pen targeting u3o8 production 2012, page-5

You be the judge...2 PEN for 1 BLR? I don't think so.
Not exact in figures but close enough.

PEN may have more shares but also has double the U3O8 resource indicated and double the cash at hand. By the way BLR has ~110,000,000 options on issue, not "a few".

Both have no debt, in the USA and good access to infrastructure.

Both will require funds to advance to production.

PEN is ISR (Low cost ISR)

BLR is U/G (U/G is high cost convential hard rock mining)

BLR is in advanced stages and heading into production and will most likely access Uranium Ones processing facility. Production likely 2010/11

PEN is defining the resource in readiness for Jorc and is pursuing a stand alone ISR facility. Production likely early 2012.

PEN
Targeting 76M/lbs U3O8 and will have Jorc for Lance next year 100% PEN. Also indicated as 150M/lbs at Karoo 74% PEN.
Targeting a total of 226M/lbs U3O8.

PEN Total = 187 M/lbs

PEN cash = (post shares) >$14 million July 2009

BLR
50M/lbs Jorc compliant Taylor Ranch, 100% BLR.
Adjoing leases - ~100M/lbs - "It is intended that Uranium One shall hold a 60% participating interest in the joint venture and Black Range shall hold a 40% participating interest."

BLR total = 90 M/lbs.
BLR cash = $8.5 million (at the end of March 2009)

From the BLR website:
"The Company has delineated a JORC Code compliant resource base of more than 50 million pounds of U3O8 at its Taylor Ranch Uranium Project. It is working to consolidate ownership of the uranium deposits in the immediate vicinity, where resources amount to more than 100 million pounds of U3O8."