Peninsula Energy's (ASX: PEN) directors and senior executives have unanimously adopted a salary sacrifice program to ensure that funds are directed towards advancing its Lance Uranium Projects in Wyoming towards production.
Executive chairman Gus Simpson said the move clearly demonstrated their commitment to the ongoing success of the projects and to the future development of the company.
"It is appropriate at this juncture that the company directs cash resources to the advancement of the Lance Projects," he added.
This program will reduce the cash component of director and senior executive remuneration in exchange for shares with effect from 1 July 2013 until 30 June 2014 or until project financing has been secured.
Simpson and technical director Alfred Gillman have respectively agreed to accept 40% and 25% of their remuneration as Shares while the non-executive directors have agreed to take 100% of their Board fees as shares.
Senior executives from Peninsula, its USA and South African subsidiaries, have agreed to take up to 20% of their remuneration as shares.
The Lance Projects are ready to be progressed to the construction stage subject to current permitting and project funding status. Total construction time is estimated at 12 months with first commercial U3O8 production estimated to begin in 2014 subject to final permitting.
Lance has a JORC Resource of 53.7 million pounds U3O8 at the Ross, Kendrick and Barber Production Units
Peninsula continues to progress its Lance Projects in Wyoming towards production and had completed 20 monitoring wells and 23 delineation holes in the June 2013 quarter.
The monitoring wells are helping further refine site specific geological and hydrological parameters, increasing its wholly-owned subsidiary Strata Energy's overall understanding of the ore body and extraction rates.
While results from the delineation well drilling generally reconcile well against the previous exploration drilling results, several of the delineation drillholes intersected significant mineralisation outside the existing resource body.
Highlights include MU1-OZ6 which intersected 7.5 feet at 950ppm U3O8 Grade Thickness (NYSE:GT) 0.71 and MU1-OZ9 which intersected 6ft at 1000ppm U3O8 GT 0.60.
Peninsula had $11.73 million in cash and cash equivalents as well as US$22 million in undrawn funds under the BlackRock Notes Purchase Agreements as of 30 June 2013.
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