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Peninsula Energy Delivers On Project Milestone, Road To Q4 Uranium Production

Peninsula Energy (ASX:PEN) has ticked off another milestone as the company remains on on-track to become the next ASX-listed uranium producer in Q4 2015 from its Lance Projects in Wyoming, U.S.

Construction of the Central Processing Plant (NYSE:CPP) and initial wellfields continues to progress as scheduled.

Peninsula's wholly owned subsidiary, Strata Energy, Inc. has submitted the wellfield data package for Mine Unit 1 to the US Nuclear Regulatory Commission (NYSE:NRC) and the Wyoming Department of Environmental Quality (WDEQ).

This is a major milestone for the company.

As part of its pre-operational license requirements, Strata is required to submit to the NRC and WDEQ the Wellfield Data Package for their respective review and approval prior to the commencement of production.

Submission of the Wellfield Data Package follows the completion of installation of all Mine Unit 1 monitor wells, well pump tests and four rounds of baseline water sampling.

Ralph Knode, Strata CEO, commented: "Submitting the Wellfield Data Package is a major achievement for the project team and follows a significant amount of site activity over the past 3 to 4 months.

"CPP and wellfield construction activities continue to progress as planned, and preparations for the commencement of operations are well advanced."

Submission details

Peninsula said that in making the submission to the NRC and the WDEQ, Strata has validated through testing that the hydrological aspects of the Mine Unit 1 orebody and its perimeter will function in a manner consistent with previous pump tests and modelling.

This includes demonstrating that the ore zone aquifers are effectively isolated from the overlying and underlying aquifers.

Water quality information obtained from pre-production baseline water sampling will also be used to set upper control limits for all monitor wells during production and set restoration standards during future groundwater restoration and rehabilitation of depleted wellfields.

Analysis

As Peninsula ticks off the milestones at Lance, it further de-risks the project on the path to uranium production in Q4 2015.

Construction of the Central Processing Plant and initial wellfields continues to progress as scheduled.

Peninsula's subsidiary has also submitted the wellfield data package for Mine Unit 1 to the US Nuclear Regulatory Commission and the Wyoming Department of Environmental Quality, which is part of its pre-operational license requirements.

Peninsula had cash of A$38 million at the end of May 2015, with debt of $1 million.

Why is a New York listing important?

Peninsula will be the next ASX-listed uranium producer, and will also move to list on the New York Stock Exchange.

The New York listing could dramatically improve the company's liquidity and valuation, and is expected to be completed in October this year.

The listing will provide access to an active market well versed in the benefits of nuclear power generation.

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