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Peninsula Energy Updates Market On NRC Licensing Process

Peninsula Energy's (ASX: PEN) wholly owned subsidiary Strata Energy and the Nuclear Regulatory Commission (NYSE:NRC) are appealing the decision by the Atomic Safety and Licensing Board to grant standing to objections regarding the Ross In Situ Recovery (NYSEMKT:ISR) uranium project.

In the appeal documents, the NRC and Strata state that the Atomic Safety and Licensing Board erred in several areas in its decision to grant standing and that the joint petitioners hearing request and intervention petition should have been wholly denied.

The NRC and Strata are calling for the decision to be reversed and proceedings terminated.

Peninsula Energy executive chairman Gus Simpson previously said based on previous licence reviews the grant of standing is a procedural matter.

Importantly, the company does not anticipate delay to the review process or grant of the Source Material License.

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.

Late last month the NRC issued Requests for Additional Information 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, where Peninsula is targeting a conversion of the Inferred Resource to the higher confidence Indicated category in the proposed Kendrick production unit located to the west of the Ross production unit, with a Resource recalculation planned for late March.

Another major plus for the project is the acquisition of the site for the proposed central processing plant by Peninsula, announced last week.

The 0.97 square kilometre (240 acre) site acquisition ensures the necessary owner's consent to mine required by the Wyoming Department of Environment Quality is now finalised.

The department will issue the Permit to Mine once Strata Energy lodges the financial surety.