uranium sleeping beauties, page-11

Hi Illiquid

I'd like you to elaborate if you would on one aspect of your post.

The tone of your post made it pretty clear that you are confident we won't get financing until AFTER we get the relevant permits in place.

I'm not saying you are wrong with your contention. Nothing could be further from the truth... What I would appreciate though, is given this totally contradicts what HQ has told us as recently as the past couple of months, what reason/s do you have for being at odds with HQ?

To refresh, page 4 of the PEN Investor Update release from May 21 told us "Project Funding for Lance on track", page 5 said "Project funding well advanced" and on page 7 under NEAR-TERM MILESTONES, "Lance Project Funding H2C12".

Further to the above, on June 13 of this year, we were told in an ASX release that 'debt finance was advancing well'.

The above comments from HQ tell us that we should expect debt financing, at the latest, sometime this year. But given (ahead of schedule) permitting is not anticipated prior to the second half of 2013, are you of the opinion that HQ is being way too positive in their timeframe? OR, are you being way too negative?

I hope and trust you realise that this is not an inflammatory post. I respect your views. Always have. But given yours and HQ's views on this issue appear poles apart, I'd appreciate you elaborating further. Are you going on past experience or knowledge, or is it more of a gut feel?

Regards
Reichman