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Peninsula Energy Appoints Ex Cameco Executive To U.S. Subsidiary

Peninsula Energy (ASX: PEN) has appointed ex-Cameco (NYSE: CCJ) executive, Michael Brost, as vice president of geology for Peninsula subsidiary Strata Energy.

Brost has over 35 years experience as a uranium In-Situ Recovery (NYSEMKT:ISR) operator in North America, including 28 years in senior geological and operational management positions with the United States' largest uranium producer, Cameco.

He served as chief mine geologist at Cameco from 2000 to 2005 and from 2005 to present was manager evaluation geology, which involved managing the planning, budgeting and supervision of Cameco's geological, drilling, permitting, reclamation and development activities across Wyoming and Nebraska.

Brost was also a key interface with the U.S. regulatory bodies during project permitting, and also led landowner relations.

Prior to joining Cameco, Brost was a senior geologist at Crow Butte Resources, which at the time was a wholly owned subsidiary of Cameco.

He worked at Crow Butte for 16 years, and during that time managed the overall mine geology and wellfield construction group.

Gus Simpson, executive chairman of Peninsula Energy, commented on the appointment: "We are very pleased to appoint Michael to the U.S. team.

"He is a very experienced ISR operator and an expert in wellfield design and installation, the critical process in in-situ uranium extraction.

"The effective management of this process will be key to the company's transition to a uranium producer."

As Peninsula continues towards production at its Lance projects, which is targeted for the second half of 2013, it is uncovering zones of mineralisation, with an additional 105 of a 150-hole program encountering mineralisation above 100 parts per million uranium.

The drilling program for 135,000 feet was targeting a confidence category upgrade at the planned Kendrick Production Unit, located to the west of the Ross Production Unit, to Indicated Resources - but also delivered a new mineralised roll front.

The new mineralised roll front discovered from the drilling campaign covers a strike length of 500 metres and a 400 metre northern extension to the existing K4 roll front system.

Highlighting the sheer size of the mineralised areas at Lance, drilling in the Kendrick area has previously identified the K3, K4, K5, K5A and K6 roll fronts, which merge in places to produce wide areas of continuous mineralisation.

This continuous mineralisation has been identified over a combined strike length of 22 kilometres with horizontal widths of up to 60 metres in the northern K5 area.

Current interpretations suggests that there is a total of 312 line kilometres of mineralised roll fronts in the greater Lance Projects and that the delineated mineralisation to date in the Kendrick roll fronts represent only 7% of the estimated mineralised roll front systems within this.

The Lance ISR Projects host a JORC Resource of 51.5 million pounds U308.

A Feasibility Study, which excludes the vanadium credits, has estimated a project cash flow of $905 million on revenue of $2.2 billion.

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