announcement, page-6

Hey all,

Donna, their recent annual report confirmed the Drilling has started at Lance.

"An intial drill program has commenced to confirm and extend the historic mineralisation and to prepare a Jorc compliant resource for 2009".

After recently speaking to Gus Simpson, his overall confidence in the Lance project was very reassuring to say the least. He mentioned that they will only need the Ross and the Barber projects confirmed to get to process needed for production.

Make no mistake, the wheels are definately in motion, and the positive comments I received from Gus, is that this company is very fixed on becoming a producer.

Pen having 100% interest in the Lance project is going to turn out a very commanding position to be in and as said in the chairmans report, "Whilst the achievements of the company are not reflected in the share price at this time, due mainly to the deterioration of worldwide markets, the company has during this period positioned itself strongly with two first class uranium project groups."

Another snippet from an analyst on the Lance project "This is one of the best value uranium stocks. Even though we are still waiting on JORC status resources, there is a high degree of confidence coming from historical work by reputable companies."

Cheers NK