ann report, page-2

An ultimate target at Lance of 30,000 acres.!!!!!!!!!!!!!!
Lance is going to be huge, We know how widespread the uranium is there. This will keep them in production for 10s of years imo.
Drilling has started, so in roughly 12 mths Pen will have their first target Jorc,ed and with any luck the permitting process should also coincide around this time providing there are no snags, as both can be done at the same time. Then we should have ISL production starting roughly 12 mths on.

So this small company will be one of the limited uranium companies producing in around 24mths. Unprecedented imo for a junior to achieve this in such a short time frame.

Funding you all ask.

They have allready flagged that the Australian projects may be sold for funding.

In addition, as highlighted by Bubwell in earlier posts, I too am of the opinion that it may well be the Karoo project that will be sold to allow Pen to reach their Lance production goals. How much they will get for it I don't know. But it is definately in a red hot area as far as uranium mines go, and is a lot more advanced than their Australian projects, so it should be able to command a good sale price from the likes of nearby neighbours like Areva.


Cheers NK