Peninsula Energy to Buy ARSA’s Uranium Projects for $50 Million

Peninsula Energy Ltd. (ASX:PEN) announced that it has agreed to pay $50 million for ARSA’s uranium and molybdenum assets in South Africa’s Karoo Basin.

As quoted in the press release:

Peninsula will acquire a 74% interest in 36 prospecting rights covering 5,600 km² of the main uranium-molybdenum bearing sandstone channels in the Karoo Basin (ARSA Projects).

The ARSA projects comprise several large areas of mineralisation; one of which extends over a distance of approximately 80km and forms the largest single body of known uranium-molybdenum mineralisation in the Karoo Basin.

Click here to read the full Peninsula Energy Ltd. (ASX:PEN) press release.