pundits, page-13

And yet the naesayers keep piling it on.

In 2011 we had "little black boxes", "poison arrows" and "imminent Greenpeace" intervention along with earthquakes in Wyoming and "inland Tsunamis".

PEN IMO and that of the companies, will be a producer by the end of this year. Even if delays occur early 2013 latest.

Due to the the many negative postings here I now often get emails from long standing holders concerned for their investment. The most often asked question now is "do I believe PEN will be a producer?". My answer is a very confident YES!. I also answer I believe PEN can and will commence construction activities as early as March/April this year. I have long stated they can take advantage of early construction, if they accept the risk.

IMO in March the board will approve proceeding to mine and along with it early construction. The disclaimer I put on this is that (IMO) they will also announce a funding arrangement.

The latest announcement enables PEN the possibility of lowering Capex significantly, potentially up to a 20% reduction.

So many positives IMO and the naesayers will be shown the door.

Your (our) friend Sven has made a killing in a short space of time due to his undying faith in management. I can only but admire him more, as I already do.

The negative posters will continue, of that I have no doubt.

All in my humble opinion only.