The 2009/10 drill program is targeting extensions of historic mineralisation at Ross; planned to be the first production centre at the Lance Projects.

2009/2010 Drilling Program

The current drilling program commenced as scheduled on July 20, 2009 with 11 holes drilled to date (RMR0022 – RMR0032) for 1,629m (5,345ft). The drill holes were targeting extensions of known historic mineralisation.

Of the 11 holes completed to date, 7 contain mineralised intervals that exceed the “rule of thumb” for economic ISR mineralisation in this setting (a grade thickness product of 0.3ft % U3O8).

In addition Peninsula is pleased to report that the drilling completed to date has been successful in expanding the area of known mineralisation and is expected to incrementally increase the uranium endowment at Ross. The current program will continue to step out into areas of wider drill spacing and areas where there is potential to expand the area of the high grade zones.

Drilling at the Barber project, planned as the second production centre, will begin in September 2009 also targeting extensions of the historic mineralisation.

The goal of the current program is delineate an initial JORC compatible resource estimate by mid 2010 that would give credence to Peninsula’s goal to ultimately delineate:

6.4-9.5 million short tons at 500-700ppm eU3O8 for 8-12 million lb U3O8 at Ross; and

2.6-3.9 million short tons at 700-900ppm eU3O8 for 4-6 million lb U3O8 at Barber.

Peninsula Minerals’ executive chairman, John Simpson stated: “The Company is extremely pleased with these initial drill results which provide preliminary confirmation that the existing exploration target at Ross is achievable and that there may also be the potential to expand the target size at Ross”.

Lance Project Background

The Lance Project is located on the North-East side of the Powder River Basin in Wyoming. The original NuBeth Joint Venture, a joint venture between Nuclear Dynamics Inc, Bethlehem Steel Corporation and later Pacific Power and Hydro (“NuBeth JV”), discovered thirteen substantial zones of uranium mineralisation associated with an extensive system of roll fronts through drilling between 1970 and 1979.

As part of this exploration program, the NuBeth JV drilled more than 5,000 exploration and development holes, totalling in excess of 912,000 metres. Historic drilling and pilot plant data was acquired by Peninsula in the second half on 2007 and this has defined a relatively unknown uranium district. Peninsula holds title over 8 of the 13 mineralised areas defined by the historic drilling, making it the dominant mineral rights holder in this re-discovered uranium district.