value comparison, page-46

PEN will triple from today's price if the spot increases 40% - along with many others. PEN has a very large inferred low grade deposit - could do very well. U specs I have an eye on atm either for short term or medium term. PEN is included within the list.

The problem I see with PEN atm is the stage of their business cycle. According to my own estimations, they will need monies within 6 months. It's likely any placement may be at a discount therefore any AGM 2012 resolutions will be very interesting and may provide guidance, assuming no finance deal has been sourced by PEN/PALA before then. The concern I have with PEN is also the no. of shares offer - a consol. may be the key to attract financiers in this type of market as not many will invest much in shares that trade at 2,3 or 4 cents due to liquidity issues IMO.

The trick from here is for me to decipher whether PEN will provide the most bang for your buck if any prelonged upward momentum in the U price occurs. Given PEN's registry, I'd say it be the first 3 or 4 specs in line to multiply - is it the best? Maybe, given their potential permits etc, not so sure as yet and markets are still unstable, so I'm waiting. PALA is the key.