I would not like a jv as all this does is dilut the upside and does nothing to reduce the risk...... I would be more in favour of a direct sale of the adjacent properties for NOT stock... In this way the downside risk is covered..

The upside may not be as great... as if they were to hit a similar size and grade deposit PRB would be a $30.00 stock.... But if we miss we could go back to the .50's.....

A stock sale provides the upside from all of NOT's plays and eliminates any costs.... they would all fall onto NOT' . Very tidy for a major to takeover as well. If a duplicate discovery occured on the pRB ground, NOT would double in price anyway...

Majority of the gain, and downside risk is eliminated...JMHO