new annoucement out presentation, page-15

It is a long winded process as are all permitting processes. This won't occur in a few months of that I am sure. Donna may be right, however at this stage we don't know what permits PEN has already has approved.

When PEN state "permitting", it isn't just simply environmental permitting. ISR processes are heavily governed in the USA. The positive is that Wyoming and the US Govt are supportive of, and are promoting uranium production and mining.

It involves a number of regulatory approvals involving air, water, nuclear agencies, milling/processing, environment, rehabilitation and others.

PEN will require acceptance of an ISR Mining License 'Application for Detailed Review' by the NRC, which is the first step. When this is received we are getting closer. At this point see your bank manager.

Before uranium mining can begin, PEN must then have issued a “source material license” from the NRC and a mining permit from the Wyoming Dept of Environmental Quality. At this point buy all the PEN you can (if unlike me et al... you haven't already).

Somewhere in all that they have to have approval to drill. Seeing as though PEN has indicated more drilling should commence in September 2008, we can but assume they have the required exploration permits in place.

The big positives are firstly the environmental consultant appointment recently. Have a look at the credentials of this person and you understand why PEN appointed him.

Secondly the Lance project was successfully rehabilitated post close down, when it was last operational by Nubeth. Without this closeout with the Dept of Environment, PEN would have a great deal of trouble getting a permit to begin mining. Thankfully this isn't the case.

Baby steps with first being the Jorc compliance statement.

I am the first to admit that although this is now getting very exciting, we have a way to go yet. The reduction in timing to 1 year from 'permitting' is still excellent news.