quarterlys, page-5

Funding option is very positive, I hope they do the same with Raki Raki. This will place PEN in a very strong financial position going forward.

Cash still strong and minimal drilling required to get to jorc.

I also like this very much. As I have stated many times, the historic data is going to prove invaluable to PEN. They are using this to excellent advantage.

"Mr Christopherson has commenced a review of the significant amount of historic data related to the ISR Pilot Plant, which previously operated at the Ross project,
and was designed to produce 40,000 lb U3O8 per year and operated during 1978 and 1979. The information reviewed will include historic assay results, environmental baseline studies and successful aquifer restoration and should prove invaluable to Peninsula in reducing the time required for State and Federal permitting for a planned new ISR mining operation."