LT/Mark

1. I would suggest a modification to your opening evaluation of Borden. You have generously given it a value of $24.50/oz from the market cap $128M - $32M cash = $96M (for 4M oz). But if BC is spun off as a separate entity, then the value of this property alone (BC ore plus transportation access for CLF) would be of the order $125M. This means CLF or some other predators could have for FREE, in a hostile TO, the following assets:

- Borden with 4M+ gold oz (and counting)

- Goldex royalty

- JV with LSG

- plus whatever else.

2. Are you suggesting that this idea of spinning off BC from the rest of PRB be introduced as a motion to be voted on at a special shareholder meeting? Dave can certainly take on this task, but can this motion be introduced by one of us shareholder from the floor of a meeting (such as the AGM) for a vote?

With some prior preparation management could be brought on side to get a vote going. My guess would be that everyone would vote YES for this proposal. You can certainly count me in for this vote.

goldhunter