"The Expanded DFS (announced Sep ’11) will incorporate the full...

"The Expanded DFS (announced Sep ’11) will incorporate the full Ross-Barber resource (41.4mlbs U3O8) compared to the initial DFS resource at Ross (8.95mlbs (M&I)) and is expected to be released 1H12"

Hedrox, I personally cannot see PEN producing before the end of 2012 due to the lateness of the DFS. Previously PEN had advertised a DFS in Jan 2011 for production Qtr 1 2012, so from this expect a 12 - 18 months construction/commissioning schedule. I know some people say this can be done quicker but generally IMO most corporate likes are very optimistic when it comes to reporting construction schedules to the market. Worse case according to these numbers has DFS June 2012 and production between Jul-Dec 2013 which ties in nicely with the NRC timetable. I know this is not what people want to hear or believe but being realistic this IMO is what long termers should be setting their sights on. Anything better will be a bonus.

Obviously the PENOA's will be hanging out for the DFS before their expiry but worse case people will have to exercise to full shares to save their capital with the hope that on production their patience and loyalty will be significantly rewarded.

DYOR