The analysts' valuations of Prb in the $3-$5/sh range are based on a very conservative valuation of the gold resource that has ALREADY been reported. Those values have already been shown to be in the ground. The only thing that has changed there is that they have done some infill drilling and expanded the resource at depth and along strike to show that the deposit is bigger than originally estimated. The next resources estimate will be larger and of better quality (more measured and indicated rather than all inferred) so it will command something closer to normal gold valuations (2-4x what we are being allocated now). That’s the purpose of all the infill drilling that is going on.

On the exploration front there are two initiatives going on. One is the expansion drilling going on along strike and at depth. The second exploration front is anomaly testing.

In expansion drilling there is no guarantee that there is anything there without drilling. So far we are seeing reports from the newest NR that there is new mineralization at depth and along strike. The odds are we will never drill beyond 300 - 350m vertical as that represents what would be considered a deep open pit. It’s unlikely that anyone would mine underground at ~1g/t so going deeper with the drilling doesn't add value beyond 'showing that it’s there'. Maybe if they figure out there is a higher grade core zone they might chase it but the focus has to be on tonnage and ounces. The drilling along strike expands tonnage potential and they will infill drill around any strike extension to expand the resource estimate.

The anomaly testing is a totally different game. We are chasing weak geophysical anomalies with a geological reason for why they may be interesting. Until we drill them we don't know what they are, whether or not there mineralized and whether or not there is enough geological potential to warrant additional drilling. You drill a lot of barren holes when doing anomaly drilling so hitting mineralization in the nose fold is a very good indicator. Expect to see more drilling there. The rest of the strategy is to drill and move, drill and move, drill and move and when you hit something or the assays come back +'ve you assign a drill to the zone and keep on moving to new anomalies.

Ideally you have enough times to drill off the main zone, test all you anomalies and drill them off if positive, finish your estimates, do your PEA, move on to a Pre-feasibility study that flows out to the bankable feasibility study, get permitted, and have your shovel ready to dig when you get put in play and someone buys us.

Unfortunately while all of the above is going on potential suitors both friendly and hostile are maneuvering around trying to figure out whether or not they want us, and if they do, how much they need to pay and when to act. The pressure is constantly on Probe to get as much value on the table as possible before the company gets trapped by events. My guess is that Dave wishes we would all go away for 6-8 months so he can get all the drilling done but that isn’t going to happen. So the short sellers and day traders will play their games, companies will try to weasel into a market position and the rest of us will do our thing while waiting to see how much resources we have and whether or not it will trigger a takeover.