who will lend $70m?, page-23

Mick I tend to agree, PEN made sure the world knew all about the IDB funding and had it announced far and wide from ASX announcements to BRR and other promotional means such as brokers, Proactive Investors and media generally.

I believe only fitting to keep all shareholders informed as to progress or otherwise dropping them. To not do so is in my view is inexcusable.

PEN more than happy to keep us all on a string with this statement constantly announced...first announced by PEN 7 November 2012 and continued to for sometime thereafter.

""7 November 2012
$70 MILLION INDUSTRIAL REVENUE BOND FOR LANCE PROJECTS WINS UNANIMOUS CROOK COUNTY COMMISSION SUPPORT"
The $70 million in requested Bonds represents 47% of the $148.1 million required to construct the Lance Projects Central Processing Plant, CPP expansion, Satellite Ion Exchange Plant and initial well-field development."

One could be forgiven the next announcement implied this would be all that was required, in conjunction with the Blackrock/Pala funding and drawdown, to facilitate "completion" of construction.

"10th December 2012
In conjunction with and complementary to the debt facility above, Peninsula has also commenced the application process with the Wyoming Business Council for US$70m in Industrial Development Bonds (IDB). Crook County, the issuer of the IDB’s, has voted to unanimously support the application and the granted bonds would complete the debt financing requirements for the Lance Projects allowing the completion of the CPP, CPP expansion, satellite ion exchange plant and well-field development."

If they saw fit to promote and announce as above, why not see it fit and proper to keep shareholders updated on progress?