Hi all, as I stated last week I was going to the General meeting...

Hi all, as I stated last week I was going to the General meeting yesterday, which I did along with 5 others. The guy that wrote the report from Hartleys was there as well.

Basically the formal issues were delt with and then SIMMO at the request of a share holder gave an update. Now this is my view of what was said. It is not investement advice and if you are looking at investing or topping up in PEN DYOR.

SIMMO was very garded by what he could say for obvious reasons.

Two drill rigs will commence drilling on the 20th July 2009 with the Cheif operatiions officer overseeing this drilling. SIMMO stated the COO is a very good operator and he could not be more pleased to have him on site. He has just been to a 4 day confrence on permitting in Wyoming.

Its anticipated that the rigs can drill 1.5 holes per day and will operate 7 days per week. SIMMO will be content with one hole per day per rig. They will be drilling between 120 and 140 mtrs depth. Extra rigs will be added to the program (up to 6 in total) however no time frame was given on this. The drilling will target two of the 13 targets they have from the historical drilling data.

SIMMO mentioned the costs to complete the amount of drilling and research done to date, at todays prices, would be approx 80 million. He is very confident on proving up 15 million pounds from these two targets. We all know the name of them.

He stated that a million pounds of U308 is like having a resource of 1 million oz gold and that people perhaps did not realize the significant value of a million pounds of U308.

I asked the question of what exactly was their target and was it the roll fronts. This was interesting as he gave a detailed explination of the drilling and mining process.

Firstly the drilling will be to target the roll fronts. Historical drilling has located the roll fronts (the 13 targets)but may not have intercepted the main ore body. To explain this the roll fronts are like a shooting star with a main body at the front(containing the main body or supergene deposit)and a tail disipating to nothing. It may well be that the results to date are only from the tail and not the main deposit. I am sure most of you know how the roll fronts develop.

When drilling they also conduct assays as they go. Inside the drill casing is a door that they open, shoot gamma rays into the soil and get a reading on the U308. This allows for results of each hole as it is drilled. Impressive hey, allows for the constant flow of results. The market will be kept informed but not bombarded on a daily or weekly basis.

The mining process will be to locate the roll fronts and by oxygenation turn a solid into a liquid and pump it to the surface.

PEN have established a great rapport with the land holders in Wyoming and indeed the broarder minning community. The reason for this is PEN has continued on with its exploration in difficult economic times when most others have shut shop for the time being. SIMMO stated that this has been viewed very well by the land holders, who stand to make some serious money from royalities. The land holders are just speculative investers in poor farming land that are punting on mineral resources in that area. Wyoming is an extensive mining region, pro mining anything.
There appears to be no hurdles to jump from land holders.

The broarder minning community has felt the effect of the downturn and PEN has capatilized on this. It has enabled them to employ the services of very experienced companies that 12 months ago would not have been interested in doing business with a company of PENS size.

SIMMO stated that the 40 million to build the mine is on the high side. He stated that it would cost 20 million to bring the project to construction stage. (ie drilling, feasability)

Restructure and consolidation of shares is not on the agenda. The liquidity of the stock is not seen as a disadvantage. He believes that over time the day trader will be removed from this stock as the institutions move in and take up positions. He stated to dilute the number of shares at this stage is only giving the share holders a hair cut.

It will be looked at when the mine is running at a profitable level. Share holders best interests are at heart.

He made mention that the directors are putting their money into the stock. They believe it is a very solid resource with a huge upside.

Without doubt there is news, positive great news to be released.

I hope this is of some help to all PEN holders.

Dhuy can u send me an email to [email protected] I would like to discuss something with you.

Regards to all

MOTTY