3/9 nrc adams update, page-18

MMM

It took Uranerz over four long years to receive all their permits.

I think the least we can do is cut PEN some slack.

We're currently tracking at record pace!

The receipt of the NRC Materials License, the final step in the NRC licensing process, marks a very significant milestone achieved by the Company and represents the culmination of over four years of effort which was spearheaded by Mike Thomas our Manager of Environment, Health and Safety", stated Uranerz CEO & President Glenn Catchpole, "I congratulate our entire staff for their valuable contributions through the permitting process. The hiring of new staff is now underway and the Company is focused on the development and planned operation of the Nichols Ranch ISR Uranium Project."

The following is eerily reminiscent of PEN's stated ambitions.


Corporate Highlights:

Received all federal and Wyoming State permits for mine construction;
Commenced mine construction in Q3 2011;
Projected to commence ISR uranium production in H2 2012;
Experienced management and operations team in place;
Well-financed for construction with over US$44 million in the treasury
Controlling a large strategic land position;
Signed long-term off-take agreements for a portion of production with two major US-based nuclear operators, including Exelon;
Continuing to expand resource base through drilling and/or acquisitions.

acreage

Using Uranerz's schedule as a guide (and a guide only), I guess we're looking at anywhere from 10-16 months of waiting time.

I'd be pleasantly surprised if we started producing before H2, 2012.

However it must be said I'm quite open to the idea of a miracle (or two).