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.
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