Warranless, below is a SH post from 4u2

"I talked with the LSG folks today ay PDAC. They say David asked them to drill the hole and they came up with NO significant results and now there are no plans in the near future to do anymore drilling. Also talked with David. He says despite the lack of results from the hole, both he and LSG both still like the property. Palmer says they will drill more holes in the future, but it's on the back burner as he concentrates on Borden Lake, which he is very optimistic about."

Not sure if this would provide any answer/clarity to your questions, but it may be worth while following up with some PRB folks. Anyone else at PDAC to confirm the story?

Wrt your 2nd question "why did LSG agree to enter a JV on this property?". My speculation would be: It's the real estate consideration again (teh elbow room). In addition, it sits smack in the middle of a promising area ("the alteration"). So, let's grab it first before someone will. LSG has a district up there, and it does not need any interference from anyone, PRB included. One option would be to buy out the property. The other option would be to enter into a JV.... and deliberately create a paralysis/in-activity through a majority of say 55% versus 45%. This is just like a large company buying out a smaller company which has a product that may create future competition/complication. So, the easiest way to avoid the headache is to buy up the small company, and bury it. By the way, the target company may want to employ the "in-your-face" strategy, also deliberately making life difficult for the larger company in order to extract a premium offer ASAP. Nobody is innocent in this business. Perhaps, PRB can borrow a page from this example.

Cheers,

goldhunter