Peninsula Energy (ASX:PEN) - Managing Director and CEO, Wayne Heili
Managing Director and CEO, Wayne Heili
Source: Casper Star-Tribune
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  • Peninsula Energy (PEN) is one step closer to reopening its flagship Lance Uranium Project in Wyoming in the U.S. after securing a key approval
  • The Wyoming Department of Environmental Quality gave Peninsula’s subsidiary Strata Energy the go-ahead to develop new low pH mining units
  • Switching from an alkaline to a low pH in-situ recovery method will align the project with the leading global uranium producers
  • Further, the switch is expected to lower operating costs once uranium production restarts at Lance
  • Peninsula shares have shot up 10.3 per cent so far today and are trading for 16 cents each

Peninsula Energy (PEN) is one step closer to reopening its flagship Lance Uranium Project in Wyoming, U.S. after securing a key approval.

Through its wholly-owned U.S. subsidiary Strata Energy, the company is working to transform operations at Lance from alkaline to a low pH (mild acidic) in-situ recovery (ISR) operation.

ISR is an extraction technique often used to recover uranium, whereby a solution is pumped underground to dissolve the desired mineral before being pumped back to the surface for recovery.

The Wyoming Department of Environmental Quality (WDEQ) has now approved Strata’s Interim Restoration Report for the low pH field demonstration. This approval was the last phase of the implementation plan designed by Peninsula and the WDEQ.

The approval paves the way for Lance to be the first U.S. project to use the low pH ISR method according to Managing Director and CEO Wayne Heili.

“This is a very important step in our plan to re-activate uranium recovery operations at Lance. Lance holds the largest defined uranium resource of any recently-producing US ISR project and is the only one authorised to use the industry-leading low pH extraction method.”

“We are already in an excellent position to rapidly re-start uranium production by transitioning our two fully developed mine units to low pH operations. This WDEQ decision means that we are now fully permitted to develop a sustainable low pH ISR operation at Lance,” he continued.

Transitioning operations to a low pH ISR method, the project will be aligned with leading global uranium producers and further, lower operating costs.

Peninsula shares have shot up 10.3 per cent so far today and are trading for 16 cents each at 11:23 am AEST.

PEN by the numbers
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