Project Facts

• Six project areas (Sites 5, 22, 29, 45, 29 and 37) granted to Peninsula wholly owned subsidiary Tasman Pacific Minerals Limited over Permian sandstones of the Karoo Basin; PEN 74%, Mmakau mining (BEE Partner) 26%.

• The Karoo Basin is a known uranium and Molybdenum mineralised province and is host to several historically defined ore bodies (Ryst Kuil containing approximately 40 Mlbs U3O8 and Riet Kuil reported to contain approximately 10 Mlbs U3O8).

• Minimal U exploration in South Africa since late 1980's.

• Target areas pegged as a result of published SA Government reports on the results of a 1980's radiometric survey and a 1990's sampling and mapping project for Mo and uranium.

• All sites contain outcropping to sub-cropping uranium and Mo anomalism.

• Historic Work: Sites 22, 29 and 45 contain historic resources defined by JCI (sites 22 and 45) and Union Carbide (site 45).

• Historic Drilling: At Site 22, 254 holes have been located where uranium and Mo mineralisation was identified over a 6.2 mi (10km) strike length at depths of 60ft (20m) to 450ft (150m). The mineralisation was determined to be approximately 1m thick with mineralised holes grading between approximately 0.2 and 0.3% eU3O8 and gently dipping.

• Historic Drilling at Site 45 was very broad spaced over a 6.2 miles (10km) strike length and mineralised holes averaged around 0.1 to 0.2% eU3O8 at depths ranging between 0 and 600ft (200m).

• Historic Drilling at Site 29 was conducted over a small area with mineralised intervals averaging 1m wide at 0.1% eU3O8

• Most sites would be most likely by amenable to mining by combination of open pit and underground mining.

• Uranium Mineralisation: Hosted by sandstones of the Permian Karoo Basin. U mineralisation mostly located in tabular or ribbon style bodies, where U mineralisation is concentrated where porous and oxidized sandstones come in contact with reduced shale units or concentrations of organic material.

• Mo Mineralisation: Appears to halo U mineralisation and is part of same oxidation/reduction process. Not factored into previous resource estimations or economic models. Potential to add approximately 50% to the value of the in situ uranium. This significantly impacts on the economics of mining these types of mineralisation.

• A detailed Radiometric Survey covered a total area of 1,985km, with a flight line spacing of 100 metres and a nominal 25m flight height was completed in February 2008. This compares with the original South African Government Geological Survey (now Council for Geoscience) completed over the region in 1976, which was flown on 1km spaced lines at a greater flight height. The closer line spacing, lower sensor height and improved instrument sensitivity have resulted in the identification of a large number of areas with elevated uranium response.

• Review of the Radiometric Survey data has been completed and new areas of uranium anomalism were identified at all six Prospecting Rights. It is expected that several high priority drill targets will be defined following the ground follow-up work.

• Ground checking of the anomalies will now be prioritised by the Company so that the anomalies can be put into geological and topographic context. As radiometric surveys can only test the very shallow surface environment (a few cm) a uranium mineralised body covered with a thin layer of sand or soil will give a minimal response in the uranium channel. Thin overburden can also dilute a uranium response and make it very weak highlighting the importance of placing anomalies in context.