Peninsular Gold Limited Operations Update (8782G)

TIDMPGL

RNS Number : 8782G

Peninsular Gold Limited

12 June 2013

PENINSULAR GOLD LIMITED

('Peninsular' or the 'Company')

Operations Update

Highlights

-- Gold production for the quarter to 31 March 2013 of 4,757 ozs from 335,000 tonnes of in-situ ore and tailings throughput

   --     Increased throughput due to improved plant efficiency

-- Several intrusive felsitic bodies of the same type as Tersang identified along a 10 km trend in the company northern licences area.

-- Significant potential for high grade mineralisation hosted in quartz sulphide veins at Chunchok.

Raub Operations

Gold production from the Raub plant was 4,757ozs for the quarter to 31 March, 2013 compared with 5,697 ozs in Q4 2012. The reduction in gold produced was due to a lower average grade treated during the period, reflecting in part the shift towards an increased proportion of tailings being processed.

The Raub Plant's CIL feed tonnage for the quarter was approximately 335,000 tonnes. This was 13% higher than the previous quarter and 17% higher than in Q3 2012. This increase in the tonnage was principally due to an increased throughput of tailings from the Gravel Pumping section, which improved both its tonnage per hour and total operational hours. In-situ oxide ore is treated mainly via the monitoring station and a small amount through the scrubber trommels.

The increase in the operational hours of the gravel pump section is the result of one of several ongoing initiatives to increase the Plant's overall availability.

A mobile crusher unit has been installed and commissioning has commenced to enable it to treat oversized material from both the in-situ oxide ore and tailings.

During the quarter the plant began discharging into the newly prepared R1 tailings storage facility.

Exploration

Exploration of the northern licences areas during the first quarter of 2013 was focused on the completion of the Kekabu regional exploration and on the detailed exploration of the Chunchok area.

At Kekabu ground geophysics, using a gamma ray spectrometer, not only helped to outline the contour of the mineralised felsites similar to Tersang and recently discovered during the regional exploration, but also revealed the presence of other similar intrusives, confirming the presence of several mineralised bodies along the 10km Tersang-Kekabu-Tenggelan trend.

The Chunchok area is located about 2km South of Tersang and is part of a 400Ha Company Prospecting Licence. Isolated quartz veins and silicified sulphide-rich zones with gold values between 2 and 12 g/t were previously discovered (1992) in the meta sediments. Recent limited trenching confirmed the presence of several veins that probably extend beneath the alluvium of the Tersang river. During the first quarter of 2013, the company started a systematic detailed mapping, soil and rock sampling of the area together with more than 200 stations of gamma ray geophysics. Several new quartz-sulphide zones have been identified. The company believes that Chunchok has a significant potential for a small but high to very high grade mineralisation.

End

Qualified Person's Declaration

The information in this report that relates to the exploration and identification of new mineralised areas along the Chunchok, Tersang, Kekabu, Tenggelan trend are based on information compiled by Dr. Yves Cheze. Dr. Yves Cheze is a Member of the Australian Institute of Geoscientists (AIG). The Directors of the Company are satisfied that Dr. Cheze has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves" as published by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia. Dr. Yves Cheze consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.

 
 Dato' Sri Andrew TY Kam          Patrick Watson 
  Chairman and Chief Executive     Finance Director 
  Peninsular Gold Limited          Peninsular Gold Ltd. 
  Tel: +60 (0)3 2698 8381          Tel: +44 (0)7799 885653 
-------------------------------  --------------------------- 
 Samantha Harrison / Jen Boorer   Colin Rowbury 
  Nominated Advisor                Broker 
  RFC Ambrian Limited              Daniel Stewart & Co. Ltd. 
  Tel: +44 (0)20 3440 6800         Tel: +44 (0)20 7776 6936 
-------------------------------  ---------------------------

This information is provided by RNS

The company news service from the London Stock Exchange

END

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