Morning joey,I haven't seen the report but I think I can safely...

Morning joey,

I haven't seen the report but I think I can safely guess that he is refering to conventional mining, and yes those guys need all the uranuim they can get at high grades, or the simple fact is, it won't stack up. Even a 50ml lb conventional uranium mine I could imagine would cost in excess of 200+ to build. Imo these guys need much more than a 50ml lb discovery to justify the capital costs.

Most of these mines are in remote areas, its not like they can truck the ore out, because its in the middle of nowhere. They are than forced to build a mine and a mill, suddenly the projects expenses just went up considerably. Hence all the feasability studies now coming out showing a not so rosie picture. I agree in that conventional mining discoveries do need to pull out 5ml lbs a year. But as to how many actually acheive this will be interesting to watch.

Purd is also right, ISR is very different and clearly even the some analyst don't fully understand it. you only have to look at the projected figures to realize what potential lies ahead.

An yes, they are eventually targeting a resource at Lance in excess of 80ml lbs in later years. But as you know ISR only needs 5ml or more to go into production. And the payback period is very short.

What I find so safe about Pen is the fact that they already have the finance to produce. The Lance project now to me is a no brainer, just a few more small hurdles Imo thats all.

NK