back to 6c a matter of time, page-53

Hey guys,

Yes isn't it great acreage, more the better Imo. Although Uranium mining in wyoming is but pint size compared to wyomings coal industry. Never the less, its going to be the uranium hub of the US, thats becoming very clear. And PEN is the dominant player in the PRB. A master stroke it will turn out to be Imo.

Also agree mmm, the market is so short sighted!!!!Treat the jorc as the be all and end all, how the market still doesn't fully understand ISR. Jorcs Fore gone conclusion as far as I'm concerned, just need to confirm the size of Ross and Barber now, and of course once the data is all loaded in their model, we should have a better indication of what size Lance is going to end up. I'm pretty confident with the database aquired, and just from the comments from the due diligence done on it prior to paying for it, that the drill database holes are possibly fairly closed spaced, which is what is needed I believe for a measured resource(the highest level of confidence). But your right, the market should re-rate Pen favourably on a Inferred resource as well.

But I'm much more interested in the permitting getting up, thats more important, as to me its really one of the last hurdles to get over. They have the finance, Jorcs coming Imo, Heck they have even got the team needed to take it to production. Its just permitting.

And yes, good time to be an Australian company with an advanced uranium project in the US.

May I also make a note about no real insto on yet. I think what we have to realise, is that no matter how you look at it, YA Globals commitment of $50m smackaroos is a big enough instos vote of confidence for this black duck. Pen indirectly have already a large insto on when you think about it, at Pens choice if they wish. What a position to be in.

And These guys do understand ISR. They also have probably got a good idea of where wyomings heading.


NK