potential cash injection of $27.7 million, page-3

"considering that the SP should be considerably higher in 12 to 24 months,which would be an absolute windfall for us shareholders if PEN can get to production still 100% owned."

Yes my ultimate vision Mick and having now slept on it I believe this to be a very real possibility. I have also come to the conclusion they will consolidate at that time should that in fact occur.

Speculative I know but bare with me for a moment. Consider the possibility that PEN is at around 15c by then, not unrealistic considering Pen will be near construction stage. This is an approximate market cap of $130M, still not high in comparison with peers. With a cap raising at 15c this would raise $50M for construction (and some spare opex cash) and add another 333.3M shares for a total of approx 1.7B on issue.

Consolidation at 1:10 would convert this to a mere 107M shares on issue and the mkt cap would be ~$255M and the shares now at $1.50.

$1.50 shares for a company that would be producing uranium in a 76M/lb (I believe over 100M/lbs will eventuate) operation in the US. You can also bet a near or done Jorc statement for 150M/lbs at Karoo and cashflow to finance Karoo. Unrealistic? Personally I don't think so as this would place PEN well above some others that I have just looked at, one of them kindly mentioned here yesterday.

With both Karoo and Lance fully underway and still with the same % ownership, it is not unrealistic to believe the sp would be at around $3-5 conservatively based on the above IMO. And this will be when the WFC is well behind us and world consumer demand once again increasing.

Yes I am a dreamer, but a calculating one. I believe PEN will go all the way on their own now and I will have a fine parcel to take along with them.

Just pull up a 6 year PDN chart and place a marker at approximately February 2004 (at about 3.6c....) and see what could potentially occur in the next 2-3 years.

I now stick my neck out and state that I predict that consolidation will occur and that PEN will be in the ASX300 in 2-3years time. Mining Lance and advancing to have Karoo online by ~2014.

I will save this post and bring it back in 2 years time...