Excellent posts MMM
Just to be clear though the Lance Capex has never been bantered at $53M, it is PEN's stated position at present in the PFS and as stated in the Shaw Stockbroking conference on the 6/12/2010.
I enjoy going back over reports and presentations and I pick up on small snippets that start to be come clear.
This one in particular...
"Look at near production & acquisition opportunities in areas of existing operation"
The $100M PEN has access to I doubt will ever be used except as evidence of a surety bond restoration guaranteee. I am almost certain the Capex will be funded via bankers or via takeoff arrangements.
Regardless of my thoughts, it is becoming clear that PEN management is seeking to turn PEN into a major producer of uranium.
I also noted that Karoo is indicated as having "Established 8mlbs in-situ U3O8"
The amount never caught my eye, but the "in-situ" did.
http://www.shawstock.com.au/files/3_PEN%20External%20Investor%20Update%20-%20December%202010%20-%20Shaws.pdf
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