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Message: Link to map showing PRB/WTM claim

Link to map showing PRB/WTM claim

posted on Mar 02, 2010 07:54PM

Here is link to map showing the PRB claim that is optioned to WTM.

http://www.probemines.com/i/maps/Bristol_Location_2009.jpg

Also, here is a copy/paste of part of PRB's 9/16/09 news release (in quotation marks) on WTM's drilling. It contains some of the terms of the option agreement with WTM.

"The West Timmins Gold Project consists of two blocks totaling 832 hectares in 52 claims and is strategically located adjacent to Lakeshore's 1.2M ounce Timmins Mine Project and less than 800 metres from Lakeshore's and WTM's recent high-grade gold intersection (83.4m at 12.75 g/t Au) in the Rusk Zone on the Thunder Creek Joint Venture. WTM has an option to earn a 55% interest in the West Timmins Gold Project by completing $1,000,000 in exploration expenditures and making cash and share payments over a 4-year period ending in June 2010. WTM can earn a further 15% by presenting a 43-101-compliant resource report within two years of vesting their 55% interest and making additional cash and share payments."

If I read it correctly, WTM needs to spend $1 million in 'exploration expenditures' over a 4 year period that ends 6/30/2010 in order to meet the terms. If they dont spend this amount by 6/30/2010, then it would revert back to PRB. I wonder how much they spent up to this point. If we knew this, then we'd know how much more they have to spend by 6/30/2010 to keep the option in force. As long as the option agreement is in force, its my understanding that WTM has total control as to when and where drilling takes place as well as when drill results are announced. Also, WTM incurs 100% of drill costs, it doesnt cost PRB anything. In fact, WTM apparently has to pay PRB cash as well as shares in addition to spending $1 million on drilling. As it stands we are still waiting for drill results from WTM's drilling and it has been even mentioned that they didnt drill the areas with highest probability of results. While the agreement is still in effect, it doesnt look like PRB has much leverage. With everything heating up, apparently due to EXS expected drill results in the vicinity, hopefully this will put some pressure on WTM to force their hand.

It drivs me nuts when WTM drags there feet on these things. Thus, I wouldnt mind at all if they are unable to meet the option requirements and have this claim revert back to PRB 100%.

Someone said the sp of PRB would go up significantly if drilling on this claim confirms economic gold. I agree wholeheartedly. I am hoping that today is the start of a whole lot of investors thinking the same thing.

profitz

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