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Peninsula Energy Top 20 Shareholders Show Confidence With 9% Increase In Shareholding

Peninsula Energy's (ASX: PEN) top 20 shareholders have demonstrated their confidence in the company by increasing their combined shareholding over the year by 9% to 41.18% of its expanded capital.

The increase of more than 400 million shares, or 49%, occurred during the period from 1 August 2012 to 1 August 2013.

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 (NASDAQ:GT) 0.71 and MU1-OZ9 which intersected 6ft at 1000ppm U3O8 GT 0.60.

The company is also reviewing core from a three hole program within the planned Mine Unit 1.

These were drilled to provide information on recoveries and to refine the most efficient leach agent chemistry for the Ross ore body.

The company is also advancing its Karoo projects in South Africa up the development curve.

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.