Re: PEN - Peninsula Minerals
All of the pieces are falling into place, slowly but surely. This wasn't my find but it is a worthwhile read. No doubt this will be on the new website as they continue to add information. PEN is beginning to look very exciting indeed.
I recommend if not already registered to the website source indicated below, that you do so. A significant amount of information on any number of companies.
The company is convinced and so am I. One thing is becoming a certainty, PEN won't remain at 3c for long!
"...especially considering the potential of our Lance project to be a company maker that will enable use to capitalise on the growing demand for uranium as a supplement to coal for base load power supply."
Peninsula Minerals Commences Environmental Baseline Studies at its Lance Project, Progressing the Company Towards its Aim of Becoming a Profitable Uranium Producer
Peninsula Minerals Ltd is a uranium exploration company that is primarily focused on taking its flagship project – the Lance Project, in Wyoming, USA – through to production, while subsequently continuing the exploration and development of the additional tenements within its portfolio in South Africa and Australia.
The Company’s aim is to be a 1.5m lb per year U3O8 producer from an In-Situ Recovery operation at the Lance Project in Wyoming USA within 2 years of permitting.
Illustrating Peninsula Mineral’s substantial progress to date it has commenced environmental baseline studies at this project.
Mr. Gus Simpson, Peninsula Mineral’s Chairman informed the Australian Investor, “This is a key development for the Company because it progresses us towards the permitting of the project. We need to conduct these baseline studies to comply with Wyoming’s government, which will enable us to commence mining in a timely fashion.”
The commencement of environmental baseline studies has resulted in the appointment of two key Environmental and Engineering consultants: Mr. Pat Gochnour and Mr. Doug Christopherson.
Senior Environmental Consultant Mr. Gochnour willl 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, with his areas of expertise including environmental audits, permitting programs, Plan of Operations and EA/EIS development, alternative siting studies, reclamation planning, environmental contingency planning, remediation and environmental litigation support.
Mr. Christopherson, Senior Engineer with independent consultants World Industrial Minerals, will 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. He 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.
“We are excited by the potential represented in this project, not only because of this ISR Pilot Plant, but also because we believe the Lance Project has the potential to not just be a mineral project, but a mineral province,” Mr. Simpson informed the Australian Investor, “It has managed to remain under the radar because it has been under the control of the same individual since its conception up until this point. We are very fortunate to have gained access to the area and are looking forward to aggressively pursuing its potential.”
Mr. Simpson noted that one of the key reasons why Peninsula Minerals was able to obtain access to this area was because of its understanding on how to approach land acquisition.
“We understand that to acquire land it is important to take a one-on-one approach and build up a relationship with the owner,” he explained to the Australian Investor, “We put in the time and the effort to show the land owner that we are genuine.”
This is an approach that Mr. Simpson has learned via the acquisition of mineral sands tenements in Western Australia.
Another important attribute of Peninsula Minerals that is expected to aid its growth and its development is its strong technical team that the Company is continuing to expand.
Mr. Simpson also mentioned that currently the Company’s largest shareholder is a US institutional group that has bought its position in the Company via the Australian share market.
“We believe this demonstrates their support and belief in Peninsula Minerals and its projects,” Mr. Simpson commented, “Moreover we think it shows their recognition of the increasing market for uranium within the US.”
He concluded,
“We are positive about the future outlook for Peninsula Minerals, especially considering the potential of our Lance project to be a company maker that will enable use to capitalise on the growing demand for uranium as a supplement to coal for base load power supply.”
Source: http://www.australianinvestor.com.au/magazine.aspx?id=2937