Peninsula Minerals has completed a further 56 development drill-holes for a total of 31,740ft at the Ross Project in Wyoming, US, out of which 40 holes encountered significant uranium mineralization during the period 6 September to 12 October 2010.

The company said that a total of 24 holes recorded multiple stacked intersections of uranium mineralization.

The drill-hole RMR0744 intersected 18.5ft @ 650ppm U3O8 (GT 1.21) and also 14.5ft @ 500ppm U3O8 (GT 0.73), including a peak intersection of 5ft @ 1,060ppm.

In addition drill-hole RMR0734 intersected 18ft @ 385ppm U3O8 (GT 0.69) including a peak intersection of 3.5ft @ 1,290ppm.

Drilling at Ross is testing extensions of the known mineral zones identified by the 3D geological model with the aim of enhancing the grade and definition of the current 25,200,000lb U3O8 JORC compliant resource and to progress existing inferred resources to indicated status.

The focus of the drilling has been within and adjacent to the exploration target zones in the Ross Permit area, predominantly in Sections 6, 7, 12, 18 and 19.

In addition, drilling is being stepped out into more sparsely drilled target zones in Sections 6 and 7.

Significantly, the majority of intersections reporting grade thickness values above 0.2GT are having the effect of upgrading inferred material to either indicated or measured category.

In addition to the upgrade in resource classification, the positive results on the periphery of the known resource indicate that the inferred trends can be extended into areas that were not earlier included in the resource estimate.