sml early tues morning?, page-20

Col the announcements don't lie...

Process commenced:
7 October 2009
PENINSULA SUBMITS NOTICE OF INTENT FOR ISR LICENCE
http://www.pel.net.au/images/peninsul---yeeph.pdf


10 September 2010
PENINSULA SUCCESSFULLY DEMONSTRATES VIABILITY OF AQUIFER
EXEMPTION AT ROSS PROJECT

22 July 2010
PENINSULA COMPLETES DEEP DISPOSAL WELL STUDY AND SUBMITS DDW
APPLICATION
http://www.pel.net.au/images/peninsul---hieko.pdf

3 November 2010
NUCLEAR REGULATORY COMMISSION SITE VISIT
"pre-license application submission review and site visit"
http://www.pel.net.au/images/peninsul---geere.pdf

14 April 2011
PENINSULA RECEIVES DEEP DISPOSAL WELL
LICENCE FOR LANCE URANIUM PROJECT
http://www.pel.net.au/images/peninsul---ievioyahmu.pdf

17th January 2011
PENINSULA LODGES PERMIT TO MINE APPLICATION
http://www.pel.net.au/images/peninsul---eegheepohz.pdf


Promotion commenced:

2 February 2010
http://www.pel.net.au/images/peninsul---shuli.pdf
COMPANY PRESENTATION – INDABA MINING CONFERENCE 2010
"1st Half 2012: Production commences at Ross"

30 April 2010
Company presentation with milestones.
http://www.pel.net.au/images/peninsul---wahfu.pdf

30 April 2010
Comments on NRC licensing process(BRR)
http://www.pel.net.au/images/peninsul---wahfu.pdf

16 May 2011
ROSS ISR PERMITTING AHEAD OF SCHEDULE
http://www.pel.net.au/images/peninsul---vaemoocohl.pdf



I could go on, but the "process" has taken much longer than 3 years and commenced long before 2011. This has taken 5 years to this point and we still don't know the final outcome, and have a pending hearing.

By their own timelines (constantly changed as above and there is more) they failed completely. I was told in late 2010 they WILL be producing 1st qtr 2012. Then in 1st qtr 2012 it was to be 2nd qtr, when clearly with hindsight it was never going to happen before now. I and others were constantly told the NRC timetable is only a guide and is wrong in PEN's case. PEN just kept shifting the goalposts with each announcement.

I truly believe in this project as I have done for many years. However I give them no accolades on timely achievement on permitting or accurately informing shareholders of same. Sorry but I can't and won't defend the indefensible, I did once base solely on trust...never again.

I now just hope they don't drop the ball as they are about to have a barrage of "experts" brought in against the project. I hope they are ready with their own "experts" and armed with proven scientific facts and not wishful thinking.