Project Facts

• Where: Crook County, NE Wyoming; 32 Miles NE of Gillette

• Historic Work: In 1970’s NuBeth JV formed – Between Bethlehem Steel and Nuclear Dynamics

• Historic Drilling: 5,036 holes for 2. 99 million ft or 911,822m over 10 x 35 mile area. Grades were mostly between 0.02% and 0.8% eU3O8 averaging approximately 0.06% eU3O8.

• Uranium mineralisation was identified within an area measuring 22 mile (35km) N-S by 3.75Mi (6km) EW.

• PEN Landholdings: PEN land holdings total 12,905 acres (52.22 km2) land within the 22 miles of drill defined Uranium mineralisation. The majority of PEN holding is around the historic Oshoto Resource. Land title consists of Federal, state and private mineral rights.

• The Lance Project is located on the North-East side of the Powder River Basin in Wyoming. The historic drilling data acquired by Peninsula has defined a new uranium district previously unknown due to this drilling data and other project related data being held by one related entity since its discovery in 1970. The historic drilling defined 13 prospects in total; Peninsula now holds title over 7 of these 13 mineralised areas. Peninsula is in the process of actively acquiring mineral title over the remaining prospect areas. Title controlled by Peninsula is depicted in Figure 1.

• The quality of the mineralisation within the Lance project area is highlighted by the identification of 22 mineralised sands with more than 204 km (127 miles) of roll fronts. Each prospect area contains from one to eight vertically stacked mineralised roll fronts giving multiples of resource potential over the 37 km strike length of the Lance Project area.

• Peninsula’s land includes the site of the historic In-situ recovery pilot plant operated by the NuBeth JV where four mineralised vertically stacked roll fronts have been identified by the historic drilling. The ISR Pilot Plant was designed to produce 40,000 lb of U3O8 per year and ran successfully for ten months. The ISR Pilot Plant was closed due to the Three Mile Island Incident in March 1979 and the site was fully rehabilitated with all bonds returned in 1984. The historic assay results, metallurgical tests, environmental baseline studies, and proven aquifer restoration should prove invaluable to Peninsula in reducing the time required for state and federal permitting for a planned new ISR mining operation.

Future Work:

RC/Rotary Mud and diamond core drilling program planned for late 2008. Holes to twin historic holes to validate original assays and eU3O8 estimations from downhole Gamma Logs. New drilling will also allow evaluation and petrophysical testing of mineralised sandstone units

Commence Permitting for ISL operation in Ross area, with aim to commence production by 2012 pending environmental and statutory approvals.

Continue to drill other mineralised roll fronts to the south and north of Ross to increase resources and establish multiple production centres feeding to central plant.