Fellow Probe Longs -

I apologize for throwing a wet blanket on Dave while he camps up at chilly Borden, especially on a day when we release good metallurgy results. However, the Macro picture for the gold sector continues to deteriorate and this obviously has a profound impact on our company. With increasing Taper Talk, the road ahead looks treacherous.

The gold market is in a state of dissaray. The POG continues to trend lower for years now even though the usual drivers of higher gold prices remain intact. It is disheartening to see bullish fundamentals no longer able to move the metal higher. Whether you subscribe to price manipulation, or some other rationale, the POG is what it is and deals die when prices collapse.

What does this mean for Probe? Well, I've previously described this process as Probe fighting in a 10 round boxing match. Through today we continue our fight, and land punch after punch like today's metallugy, so thankfully we are still standing when others are not. However, if the POG falls much further and the Fed and other "cartels" continue to do everything in their power to keep gold from becoming a viable alternative to paper currencies, the outlook for a near term, highly lucrative Probe buyout seems to diminish.

It may be time for Dave and Management to once again "think outside the box". What can we do? Well, many options remain on the table and some of you will certainly have ideas as to what we can/should do if anything at all. Some ideas:

• We could aggressively market a sale of BC at a very reasonable (perhaps below market price), and load up on cash again. This could help us weather and survive a long, cold winter in the gold sector that may last for years.
• We could approach AEM and a few others who have sniffed around and offer a partnership related to royalties from the eventual Borden gold production for a large lump sum now to stuff the bank account.
• We can attempt to sell Probe now at a reasonable premuim (2x?) to our existing SP. Certainly not what any of us want to do, but do we want to watch the share price dwindle to under a buck again if the POG falls another $250 - $500 per oz.?
• We can stand tall, keep punching, and hope to win by a unanimous decision when the bell rings to end the fight. This could be many years away...

I'm not sure what to do to protect our company and our investment. Perhaps the next possible leg down in POG will finally be the capitulation our sector needs so we can reverse the bearish trend and move higher for years. Or perhaps the bullish trend has been broken for many yeras to come and we are entering a secular decline in PM?

Yes, we have one of the best properties discovered in years. Yes, we have a great President in Mr. Palmer. Yes, we have been patient & supportive while Borden has been advanced at what is really a very rapid pace. Yes, we should be paid handsomely for all of the above. But that doesnt mean we will be paid in the near future, or at all, if we dont take some action. Cash is king. I am leaning toward selling the Chromite or offering a royalty on future Borden production so we can act like Trump and flash our wallet to the shorts so as to weather the PM storm.

Any other ideas...or gut feelings out there...?

-Kingpin