Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Peninsula Energy Receives Buy, $0.04 Price Target From RFC Ambrian

Peninsula Energy (ASX:PEN) remains the subject of a Buy recommendation with a share price target of $0.04 from UK broker RFC Ambrian. PEN last traded at $0.024.

RFC noted the timely submission of the wellfield package as a milestone to receiving full permitting given that final U.S. Nuclear Regulatory Commission approvals are one of the key steps towards achievement of uranium production.

It anticipates first production in October 2015 to be the principal catalyst for a re-rating of the shares.

Construction of the Central Processing Plant and initial wellfields at the Lance Projects in Wyoming continue to progress as scheduled.

Its submissions to the NRC and the Wyoming Department of Environmental Quality have also demonstrated that the ore zone aquifers are effectively isolated from the overlying and underlying aquifers.

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

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.