The company said intercepts within Mine Unit 1 continue to meet or exceed resource grade expectations.
Also, construction of the (NYSE:CPP) and initial wellfields is on schedule and on budget.
Peninsula remains on-track to become the next uranium producer in Q4 2015 from Lance. The company will also dual-list in New York in coming months - subject to all regulatory and shareholder approvals.
The listing will provide access to an active market well versed in the benefits of nuclear power generation.
Added to this, average daily turnover of uranium peer companies dual-listed on a U.S. stock exchange consistently exceed the liquidity levels achieved on their non-US exchange by factor of 4 to 7 times.
Latest drilling results include:
- 2.5ft at 4,680ppm U3O8 from 447.5ft; 9.0ft at 1,000ppm U3O8 from 414.5ft; 9.0ft at 750ppm U3O8 from 469.5ft; and 7.0ft at 890ppm U3O8 from 402.5ft.
Another highlight for the company is that 99% of all monitoring, injection and production wells completed have passed mechanical integrity testing.
Gus Simpson, managing director and CEO of Peninsula, commented: "It is very pleasing to see the continued success at each project stage building layer on layer.
"It is testimony to the quality of the assets we have, the planning that has gone into their development and the dedicated execution of those plans by the whole team."
Mine Unit 1 Drilling Program
During the period 13 July 2015 to present, Peninsula's wholly owned subsidiary Strata Energy Inc. completed 37 mining wells at the Lance Projects.
These injection and production wells are for the first production header house within Mine Unit 1.
Peninsula Energy is positioned for a valuation uplift as it lists on the NYSE in Q4 2015 and onto the radars of North American investors and fund managers.
What does a U.S. dual-listing provide a uranium company?
Peninsula would receive a number of benefits from listing in the U.S., as the country is the largest generator of nuclear power in the world.
- The U.S. provides access to the largest pool of capital globally, and an active market well versed in the benefits of nuclear power generation.
- Average daily turnover of uranium peer companies dual listed on a U.S. stock exchange consistently exceed the liquidity levels achieved on their non-U.S. exchange by factor of 4 to 7 times.
- Uranium companies with a listing on a U.S. stock exchange benefit from a higher relative valuation than companies that do not have a U.S. listing.
- Comparable In-Situ Recovery companies with a U.S. listing outperform companies that do not have a U.S. listing by a factor of 2 to 3 times enterprise value per pound of measured and indicated resource.
Also, it is worth noting that many U.S. investors are not able to invest in non-US listed companies.
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