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Peninsula Energy: Ross ISR Uranium Project Approval Meeting Timeframe

Peninsula Energy (ASX: PEN) is not expecting delays to the Nuclear Regulatory Commission's (NYSE:NRC) review and approval of its Ross In Situ Recovery (NYSEMKT:ISR) uranium project following a decision to grant standing to the objections.

Executive chairman Gus Simpson said, "Based on previous licence reviews the grant of standing is a procedural matter and the company does not anticipate delay to the review process or grant of the SML (Source Material License).

"Also the company's legal team continues to review all matters and respond appropriately."

Under NRC's governing federal statute, the Atomic Energy Act of 1954 and NRC regulations and policy, NRC Staff have stated that it issues licences when their review is complete - this would apply to the Ross ISR Project.

Also, the NRC's Part 2 regulations specifically do not allow the litigation of environmental-based contentions until the relevant 10 CFR Part 51 environmental analyses embodied in its Supplemental Environmental Impact Statement is complete.

NRC has the right to, and on the basis of the Requests for Additional Information (RAIs) are likely to, address the contentions raised by the NRDC and PRBRC in the soon to be produced Ross ISR Project Supplemental Environmental Impact Statement.

Late last month the NRC issued RAIs to support its environmental and technical review of wholly owned subsidiary Strata Energy's application for a Source and 11(e).2 Byproduct Material License ahead of schedule.

Early issuance of the RAIs marks another significant milestone in the overall process and a speedy response is expected to have a positive impact on the permitting schedule.

Ross is the most advanced area at the Lance Project, which is an ISR uranium project.