If the land deal has been reached, it would good for PRB to pay the cash equivalent in PRB shares (plus a bit of bonus, as incentive for the two sibblings to take the shares). There would be some dilution, but I can see some advantages?

- there may be some minor dilution, but it may be swamped the benefit of getting a 100% package for Borden (I would also re-negotiate to convert the 50% JV to 100% PRB).

- now Borden deposit is wrapped up as a nice and neat package (i.e., without any loose ends) and hence would be more attractive to any potential suitors.

- conserve cash for exploration of the rest of the NewCo.

- essentially, let the sucessful bidder, in a TO, pay for the land deal.

Hope that Dave would take this route, unless he has some better arrangement.

goldhunter