HI All,

met today with Dave during John Kaisers resource investing conference in Geneva and had a nice chat. To summarize:

-land package deal in November, timing resource Jan/Q1, PEA mid next year.

-land deal is only about valuation, and timing can be delayed with a week or 3 as one of the other parties goes to Tokio.

- Some PRB people just came from India: PRB has received some calls (major steel companies) from China and India for the Chomite. Dave sees nothing in a CLF deal, but rather that a Chinese or Indian steel company takes the lot: Black Creek, Big Daddy and Black Thor, somebody with deep pockets.

- winter program consists of more lake drilling, and drilling will end more or less at the other shore.

-underground mining of the high grade makes permitting easier than the open pit lower grade

- Initial Capex for the high grade to be expected in the 200 mio range, with cash costs of the higher grade around 400-450 opposed to 800-ish for the lower grade.

- in case of a takeover 6 bucks should be reasonable, not 2 bucks with a 50% premium.

- In case of a takeover, Dave already identified some targets in Ontario for another adventure.

- I told Dave that he is a better presenter than our COO at the Denver gold forum...

- Dave is a nice guy, thrustworthy imo.

Regards

Snoek