Peninsula Mines Ltd. announced high-grade concentrate results, averaging 97% total graphitic carbon (TGC) and 87.3% graphite recovery, from metallurgical testwork conducted on representative samples from the Company's 100% owned Yongwon Graphite Project in South Korea. In addition, a high-grade trenching intersection of 9.7 metres (m) grading 11.7% TGC including 2.5m at 16.9% TGC and 2.45m at 16.1% TGC has been achieved from initial trenching across the outcropping graphitic unit. This trenching has not yet tested the entire width of the graphitic unit (estimated to be at-least 10m wide at surface), and further trenching is planned along the strike of the unit. A moving loop electromagnetic (MLEM or EM) survey across the Yongwon graphitic unit has also been conducted. This EM survey has been very successful, defining the highly conductive graphitic unit dipping moderately to the northeast from surface, and continuous to at-least 180m down dip and xtending the strike length to >400m, open to the east. Additional trenching and a drilling programme has now been planned to test the graphitic unit from surface to a depth of 120m below surface (200m down-dip) on 5 x 80m spaced drilling traverses. The programme will include 16 to 23 diamond drill holes for 1,100m to 1,500m and, depending on the continuity of thickness and grade of the graphitic unit, this is expected to be adequate drilling density to define a maiden Indicated Resource for the Yongwon Graphite Project. The drilling is expected to commence early in the second quarter 2017.