HARTLEYS REPORT JUNE 17 2011
12mth Price Target: $0.154
Grade and Resource Increase in Key Area at Ross
The Company has 13 sites that are prospective for uranium in Wyoming;however, the most advanced of these is the Ross Area. This has been the focus of much of the resource drilling and will be the first area to be mined.
Ross has a total resource of 26.2mlb, 5.9mlb of this is within the first permit area where grade has now increased from 478ppm to 498ppm as the Company drills out the high grade nose of the roll front systems. The average grade
thickness is also impressive at 0.55 (as compared to the cutoff of 0.2).
Vanadium Resource Increase Provides Icing on the Cake
PEN has also increased its Vanadium resource to 2.3mbl V2O5, 1.74mlb within the Ross Permit area. 90 chemical assays measured an estimated 3:1 ratio for U3O8 / V2O5, which is largely consistent with our modelling.
hartleys report june 17
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