Morning all, Sure its a good question... but I believe there are...

Morning all,

Sure its a good question... but I believe there are countless opportunities for PEN to move this forwards, and I am sure that management will be looking at a range of opportunities to minimise the burden of heavy borrowings and debt.

We have talked about some of these before. The following is food for thought... not saying this is what IS happening, but the sorts of opportunities that the co/- will likely be exploring outside of the presumption of full debt financing.

1. PEN have muted that they may consider disposal of some of the Australian assets. Lets not put aside the current level of Asian financing coming into SA. Sinosteels JV with PepiNini annouced last month. Sth Korea's JV with Scimitar announced yesterday. Japan's partnership with U1 to take forwards Honeymoon announced last week. These are our doorsteps and there is plenty of positioning starting to happen. (You might want to note that outside of the Scimitar investment, Sth Korea plans to invest $US 3.1b in international minerals acquisition by 2012 and are encouraging Sth Korean co/s to do same - if you wish for the link I am very happy to provide).

2. We have muted Karoo as bringing financing potential either through partial or full sale, although the possibility that Karoo may end up leveraging off Wyoming once the regulatory framework comes into place in Sth Africa is clearly there if the results continue.

3. Nuclear and energy companies started buying into uranium explorers and producers some time ago and this appears to be gaining momentum and I remember reading that this is an emerging strategy as they race to secure supply as deregulation and the international race to build more plants gains momentum. GE will very clearly looking to expand their US (as well as OS supply.

4. There is a very nice synergy for U308 between PEN and its associates, and the relationships they have in the US (as well as here in Oz and possibly Europe) are very strategic in my view.

5. Do we assume that PEN will go it alone in Wyoming?

All sorts of options in my view and no doubt many possibilities that we have never even considered, and while I have no doubt that the co/- and its associates are fielding and considering all sorts of options, in the meantime, all of the critical groundwork is progressing in order that at the end of the day there is a clearly stated resource, a development plan and approvals and bankable feasbility study.

Very interested to see how it all plays out... DL