Ann: PEN Investor Update - May 2012 , page-2

For the many that have posted various profit scenarios for the Lance project in recent times . . . . . it may be a good opportunity to rework your figures with those supplied by PEN.

Page 16 Table, shows the breakdown of the steady state production costs for the Lance project.

You will notice the last box on lower right hasn't been filled. . . . . . why?

Maybe, because when you add up those figures they show a


"Production Cost of $41.83 lb "


The price per pound has once again been optimised upwards!!


Your ISR production cost is now on par with conventional mining . . . . . .


Swiss