PNN's share price zoomed when it signed the joint venture with...

PNN's share price zoomed when it signed the joint venture with Sinosteel to develop the Croker Well uranium deposit. Then the bottom fell out of the uranium market, indeed out of all markets, so the uranium situation is now:- (I quote from the PNN web site)

"In December, 2009 the joint venture alliance announced preliminary financial modeling of the Crocker Well Uranium Project undertaken as part of the Bankable Feasibility Study (BFS) for the development of a uranium mine indicates the Crocker Well project is not viable based on current market conditions. The analysis has determined the viability of the project is very sensitive with regard to the price of uranium and the American dollar exchange rate. Accordingly the joint venture alliance between Sinosteel Corporation and PepinNini Minerals Limited has decided to delay the finalisation of a BFS until there is a substantial sustained increase in the price of uranium and a substantial sustained improvement in the American dollar".

As for being free carried, I don't know, however I don't think there's much cost involved but there's no income either.

Otherwise the Company has carried out extensive exploration (for other minerals) very efficiently (using its own drill rig) but hasn't yet found the magic deposit that will produce a mine of whatever mineral. So, we wait in hope as the share price slips lower and lower.