Not wishing to sound like a stuck record, but I wouldn't...

Not wishing to sound like a stuck record, but I wouldn't consider an entry into PEN (at any price) until management release a non-BS statement regarding operational performance at Lance, outlining known problems and a strategy to fix them. Perhaps this will be in the March quarterly but I will be looking 'honest' statements and explanations, not the confusing wish-wash that has been served up since Jan 16. Hopefully Mr Heili (sp?) is a no-BS kind of guy. Worst case scenario - if Lance is a dud, the consequences will be near-fatal for PEN in my view.

My biggest concern is that the production issues, that I think have been confirmed by the poor ramp up production data over many months, are several hundred feet below ground. Is it poor lixiviant flux through the ore zone caused by sub-par (poor) porosity and permeability? Is it poor rate and extent of uranium extraction? Is it chemical precipitation in the ore zone causing either of the first two? All or none of these are possible culprits but the evidence is clear, there is a problem. This IS the story for me. Fixing something you can't see or cannot find the root of, is going to be very difficult and if a technical solution exists, it will be costly. It is highly unlikely the problem resides on the surface at the CPP since alkaline ion exchange is pretty simple metallurgy.

The above is my opinion. Cheers.