Peninsula Energy (ASX:PEN) is on track to start uranium production in the second half of 2015 from its Lance Projects in Wyoming and has appointed Richard Lockwood as its non-executive chairman with effect from 1st July 2015.
John (Gus) Simpson has moved to an expanded role as managing director and chief executive officer of the company and executive chairman of Peninsula Uranium Limited.
Peninsula Uranium Limited is the company's dedicated uranium sales and marketing arm.
As part of the board changes, Alfred Gillman will step down as a non-executive director with effect from 1st July 2015 though he remains available to the company on a consulting basis for technical and project related matters.
"The board welcomes Richard to Peninsula as chairman. He is a highly respected figure in the both the global resources sector and broader investment community," Simpson said.
"His appointment brings considerable uranium industry knowledge and financial market expertise to the board and we are very pleased to have him join the Peninsula group."
Peninsula has engaged an independent remuneration consultant (BDO) to benchmark all key management personnel remuneration within the Group against industry peers.
This will ensure that a significant portion of executive remuneration is directly linked with the company's performance by aligning short term and long term incentives with the achievement of its short term and long term strategic objectives, which are focused on growth in shareholder value.
Lockwood has over 50 years' experience in the funds management and mining investment sectors across the UK, Australia, and South Africa.
He has extensive involvement with the uranium sector via institutional investment markets including being the founder of specialist uranium investment fund Geiger Counter Ltd.
Lockwood also played a pivotal role at board level and was a director of AIM-listed uranium company Kalahari Minerals, which held a 42.74% interest in Extract Resources. Extract Resources was the owner of the Husab uranium project in Namibia.
Kalahari Minerals and Extract Resources were taken over by China Guandong Nuclear Power Corporation in 2012 for US$2 billion.
He is a director of London based Arlington Group Asset Management Limited and was previously the senior resources fund manager at CQS Asset Management Ltd having merged his New City Investment Management group with CQS in 2007.
Lockwood was also previously a non-executive director at A-Cap Resources Limited (ASX:ACB), which targets the development of uranium and coal projects in Botswana.
Lance In-Situ Recovery (NYSEMKT:ISR) project
Peninsula's Lance Projects in the Powder River Basin of Wyoming have JORC ISR Resources of 53.7 million pounds of U3O8, the largest of its kind in North America.
It also has significant exploration targets estimated at 158 - 217 million pounds of U3O8.
The Projects are fully permitted for U3O8 production at the rate of 3 million pounds per year, and in Stage One will produce 500,000 - 700,000 pounds of U3O8 per year, constituting 10% of U.S. U3O8 production.
Lance is scalable and can ramp up production to maximum permitted levels (3 million pounds of U3O8 per year) as demand and pricing for uranium increase and maintain a mine life that will span many decades.
The company recently completed the deep disposal well ahead of schedule.
This is significant as it was the major cost over-run risk to the Project but it was completed at a cost of US$3.3 million.
Significantly, other project start ups in Wyoming have had to complete up to three DDW's before achieving the required disposal rate.
In early June, Peninsula noted that Central Process Plant (NYSE:CPP) construction and wellfield development activities continue to progress to both cost forecasts and time schedules.
All ion exchange columns and pressure vessel tanks have been installed in the CPP.
Cladding of the building housing the site workshop, laboratory and administration office have been completed and are now undergoing internal build-out and finishing.
In May, Peninsula started the application process to list its shares on the New York Stock Exchange (NYSE-MKT), giving it access to the world's largest capital market and institutional fund managers.
Baseline water sampling is now complete at the project and final documentation of the complete wellfield package is in progress. This is due to be submitted to the NRC and Wyoming Department of Environmental Quality for their review in less than 2 weeks.
The board refresh at Peninsula Energy reflects its upcoming transition towards becoming the next ASX-listed uranium producer.
Construction and development activities are progressing on track while the move to list on the New York Stock Exchange could dramatically improve its liquidity and valuation.
Over the course of the next month, external cladding of the CPP will be completed and internal piping, electrical, instrumentation and controls will commence.
Other milestones include the commencement of development drilling within Mine Unit 1.
Peninsula had cash of approximately A$38 million as at the end of May with debt of just $1 million.
Proactive maintains its 12-18 month price target of $0.16.
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