PEN 0.00% 28.5¢ peninsula energy limited

News: Peninsula Energy makes new appointment on road to uranium production at Lance

  1. Peninsula Energy (ASX:PEN) has appointed the highly experienced Jan Fajgl as vice president operations for its wholly owned subsidiary Strata Energy to manage operations at the Lance In-Situ Recovery (ISR) uranium projects in Wyoming.

    The company is on the road to production at the Lance ISR projects in 2015, one of very few to do so.

    It has already completed its $69.4 million capital raising to fund remaining construction and to see the ramp up of the Lance ISR uranium projects through to positive cash flow.

    Fajgl’s appointment finalises its senior technical team ahead of starting production at the Lance Uranium Projects in Wyoming.

    He has over 25 years of experience in managing uranium field operations, mine engineering, and hydrogeology in the U.S., Czechoslovakia and Kazakhstan.

    Fajgl joins the company from Uranium One Inc., one of the world’s largest uranium suppliers, where for the past five years, he was the head of the U1-Technical Group in Almaty, Kazakhstan.
    During that time, he was responsible for the technical management of five ISR uranium mines in Kazakhstan.

    Prior to joining Uranium One, Fajgl, at different times, served as the deputy director of operations, site manager, and acting head of health, safety & environment at the 8 million pound per year Katco JV uranium mine in south Kazakhstan.

    He also worked for Cameco Corporation (1996-2008) initially as a mining engineer at the Crowe Butte uranium mine in Nebraska and later as the construction manager of the Inkai ISR test mine in South Kazakhstan.

    On its successful operation he then worked as a mine manager and later as a Director of Operations for the Inkai Joint Venture which is currently producing circa five million pounds of uranium per annum.

    “The company is pleased to welcome Jan Fajgl as VP- Operations at the Lance Projects. This appointment is a major step in moving to production this year and ensuring its profitable operation going forward,” executive chairman Gus Simpson said.

    The Lance Projects in Wyoming’s Powder River Basin have JORC ISR Resources of 53.7 million pounds of U3O8, the largest of its kind in North America.

    It also has significant exploration targets estimated at 158 – 217 million pounds of U3O8.

    The Lance Projects are fully permitted for U3O8 production at the rate of 3 million pounds per year, and in Stage One will produce 500,000 - 700,000 pounds of U3O8 per year, constituting 10% of U.S. U3O8 production.

    The Project is highly scalable and can ramp up production to maximum permitted levels (3,000,000 pounds of U3O8 per year) as demand and pricing for U3O8 increase and maintain a mine life that will span many decades.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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