Wow, after reading the past 200 posts or so I had to go back to the PEN website to make sure the company is still there... For a moment there reading all this well articulated insights I thought that I had ended up with millions of shares in a company that is going to the dogs!
BUT - a quick look at the latest report confirms:
WYOMING, USA - LANCE URANIUM PROJECTS Maiden JORC Compliant Resource of 15+ Mlbs eU3O8 announced in April comprising: Indicated Resource of 4.0Mlbs eU3O8 grading 510ppm Inferred Resource of 11.1Mlbs eU3O8 grading 507ppm. Additional Mineralised Potential of 50-80 Mlbs eU3O8 within Lance Project Area. Metallurgical Recoveries from Ross Project exceed expectations. Feasibility Study completion dates brought forward. Permitting milestones being achieved ahead of schedule. Further High Grade Intersections at both Ross and Barber Projects.
SOUTH AFRICA ? URANIUM / MOLYBDENUM EXPLORATION Extensive drilling program scheduled to commence in first half of CY2010. Independent Scoping Study initiated. CORPORATE $10m Capital Raising announced through placement and rights issue. Cash at 31 March 2010 $4.05m.
PHEW - that was close! This must be why brokers value this stock at a 4 times multiple of what it is trading at... :-)
Back into my hole.
EE.
PEN Price at posting:
3.2¢ Sentiment: ST Buy Disclosure: Held
