u308 is the future, page-31

Targeted opex of US$38/lb U3O8 produced(~10% reduction)

That is according to the latest BMN 11/5/2011 presentation. It isn't "revised" it is "targeted" in the DFS. That is one of the key focusses of the DFS to improve the project economics.

BMN has been hit hard since the PFS came out last year. This is one aspect if they achieve it will have BMN +vly re-rated. The PFS is +/- 25-35% so it may very well end up lower than the stated $42/lb, it may also end up higher in the DFS of which will be +/- 10%.

BMN currrently needs a higher uranium price, or a lower OPEX and they know it, as does the market. As I said if they achieve it I wil be one of the first to jump on after being sold off so low. If they don't BMN will not be a pretty sight without a higher uranium price IMO.

PEN on the other hand is very profitable on the current metrics. Any uranium price increase or OPEX benefit (such as the increase in vanadium credits) is simply icing on and already indicated profitable cake.