Peninsula ups resource estimate at Lance uranium project by 25%

The Directors of Peninsula Energy Limited are pleased to announce a further upgrade to the JORC-compliant resource estimate for the Lance uranium projects in Wyoming, USA. This upgrade has been achieved from the February upgrade by the completion of an additional 300 drill holes.

The revised JORC compliant resource estimate of 41.4Mlbs U3O8 represents a 25% increase to the total resource estimate including a 7% increase in measured and indicated resource since the previous upgrade in February 2011. Completion and publication of the Definitive Feasibility Study (DFS) results, which has been held over subject to finalization of the updated resource numbers and well field design optimization, is expected shortly.

“We are very pleased with this resource upgrade and the ongoing drill program. It continues to convert areas of mineral potential into further JORC resource and to enhance resource status from inferred to indicated and measured. This is adding significant value to the Lance project. Importantly, we will now factor this into the DFS model and publish those findings,” said Executive Chairman Gus Simpson.

Read the full news release here