Peninsula Energy (ASX:PEN) has decided to fully withdraw from any further development activities for the Karoo Projects in South Africa.
Their decision is based on the prevailing uranium market conditions which they believe are not supporting the ongoing development of this hard rock uranium mining opportunity.
Secondly, they say the limited duration and cost structure associated with holding South African mineral retention rights quickly becomes cost prohibitive.
Peninsula has therefore suspended all financial support for development activities including progression of mining and prospecting right applications.
Peninsula Energy Limited (ASX:PEN) are trading flat at 25 cents.