Pash

On apr 6th i posted the (see below) copy. I underlined the basis for the differing.

If threr is a buyout which is manipulated with only one suitor, then the price will be a low $2.17-ish per rasons below.If there are multiple suitors and hence a higher sp, say $4 to $5 per several anayst (to 2013 calendar year end.

When further NR's are released over the next few days/weeks: Maybe these?-

- improved metallury NR update prior to Apr 21;

- "nose" drilling/assay NR results before April 21;

- unupdated 43-101 (A) NR on "nose" drilling (19 more holes?) including latest metallury, BUT NOT including todays assay/drill results; these will be the (final?) resource results for the constrained open pit mine;

- a second 43-101 (B) NR representing holes drilled in todays NR plus additional holes to may 1-ish. This will be for resouces to be mined underground.

FS by year emd including hightened rate of drilled holes completed.

My opinion. Great results today.

Peter

- PEA by Apr 30th (not including todays NR assay results);

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Rosie

Not being a trader, some obversation/comment/blogger input please:

- Fridays close of $1.55 exactly equals the PRB 50 day moving average of $1.55, --an astounding vertical drop from a ma of $1.90 about seven weeks ago: stockcharts.com.

- Many very knowlegeable posters (eg. Mark; Goldhunter11, some others) believe that a buyout is the only outcome pending as Dave will "never" actually build a mine. This is logical? I don't know/understand the math of this potential outcome;

- If the warrant holders all short @ $1.55 and then exercise warrants @$1.70 they (eg BMO) make $0.15 per warrant exercised; PRB receives apptx $15-17M in new capital for a total of about $45M today, and Warrant holders own the warrant shares outright- and dilution of about 10% occurs. This $45M capital amount is about 1.5 years of drilling (min.) at planned 2013 monthly drill-meters per month rates. So these shorters are actually doing PRB a service? Shorters/hedgie investor eg. BMO is really a friend??

- I assume that the drilling results (4 drills now, maybe more in summer months) are spectacular enough to justify/verify this drill rate:-gold ounces per doubled tonnage is reported as materially higher; ..... a safe logical assumption?

- if above is logically true, and total mine cost cash cost per ton mined is very/quite low as many observers here believe, why wouldnt Dave build the mine? All shareholders would make more money, and production could start in apprx. two years?? Right/wrong?

- are major investors such as BMO, privy ( privately) to drill results as they occur? likely? There don't seem to be any repercussions if they are, so why not do it?? Right? Its good for all parties: PRB gets warrant money/extended funded drilling time. BMO/ hedgies make more money on way to new sp highs post PEA -assay results release. Yes/no?

-if a buyout is contemplated by someone, at (sp x 20 day sp ave.) x 40% premium:

$!.55 x1.4 = $2.17/ prb share

- this price closely approximates the highest prb average prices highest 20 days of PRB trading in the past six months.

- Conclusion? if there is only one company interested in taking out PRB, then the take out price is a done deal ($2.17). ??

- only if there is a seond (third,fourth)? suitor will the takeout price go higher?

- Can a takeout offer from eg BMO backed entity be resisted until a time of PRB/Daves choosing? ...or is the %share ownership already in hands of a single offerer/ backer/consortium?

- if PEA /assay results due in two weeks (max), and those results are manipulated/interpreted to be a dissapointment, then the sp will fall to $0.90 ish; buyout will be $1.55 and only one offer, (if any offers) = very low ball offer?? Can this low ball be resisted (by Dave); or would he (perhaps) have a side deal with eg BMO, in place?? to cover this possibility

Saturday talk to myself.

PS. I trust Dave, Karen from afar.

Commentary/critique gratefully accepted.

Peter

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