for 4-6 million pounds of U3O81.
The revised exploration target size within and between the remaining 11 Projects is
30.2-46.8 million short tons at 0.05–0.07% eU3O8 for 38–58 million lb U3O81. This
significant potential is largely a result of the vertical stacking of the roll fronts which
multiplies the chances of mineralisation per km of strike length. In addition drill density
surrounding the Projects is very low and those holes drilled were often at insufficient
depth to test the deeper roll front positions. Follow-up drilling on many of the widely
spaced holes that did intersect mineralisation was minimal, all of these factors
indicating significant upside potential in these areas through further work.
31 Ord Street, West Perth WA 6005,
GPO Box 2809, West Perth WA 6872
Phone: +61 (0) 8 9420 9333 Fax: +61 (0) 8 9321 2477
Peninsula Minerals Limited - ABN: 67 062 409 303
The drilling set to commence in September will be the first phase of an extensive
program which is designed to bring both the Ross and Barber Projects to JORC
resource status prior to the commencement of a bankable feasibility study in mid
2010. Environmental baseline studies and metallurgical testing have commenced and
will be conducted concurrently with the drilling program.
Lance Project Background
The Lance Project is located on the North-East side of the Powder River Basin in
Wyoming. The original NuBeth Joint Venture, a joint venture between Nuclear
Dynamics Inc, Bethlehem Steel Corporation and later Pacific Power and Hydro
(“NuBeth JV”), discovered thirteen substantial zones of uranium mineralisation
associated with an extensive system of roll fronts through drilling between 1970 and
1979.
As part of this exploration program, the NuBeth JV drilled more than 5,000 exploration
and development holes, totalling in excess of 912,000 metres. This historic drilling data
was acquired by Peninsula in the second half on 2007 and has defined a little known
uranium district, mainly due to this drilling data and other project related data being
held by one related entity since its discovery in 1970. Peninsula now holds title over 7
of the 13 mineralised areas defined by the historic drilling, making it the dominant
mineral rights holder in this re-discovered uranium district. As previously announced,
the Company continues to actively acquire mineral title over the remaining Project
Areas as part of its dedicated land acquisition programme.
Conclusion
The completion of this intensive review and reinterpretation of the historical drill data
by WIM provides further confirmation of the potential economic viability of an ISR
operation at the Lance Project and supports the Company’s mission statement of
becoming a 1.5m lb per year U3O8 producer with production within one year of
permitting.
Yours Sincerely
John (Gus) Simpson
Chairman
For further information, please contact our office on (08)9420 9333 during normal business
hours.
1Please note that the potential quantity and grade of the Exploration Targets in this statement are
conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that
it is uncertain if further exploration will result in the determination of a Mineral Resource.
31 Ord Street, West Perth WA 6005,
GPO Box 2809, West Perth WA 6872
Phone: +61 (0) 8 9420 9333 Fax: +61 (0) 8 9321 2477
Peninsula Minerals Limited - ABN: 67 062 409
Disequilibrium Explanatory Statement: eU3O8 refers to the equivalent U3O8 grade. This is estimated from
gross-gamma down hole measurements corrected for water and drilling mud in each hole. These results
are provisional upon the application of calibration correction factors which are determined from
geochemical analysis. Geochemical analysis may show higher or lower amounts of actual U3O8, the
difference being referred to as disequilibrium. All eU3O8 results above are affected by issues pertaining to
possible disequilibrium and uranium mobility which should be taken into account when interpreting those
pending confirmatory chemical analyses.
Competent Person
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based
on information compiled by Jim Guilinger, Principal of independent consultants World Industrial Minerals
who has sufficient experience which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking as a Competent Person as defined in the 2004
Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves’. Mr Guilinger consents to the inclusion in the report of the matters based on his information in
the form and context in which it appears.

