If you also read UBS's report...It is expecting Spot U3O8 to hit...

If you also read UBS's report...

It is expecting Spot U3O8 to hit $196/lb in FY20008,
whilst year to date average has been just $104/lb.

if U3O8 maintains an average of $104, then UBS's expected earnings will fall from $101 to $57m profit.
this pushed out it's PE from 35 to around 65x

so while PDN is a 2009+ story, the real question, in my mind, is do you believe U3O3 will hit UBS's target of $196?
If yes, buy away.
Otherwise, as i expect, you will be seeing a number of analysts pulling back their forecasts/numbers.
Yes PDN has some excellent features, but dont forget, it is still capped at $3B, will probabable earnings downgrades to come over the next 6??? months.