fundamentals changed, page-37

Well I'm going to keep it simple:

Some time things are just not plain sailing. ...no one thought the public intervention would have been an issue (strata management included) -

I ask, where was PAM 18 months ago?? when the crook county would have known exactly what business PEN were in and what their intentions were - they would have also known that PEN were awarded their other 2 main permits so along comes PV late in the game ???


certainly wasn't an issue when Nubeth was used as a pilot plant producing 80,000 pounds of U308. nOW the people will have their say - it won't wash and they will be granted their approvals- life will continue PAM will more on to her next issue and may find one with more concrete reasons but in the preliminary round of discussions on Dec 20 - most of the concerns she put forward at that hearing had no basis for contention...

PEN may have a more robust economies of scale with 14.3 m l/b which may yield the same profit margin as they initially provided with 23m l/b target

Anyway i think it will go ahead and i also think by years end we will added substantially to the existing M & i

In the meantime there is lots of spin doctoring going on and just gives me a chance to clean up more OC at good prices with 3 1/2 years out from expiry

MMM