Peninsular Gold Announcements

RNS Number : 7957V Peninsular Gold Limited 03 June 2008  
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3 June, 2008

Peninsular Gold Limited
("Peninsular Gold" or "the Company")

Raub Project resource update - considerable increase in Measured and Indicated resource categories

136,000 Ounces in JORC Measured & Indicated Categories (previously 52,000 ounces)

Peninsular Gold (AIM: PGL) today announces a significant increase of the estimated measured and indicated Mineral Resource at its 100% owned Raub gold project in central Malaysia.  

The resources were projected by Snowden Mining Industry Consultants of Perth, Western Australia using the data from 26,238 metres of drilling recently completed by the Company on the upper part of the primary deposit. The Raub gold deposit is a slate belt hosted gold deposit with multiple parallel lodes of mineralisation that occur over a strike length of several kilometres. The drilling programme used grids of 15m by 15m to 20m by 20m over the main mineralized zones and the maximum drillhole depth was 100 metres.

The estimate has been classified in accordance with the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves known as the JORC Code (JORC, 2004). Based on a 0.8 g/t Au cut-off grade the Mineral Resource estimate is listed in the table below:

JORC
Classification
(Note 1)
Material 
Type
(Note 2)
Tonnes
(Note 3)
Grade
(g/t Au)
Contained Metal (Troy Ounces)
Measured
Resource
Oxide
746,000
1.34
32,000
Transition
118,000
1.32
5,000
Fresh
474,000
1.61
25,000
Total Measured
1,338,000
1.43
62,000
Indicated
Resource
Oxide
496,000
1.30
21,000
Transition
180,000
1.53
9,000
Fresh
990,000
1.40
44,000
Total Indicated
1,666,000
1.38
74,000
Total Measured + Indicated:
3,004,000
1.40
136,000
Inferred Resource
Oxide
101,000
1.4
4,000
Transition
119,000
1.3
5,000
Fresh
1,663,000
1.4
73,000
Total Inferred:
1,883,000
1.4
82,000

Total Mineral Resources attributable to the Company that have been reported in accordance with the JORC Code for the Raub primary deposit now stand at 136,000 oz of Measured and Indicated, and at 82,000 oz of Inferred. Further positive amendments in the resource estimate for the project are expected, in accordance with the Company's objective of discovering over one million ounces of gold at the Raub site.

Dato' Sri Andrew Kam, Chairman & Chief Executive of Peninsular Gold, commented today: 'This updated resource statement for the upper part of the Raub primary deposit represents an excellent improvement on the previous resource statement of 52,000 oz of Measured + Indicated Resources (Note 4). Continued encouraging results are anticipated with additional resource definition and we look forward to informing investors of this progress."  

Further information:

Dato' Sri Andrew Kam
Chairman and Chief Executive
Peninsular Gold Limited
Tel: +60 12 3310828

David Nabarro / Richard Swindells
Nabarro Wells & Co. Limited
Tel: +44 20 7634 4705

Mark Stephenson
Blue Oar Securities Plc
Tel: +44 20 7448 4471

Ed Portman/Leesa Peters
Conduit PR Ltd.
Tel : + 44 (0) 20 7429 6666
Notes:
 

1.
The information in this report that related to Mineral Resources is based on information compiled by Kevin Lowe, who is a Member of the Australasian Institute of Mining and Metallurgy and a full-time employee of Snowden Mining Industry Consultants. Kevin Lowe has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration, Results, Mineral Resource and Ore Reserves. Kevin Lowe consents to the inclusion in this report of the matters based on his information in the form and context that the information appears.
 
 
2.
Oxide - Surface and near surface rock units which have undergone complete oxidation.
Transition – Near surface rock units which have undergone partial oxidation.
Fresh – Sub surface rock units which have not undergone any oxidation.
 
 
3.
Values have been rounded to two or three significant figures to reflect the relative estimation precision of each resource classification. This rounding has also been applied to summations of raw values.
 
 
4.
Drilling Update reported to the Stock Exchange on 08th January, 2007

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