source materials license, page-6

Binbin, I agree and the longer it takes for PEN to release the DFS and commit to mining (ordering long lead items) the less chance we have of seeing production in 2012. From a project schedule point of view, whilst I understand in-situ recovery, I cannot see the project producing next year. This is not down ramping just realistic. I have PEN and will hold for production but do not see this happening in the same time frame as the company.

We are all aware of the DFS delays, and I still reflect on the company's previous comments (2010 AGM)that a IEX column is 10 - 12 months delivery.