huge value in lance to finance itself

Although its great to to see that Pen have managed to keep 100% control of Lance. It still makes me think that the opportunities out there to sell off a percentage of it so as it can completely finance itself through production is somewhat inviting to say the least. I'm sure once we get closer to the Jorc, they will be in a better position to seriously consider this avenue.

Just to give you an idea of value: Mega Uranium sold a 35% stake(8.4ml lbs) in Lake Maitland deposit(25.2ml lbs) in WA to a group of Japanese investors for something like US $49million.

Now come mid 2010, when Pen have the initial jorc on Ross and Barber, Imo from what I gather, reading about the project and the Nubeth data addition, I get the sense that predictions of size of resource, are on the conservative side.

Now, still staying with that conservative frame of mind that they acheive 15ml lbs, and Pen "was" to sell off 35% of just Ross and Barber alone, still keeping 65% control, and of course the all important calling the shots themselves, that to me, makes enough sense to have a good look at. My figures are probably wrong, but I make it that it would give them close to another $35million towards production. And quite possibly get them close enough to not even borrow one cent.

Mega is a large uranium company, and they still found it opportunistic to go this sort of path. Now I have always been very supportive of Pens ability to retain 100% of Lance, and it may well still prove to be the best winning move, but the other option must be looked at, very seriously.

What a position to be in. Great job management.

NK