The present valuation of PRB puzzles me as well Mark compared to similar gold explorers like TRR. We all know the gold junior market is being beaten up badly but we seem to be getting it worse than most. And like many on the board there was (and in a small way with me still is) fear with regards to a takeover hostile or not (whether from a gold producer or ROF chromite player).

But I do believe we still do have until the fall to turn this around (our MC) before any take-over offer comes in (hostile or not). For the gold producers, I don't see any of them buying Probe without an updated metalurgy and PEA completed. It would be considered a crap shoot to buy now (even though I'm sure we all feel confident that Borden should pass both with flying colours). There are other well priced gold mines in Canada that are either at feasability or have a completed PEA.

Secondly, the ROF chromite players will have to buy PRB at over a $2.00/share price (which is still an absolute steal!). But they are not gold producers and would be paying full pop (or maybe a slight premium) for the chromite. And again we go back to the PEA/Metallurgy argument to value borden et al. They are better off sitting for a year or two until making a move on BC or waiting till the fall when a PEA/Metallurgy is complete when they know they can piece off and move Borden at fair value while all the grunt work has been done.

But at this MC it should be on our radar (the retail investor) as well as the management of PRB to market the hell out of this company right now as this SP in the fall will make this company raw meat for the gold producers.