On 19 February 2011, Peninsula commenced a program comprising the relogging of the historic JCI boreholes.

Of the 152 holes that have been logged to date, 126 have returned uranium mineralization, 72 of these exceed a grade thickness product of 0.15%ft eU3O8 and 45 holes returned multiple mineralized intersections.

The assays of the RC drilling include 6.7ft @ 3,413ppm eU3O8 from hole 06F0802RC, 5.9 ft @ 3,315ppm eU3O8 from hole 06F0101RC and 7.1 ft @ 1,705ppm eU3O8 from hole 06F0130RC.

With only 30% of the program complete Peninsula believe that the results confirm the presence of widespread high grade uranium mineralization within the drill area.

Since the commencement of exploration on Site 29 in January 2011, Peninsula has completed the logging of 191 holes together with the drilling of 50 RC holes.

The assays of the drilling included 6.9ft @ 1,363ppm eU3O8 from hole QFN0034RC, 13.3ft @ 529ppm eU3O8 from hole QFN0109RC and 10.8ft @ 520ppm eU3O8 from hole QFN0311RC.

In addition to the existing resource drilling, ten high ranking drill targets distributed across all six of the company’s project areas have been prioritized from the 392 uranium occurrences generated by the 2008 helicopter-borne radiometric and magnetic surveys.