Pecos,

I admire your optimism. Guess that you have a different model, i.e. just full steam ahead and have a mine built and make tons of money selling gold bars. However, we are talking about a gold and silver mine which would cost quite a bit of money, say billions and not millions like a graphite mine. Also, it would take a minimum of 3 years to get to production from a bankable FS (you will need to get a pre-FS first). Anyway, the bankers will need to be lined up, and they are not a bunch of naive people, they are there to make money (look at what PRB got itself into with the last financing with our "friendly" banker). I am not trying to pour cold water on your idea, but my tea-leaf reading (may be wrong) is that PRB would end up selling Borden to a major, hopefully for a pile of cash.

Raising money in the current climate is not easy unless you don't mind dilution big time. PRB's kindda lucky to sit on $30M cash, but to get to a larger and more attractive deposits (north of 10M oz Au) to parade in fron of the majors would require a lot more drilling, filing of updated NI-43-101, preliminary FS, and bankable FS, and some indicationthat construction permits/environment assessment/good relationship with the FNs would not be problematic. All this would cost money and more than $30M that PRB currently has. Instead of going to one of our friendly bankers one more time, one option is to shed the non-gold assets to get some cash. So it may look like a short-sighted approach, but given the current situation, it would be good to harvest some low hanging fruits to get some cash infusion which will make PRB sit even prettier as far as its finantial status is concerned.

BC is a nicely wrapped package. I have urged our BoD through Karen to do an eBay-like auction (openly or privately. starting with NOT which, along with getting the chromite deposit, may want to take an opportunity to tighten the noose on CLF a bit tighter as far as transporation access to the BT/BD mine site is concerned (of course PRB could do the same). $120M is a small sum for CLF $3.3 B project. CLF may not need more chromite, but has to get the people and supplies in and out to the west, and the chromite out to the south. This is CLF Archilles' heel (shhh, don't tell CLF this secret).

In summary, your model is fine if there are no impediments for raising huge amount of money. But my tea-leaf reading seems to indicate that PRB would be swallowed up by a major within a year, or max 1.5 years, who would pay us handsomely, to support your change of zip/postal code. The short-term, but strategic goal is to get more cash without dilution to dress up Borden, just to marry her off. And her dowry will get you the summer home with attached bug enclosure in Chapleau.

goldhunter