Peninsula Energy director Malcolm James snaps up one million shares on market

Peninsula Energy (ASX: PEN) executive director Malcolm James has purchased one million shares on market for a consideration of a little over $52,000, providing an average entry price of $0.052.

James has a large direct and indirect investment in Peninsula, including 3.6 million shares through a super fund, 8.25 million shares in a second holding plus a spouse interest of 6.2 million - plus over 6.5 million options with an exercise price of $0.03 in June 2012.

Peninsula currently is experiencing exploration success, and earlier in the month continued its high grade run at the Karoo Project in South Africa, with further drilling demonstrating the widespread distribution of near surface high grade uranium in broad paleochannels.

High grade results returned from Site 29 include 10.7 feet (3.3 metres) at 1,755 parts per million equivalent uranium from 29.2 feet (8.9 metres), 3.6 feet (1.1 metres) at 2,560 parts per million from 31.2 feet (9.5 metres) and 20.5 feet (6.2 metres) at 300 parts per million from 23.8ft (7.3 metres).

The depth of mineralisation is shallow, averaging 13.1 metres within a range of 7.2-20.2 metres, which is very encouraging from a potential development perspective.

Importantly, exploration activity to date has been concentrated on a very limited part of Site 29.

Peninsula Energy also began initial exploration at the highly prospective Site 45 with the re-logging of 15 open historic drillholes, 13 of which recorded intersections greater than 200 parts per million.

Highlight intersections include 9.2 feet (2.8 metres) at 1,095 parts per million equivalent uranium from 45.4 feet (13.8 metres) and 7.7 feet (2.3 metres) at 592 parts per million from 47.4 feet (14.4 metres).

Originally published at: http://www.proactiveinvestors.com.au/companies/news/24466/peninsula-energy-director-malcolm-james-snaps-up-one-million-shares-on-market-24466.html