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Peninsula Energy Acquires Land To Support Production At Lance Uranium Project

Peninsula Energy acquires land to support production at 41.5mlb Lance Uranium Project
Peninsula Energy (ASX: PEN) has taken up 34.5 acres close to the proposed Ross Central Processing Plant, to facilitate construction of the plant and the first production unit at Ross.

The acquisition was made through Peninsula's wholly owned US subsidiary Strata Energy.

Executive chairman Gus Simpson said the acquisition of the land which is in immediate proximity to the proposed plant, would "facilitate the expanded exploration and the proposed development of the Lance projects".

The acquired land includes buildings that can be used for field office operations and related storage, along with sufficient open land, a residential water well, wastewater disposal system and related zoning to allow for lay-down yards and a construction camp.

Control of the water rights is important for mining and restoration operations.

Peninsula last week provided a boost to the economics of the Lance Projects, in Wyoming, U.S., with a string of high grade results.

The latest highlights included 4 metres at 2,340 parts per million (ppm) uranium equivalent, including 2.6 metres at 3,420ppm uranium equivalent.

Simpson told Proactive Investors last week that production at the Lance Projects remains on track for early 2013.