we will not realize the value at BC at all if we're taken out later in the year by a gold major, hence the impetus for PRB to spin off BC into a new company for shareholders at 1:1.

Lest anyone think I don't know what I'm talking about, look at the takeover of Freewest by Cliffs - Freewest was easily worth 1.75-2.00/share, shareholders got a third of that - with no real value placed on Freewest's gold reserves.