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Peninsula Energy passes major milestone by securing low pH mining approval.

Peninsula Energy Ltd (ASX:PEN) has achieved a significant milestone in completing the regulatory approval process for the use of low pH solutions at the Lance Projects in Wyoming.

On 31 July 2019, the Wyoming Department of Environmental Quality (WDEQ) formally approved the Source Materials License (SML) amendment for low pH in-situ recovery (ISR) at the Lance Projects.

The WDEQ has granted the requested amendment to enable low pH operations within the Ross Permit Area at the Lance Projects.

The WDEQ authorisation confirms that low pH ISR methodology complies with the regulatory standards and requirements under their purview.

READ: Peninsula Energy secures speculative buy recommendation from Euroz Securities

The amendments to the Permit to Mine (PTM) and the SML as the two overarching regulatory approvals required to enable commercial-scale low pH operations at the Lance Projects.

The WDEQ Land Quality Division approved the low pH amendment for the PTM on 20 March 2019.

With the approval of the SML amendment, Peninsula has completed the low pH permit amendment process and becomes the only company operating in the United States authorised to utilise the global standard low pH ISR method.

Peninsula managing director and CEO Wayne Heili said: "Almost two years ago, this company recognised that we could materially enhance the productivity and cost profile of our flagship asset by switching to the low pH ISR approach.

"With the SML amendment approved, the company has received the final major regulatory authorisation it requires.

"By virtue of our thought leadership, Peninsula now holds the advantage of being the only company operating in the US that is authorised to utilise this proven and effective uranium recovery method.

"I'd like to congratulate our team for their efforts to achieve this remarkable result. The final implementation of this initiative is anticipated to bring significant benefit for our shareholders."

READ: Peninsula Energy focused on completing the low pH field demonstration

Peninsula is now focussed on completing the low pH field demonstration to meet the required standards under the approved Permit to Mine amendment, and on incorporating improvements identified during the field demonstration.

The initiation of commercial-scale low pH operations in Mine Units 1 and 2, and the commencement of development of Mine Unit 3, will be determined by the timing and extent of improvement in the uranium market conditions and the demand for produced uranium.

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Publication:Proactive Investors Austrailia
Date:Aug 2, 2019
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