As far as the Pen story unfolding, I am certainly not getting...

As far as the Pen story unfolding, I am certainly not getting hung up on the Jorc as the be all and end all. Imo, this will just be the first of many Jorc,s for Pen on Lance and then in time, Karoo.

The Jorc as far as I am concerned is a minor issue, if not a formality. The recent drilling has confirmed the presence of the historical data, so we know its there, its just a matter of how much.
Ext have a Jorc out, but they won't be in production untill 2014, two years after Pen.

So to me, the simple fact is, whether we see the Jorc now or Nov or early 2010, it won't change the timing for production, as there are still a lot of permitting procedures and requirements to get through. Hence Pen's forecasted production date of 2012.
Sure problems may arise from permitting (not likely for Lance, but possible) that may affect the production date, now that would be much more of an issue for me, not to mention a major bummer.

But as you can guess, my main focus on Pen now, is them meeting their timetable in regards to production, and according to Pen its a very realistic target date to meet. Imo by then the uranium price will be back to its old highs and beyond, and with any luck Pen will be producing at the time the uranium price is soaring.

Don't get me wrong, I am looking forward to the Jorc and am pretty confident that once Pen does have it, the share price will be looking a lot better for them. But really in the scheme of things, if you are planning to stick around for the big picture to unfold like I am, than as I said the Jorc is a minor issue here.

Cheers NK