new hartleys, page-45

Yes I have and have discussed just that with a few offline friends and my wife.

Decision came easy, no I have sold none, nor any intention of just yet.

If there is one aspect I have complete control of now it is the psychological aspect, and I have a sound ability to remain focussed. I don't panic, as has been demonstrated here in the past. Simply what is happening now is what I truly believed always would.

Now though a few aspects have changed, for the better. Along with it my view of where PEN is heading.

Bare with me a moment...some won't like this and no doubt will bring the usual flurry of TOU's, so read quickly.

I bought PEN thinking Lance and Karoo would be good projects, not great but good sound profit making projects. Over time this view has slowly changed, pushed along by PEN's proactive development and now obvious outcomes to date.

* Lance now has 33M/lbs of uranium, only 10% of the leases they hold. Even if they only achieve 50% of what they have so far in the next 90% of the leases then Lance is looking at being >150M/lbs. Previously I openly stated I thought Lance would go to >100M/lbs.

* Pen is obviously seeking "acquisitions", as stated by both Hartley?s and PEN. And they now have the available funds to do so. This was never a previous thought of mine and has now added to my positive outlook for PEN.

* Vanadium credits were never a part of my thinking. Now they are there and look like expanding. Lowering the already low Opex, my original driver of positive thoughts with PEN along with a low Capex.

* Karoo - this has always been in my mind a potentially large project with a large uranium and molybdenum resource potential. Now I find PEN is clearly focussing on the very strong possibility that the uranium resource may be "masked", concealed by surface sands and alike. This was never in my equation and after seeing what happened with Rossing Sth with EXT it has me rather excited on the potential of Karoo.

* Karoo is indacated at around 150M/lbs, that is without knowing what may lay beneath the "masked" surface layer. Are we truly looking at a potential "elephant" resource? Only time will tell.

Sorry to ramble on, but the answer to your question wasn't a simple yes or no, behind my answer was a lot of thought. I now believe that the sp of PEN is going far higher than even I originally thought. I have decided to go for the ride. This is not to say I won't sell some at some stage along the way, in fact that is likely, but at a much higher sp than you are seeing now.