Peninsula’s subsidiary Strata Energy is carrying out the construction and well-field development activities at the project with plans to commence first production later in 2015.

Strata Energy CEO Ralph Knode said: "We are very pleased with the progress of construction at the site and on the pre-operational license conditions.

"The project is advancing on budget and on schedule, and we are looking good to start up production operations later this year."

The company is currently installing monitor and mining wells in the first mine production unit and a fifth is on the way to the site. These wells will be used to develop site-specific ground water quality data and perform an aquifer pump test.

The State of Wyoming and the US Nuclear Regulatory Commission (NRC) will review the data for approval.

While foundations are complete for the Central Processing Plant (CPP) and the administration building, contractor crews are preparing for slab work on the buildings. After this, ion exchange columns will be installed.

The Deep Disposal Well (DDW) has been drilled to depth of 8,606ft and its injection area lies within a 100ft-thick sand zone in the flathead formation.

Meanwhile, Strata has submitted documents in compliance with certain pre-operational conditions, and intends to meet the remaining conditions before requesting inspection from the NRC.