The revised JORC compliant resource estimates include a 67% increase to the total resource estimate and a 130% increase in Measured and Indicated Resource from the initial indicated resource.
The resource upgrade has also defined 3.6Mlbs U3O8 to Measured Resource Classification, the highest level of estimation confidence.
Since the release of the initial JORC resource estimate on April 13, 2010, Peninsula has employed up to four rigs to complete a further 368 drill holes at the Ross and Barber projects.
This drilling and the conversion to a grade/thickness contour model has expanded the limits and demonstrated the continuity of the known mineralization in the reported resource areas.
The drilling density in the two primary production areas at Ross and Barber, support the classification of a significant portion of the total resource as Measured and Indicated.
Of note is the fact that in the Ross Permit Area there is a 6% increase in average grade from indicated to measured classification.
At Ross (including the Ross Permit Area), there is a now a combined measured, indicated and inferred resource of 16.2Mlbs U3O8, an increase of 60% from the initial April estimate.
At Barber there is a combined measured, indicated and inferred resource of 9.0Mlbs U3O8, an increase of 144% from the initial April resource estimate.
Further exploration drilling has also identified new mineralised trends that have added further resources to the inferred category.
Based on the historic conversion rate from roll front length to a drill-defined resource the mineralised potential of the Lance Projects, which is in addition to the JORC-compliant resource, is assessed at between 72 and 120 Mlbs eU3O8.
The upgrade in mineralised potential from the April estimate is based on an anticipated grade range of 360ppm eU3O8 to 500ppm eU3O8. This grade range represents the minimum and maximum modelled grades respectively.
