Hey Guy's, We have a quarterly due today so probably nothing...

Hey Guy's,

We have a quarterly due today so probably nothing sensitive there.

But I had to post this again from yesterday, very exciting stuff. For one thing, this well respected analyst mentions Pen first, with very strong words Imo.

Note what he say's...

"The signal was: production is coming down the track"

and

"so keep an eye on uranium announcements"


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They're talking about uranium againFont Size: Decrease Increase Print Page: Print Robin Bromby | April 29, 2009
Article from: The Australian
THERE'S been a lot of interest in Peninsula Minerals in recent days.

Yesterday the company released a bullish development outlook for its Lance (Wyoming) and Karoo (South Africa) uranium projects. The signal was: production is coming down the track.

Some 13.2 million shares went through yesterday, but there was great interest before the announcement. On Friday, 15.3 million shares were traded with a good bump to the price from 2.9c to 3.5c.

Does this mean that investors are looking at uranium again? As we said here on Monday, they should be - or, at least, looking at companies that have projects that are both viable and advanced well beyond the greenfields stage. Global financial crisis or not, the developing world needs electricity.

Part of the reason for the new interest may be that uranium spot prices have started creeping up. They rose 6 per cent over the week, and the wires are reporting that an exchange-traded uranium fund has been in the market buying supplies. There are two publicly traded uranium ETFs, Guernsey-based Nufcor Uranium and Uranium Participation Corp of Vancouver.

At $US44/lb, the price is still a long way from the $US138/lb posted almost two years ago, but there is no doubt that investor interest is being rekindled.

The other interesting news item is that Canadian producer Denison Mines has entered into a new long-term sales contract that will see it supply 453 tonnes of yellowcake over five years to an unnamed customer. Moreover, Denison said it is also in talks with other buyers interested in long-term contracts.

This tells you that there is concern out there about future availability of uranium. That is why, earlier this month, the Korea Electric Power Corp took a 19.9 per cent stake in Denison as well as putting its foot on 20 per cent of the Canadian company’s production from 2010.

So keep an eye on the uranium announcements.

This morning Enterprise Metals put out a quarterly that shows just how active it is around Wiluna in Western Australia - that state’s uranium companies are now well and truly off the leash since the change of government and uranium policy. Take note Queensland!

West Australian Metals is pushing ahead with its Marenica project in Namibia where there is an inferred resource of 15,400 tonnes of contained U3O8. And Michael Kiernan’scopper play Redbank Mines has put out a statement that it has started looking for uranium on its Northern Territory ground. Never let it be said that Kiernan cannot sniff the wind.

The writer implies no investment recommendation and this report contains material that is speculative in nature. Investors should seek professional investment advice.

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Cheers NK