discussions with us utilities, page-7

Newborn

This is a email i recieved from Mr Simpson onthe 25th of May. His reply is upper capitals. (no shouting, just cut and paste) i take it on face value.

Are PEN in active talks for long term uranium contracts? If so, how far away is any announcement?

PEN HAS BEEN IN DISCUSSIONS WITH MULTIPLE GROUPS FOR SOME TIME, HOWEVER IT IS PREMATURE TO CONCLUDE THIS UNTIL SOME TIME THE IN THE 2ND HALF OF 2011. BY THIS TIME THE URANIUM PRICE SHOULD BE HIGHER AND WE WILL BE BETTER POSITIONED TO SPEAK TO A REAL PRODUCTION POSITION WITH A BFS AND PERMITTING IN PLACE.