Appears that PRB is in a quiet period. Not much news to light things up lately. I imagine that Dave P is quite busy drilling at Black Creek, developing the information to update the original 43-101 for BC. I'm thinking that drilling BC is top priority and the other issues such as NSR, West Timmins and Bordon Lake assays are lower priority until BC drilling is completed. I'm very confident that the end result will be worth the wait, but the wait can indeed be tough. I try to get by by focusing on what we know we have. That is, we have a valuable chrome resource in between and close to other valuable chrome deposits owned by CLF. It's high grade and on the highest ground in the area.

I try to focus on what CLF paid for SPQ. Let's see, SPQ owned 1/4 of the estimated 40 million tons chromite at Big Daddy. Thus, their portion of ownership comes to roughly 10 million tons. They got taken out by Clf for roughly $125 million for their ownership of the 10 million tons chromite.

What do we have at BC so far. Let's see, the initial 43-101 shows we have 8.44 million tons chromite (measured and indicated and inferred) so far. The initial 43-101 is based on drilling to only 175 ft. The deposit is open at depth and strike. Dave is drilling to 400 ft in the current drill program and will have the 43-101 updated once the results are known.

Using CLF's purchase of SPQ's approx 10 million tons chrome for $125 M as a very rough comparable, I dont think its out of the question to put a value of $125 M on Black Creek if Dave can get the resource up to 10 million tons. $125 M divided by PRB's 42 million fully diluted shares comes to just under $3 per share.

But wait, what did we just say, the original 43-101 is based on drilling to only 175 ft., the deposit is open at depth and and Dave is drilling to 400 ft to expand the resource and update the initial 43-101. Black Thor, just to the north of Black Creek had chromite beyond 400 ft. Taking this into consideration, is there the possibility that the chromite at Black Creek may also go to that depth? If it does, is there the possiblity that the deposit will be expanded beyond 10 million tons? Do the math, if we end up with 15 million tons, where are we at, just over $4.50 per share? You can figure it out proportionately if it goes higher or lower. When the 43-101 is updated we will have a much more solid basis to do some serious calculating. Plus, by then we will also hopfully get news on the other projects to help with SP as well, and any one of them could have a significant impact as well.

So, getting back to CLF, (and Brutus, thanks for sharing that find.) what could they do with an extra $1 Billion? Well, if they are interested in Black Creek, (and I think that they are, otherwise I would have sold a long time ago) I am hoping that some of it may be used to pay fair value for BC. IMHO, CLF will eventually get BC, I just hope that Dave can get the market to realize BC's fair value so CLF doesnt get it for peanuts. Dave has made some great decisions on behalf of shareholders and we are now in a very good position in ROF. I think we are in good hands.

Good luck to all.

profitz