[SCHUMACHER]

June 2008 – QUARTERLY ACTIVITIES REPORT
HIGHLIGHTS

WYOMING, USA - LANCE URANIUM PROJECTS
- Revised exploration target is 39-60 million short tons at 0.05-0.07% eU3O8 for
between 50-76 million pounds of U3O81
- Drilling is scheduled to commence in September 2008 to convert historic
resources to JORC compliant status
-Senior environmental professional appointed to lead the baseline monitoring
and permitting process which commenced during the quarter
-Independent engineering expert appointed to review the hydrologic, process
and production data generated by the historic pilot plant

Cash at bank at the end of the Quarter was $5.13 million.

In June 2008, independent consultants World Industrial Minerals (“WIM”) completed
a thorough re-interpretation of the historic resources at the Lance Projects. This
process involved correlation of mineralised sands and construction of mineralisation
outlines over the thirteen project areas defined by historic drilling. The mineralised
outlines were constructed using realistic cut-off levels for grades and thickness so
that an objective estimation of the exploration target size for each Project could be
determined. This assessment has facilitated prioritisation of Projects in terms of the
development schedule for the planned recommencement of ISR mining.

The Ross Project (“Ross”), due to its high density of existing drilling and previous
hosting of the ISR Pilot Plant (now since fully rehabilitated) in the late 1970’s, has
been identified as the primary production centre with a revised Exploration target of
6.35-9.52 million short tons at 0.05-0.07% eU3O8 for 8-12 million pounds of U3O81. See
Figure 2.
The Barber Project (“Barber”) located 18km (18.2 miles) south of Ross and seen as a
second production centre, has a revised exploration target of between 2.60-3.90
million short tons at 0.07–0.09% eU3O8 for 4-6 million pounds of U3O81.
The revised exploration target within and between the remaining 11 Projects is 30.2-
46.8 million short tons at 0.05–0.07% eU3O8 for 38–58 million lb U3O81 giving a global
exploration target for the Lance projects of 39-60 million short tons at 0.05-0.07%
eU3O8 for between 50-76 million pounds of U3O81.

This significant potential is largely a result of the vertical stacking of the roll fronts
which multiplies the chances of mineralisation per km of strike length. In addition drill
density surrounding the Projects is very low and those holes drilled were often at
insufficient depth to test the deeper roll front positions. Follow-up drilling on many of
the widely spaced holes that did intersect mineralisation was minimal, all factors
indicating significant upside potential in these areas through further work.
The drilling, set to commence in September 2008, will be the first phase of an
extensive program which is designed to bring both the Ross and Barber Projects to
JORC resource status prior to the commencement of a bankable feasibility study in
mid 2010.
The completion of this intensive review and interpretation of the historical data by
WIM has provided the Company with further confirmation of the potential economic
viability of an ISR Operation at the Lance Project and supports the Company’s
mission statement of becoming a 1.5m lb per year U3O8 producer with production
within one year of permitting.
Key Development and Engineering Appointments
The environmental monitoring program at Lance commenced with the appointment
of senior environmental professional Pat Gochnour, a provider of environmental
services to the mining industry since 1981. Mr Gochnour’s areas of expertise include
environmental audits, reclamation planning, environmental contingency planning,
remediation and environmental litigation support. Past clients have included Phelps
Dodge, Barrick Gold and Lac Minerals.

regards Schu

[JBmurc]

yeah lots of great news of late for PEN if only we were in U308 bull market PEN would be well over 20c

here's some numbers done by- Dhuy -of HC

Following calcs done on current exchange rate of USD/AUD $0.89.

Total (Gross) IGV AUD$3,030,300,000
Nett Annual Profit AUD$42,002,123 (all taxes/costs/capex accounted for)
Project life of 28 years
Nett value over project life AUD$1,176,059,430
Mkt Cap
Shares on Issue ~960,000,000
Total value per share for the Lance project of $1.225 (this is on a P/E of 1:1)

Annualised this is $0.044 on a P/E of 1:1
On a P/E of 10 (which is what will probably be the case) value per share $0.44

Now include PEN's great assets in SA there Gold in Fiji the good aussie tenaments $1sp might not be so outlandish in 3-4yrs time

[brettdale]

Its a long termer, but I like a company with cash in the bank.