ready to run, page-29

I have to say I'm a little sceptical. Sure it can happen like that but both how big the rises and falls are and whether they always happen or all parts happen is a bit of a punt.

Based on this we should all bail out in June after JORC is announced as it will be the highest SP we see for the next couple of years and we should be able to buy back in at the today's prices again in late 2010 or early 2011 when construction begins.

I think there are extra factors to be considered in our scenario like permitting (which should cause a very nice re-rating/de-risking) and the fact PEN are running some aspects in parallel. I agree there will be some rises and partial retraces around major announcements but I'll be very surprised if, once things start to fall into place, beginning with resource definition (JORC), we see significant drops back to today's levels.

My current thinking is to hold right through to production (and beyond) and not to try and get too cute timing the rises and falls.

Illiquid