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  • Peninsula Energy Has A Win In Wyoming 0 comments
    Jul 30, 2014 9:11 PM

    Peninsula Energy (ASX:PEN) has advised that one of the contentions challenging environmental characterisation and analysis of potential impacts for its Ross Project in Wyoming has been dismissed.

    The U.S. Atomic Safety and Licensing Board has dismissed a contention challenging its analysis of cumulative impacts, saying that it did not account for additional analysis completed during the permitting process.

    The ASLB ruling noted: "…the Board finds there are no genuine material factual disputes remaining regarding this contention and grants the SEI and staff requests this contention not be the subject of further consideration in this proceeding."

    "We are pleased that the ASLB has seen fit to dismiss this contention. We are confident that the upcoming hearing or related proceedings on the issuance of the license by the NRC will confirm the validity of the SML and its associated conditions," executive chairman Gus Simpson said.

    Remaining contentions focus on concerns about other potential environmental impacts, most notably potential impacts to aquifers in the project area.

    The company will address the three remaining contentions at an upcoming hearing.

    This will highlight the robust nature of project planning, the stringent permitting process required to obtain the Source Materials License (SML) issued by the Nuclear Regulatory Commission in April 2014, and government reports concluding that similar operations have adequately protected human health and environment.

    Peninsula will continue construction of the Central Processing Plant and installation of production wellfields at the Ross Project in accordance with the licences and permits issued by the relevant regulatory bodies.

    Lance Uranium Projects

    The Lance Projects in Wyoming host at least five roll front deposits with about 53.7 million pounds of U3O8. There is also further exploration potential of 158 million to 217 million pounds.

    Production is expected to begin at the Ross Permit Area in the fourth quarter of 2014, ramping up to 1.2 million pounds of U3O8 per annum by 2017.

    This will subsequently ramp up to 2.3 million pounds per annum with the addition of the Kendrick Area.

    Project NPV is estimated at of US$328 million while a capital expenditure of US$146 million is required to reach steady state production. Initial capital expenditure is US$68 million.

    Total operating costs are estimated at about US$30.65 per pound of U3O8.

    Lance has an initial mine life of 22 years.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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