difference between the truth and whole truth, page-67

I don't think purd is complimenting me on my dancing skills, so I offer this pen and water post of mine from 26 July 2009 in which I questioned HangSeng's claims about water.

"As you know, I have a tendency to play devil's advocate ;-), so I hope everyone takes this constructively. I have a reasonably big position in PEN and I've been trying pretty hard to get to grips with the geology, hydrology, etc. From what I've learned so far, I'm not really convinced that having a lot of rain or surface water is enough. It's so much more complicated than that (and I have several empty packets of headache pills to prove it :-).

The problem is that one of the conditions required for ISR mining (a porous layer between two non-porous layers) is bad for recharge from rainfall. Rainfall from directly above infiltrates the soil and becomes part of the groundwater aquifer, but can take thousands or even millions of years to permeate the non-porous layer/s below the ground water aquifer and into the uranium bearing porous layer.

So a lot of rainfall and surface water isn't enough if it doesn't have an entry point into the Uranium bearing aquifer. However, I believe there is a recharge point somewhere around the north western side of the Black Hills Uplift. So the macro conditions of rain and an entry point are both positives obviously, but the negative is that the Lance Project is likely to be close to where that recharge area is, and more importantly it could be close in terms of elevation. If I understand correctly, the head pressure comes from the weight of the water pushing down into the centre of the aquifer causing enough pressure for water to rise when the aquifer is punctured by drilling. The problem for us is that the place where we puncture the aquifer is probably quite close to the edge of the aquifer so there isn't as much water above to cause pressure.

I know what you'll say, Nubth JV Pilot Plant, and I agree it gives us a lot of encouragement. Pretty much everything I've researched leads to something encouraging actually. However, I still stand by my other reservations and I hope the value in criticising is that everyone will keep searching for more confirmation rather than just relax because there's a lot of rain and surface water."

This is but one of many posts where I was forced to play devil's advocate over a long period because no one else would. Swinging? No. I've always tried to be balanced the whole time I've owned PEN shares. I find it hard to believe purd and other long termers aren't aware of me arguing with them for 6 months! Reichman even once commented how balanced I am. Guess I'll just add "swinging" to the list of silly accusations.

dt