The last time I posted was shortly after the NR of the completion of the second round of drilling at Black Creek (BC). I thought the preliminary news was great and was sort of let down with market reaction. I said something like lets wait a few weeks and see what happens with sp. It took a while, but it looks like PRB is finally getting some long overdue and well deserved recognition from market. But as far as I am concerned, the PRB story is still just in the early stages with many chapters to go. But I thinks its going to be a fast read with significant developments happening soon that will make todays sp look like a bargain.

I and others have been pointed out the belief that PRB is worth just under $3 per share based only on what they have at Black Creek right now. (Using the SPQ comparable model) But recently completed additional drilling at BC has expanded the deposit over 50% at strike and over 80% at depth. We dont know exactly when the assays will come out, but they will eventually and in near term. Then we will get an updated 43-101 shortly after that which will enable everyone to set a much more accurate value on the resource at BC. To regular readers and posters on this forum who are already well aware of this, my apologies, as its like a broken record, but here goes again as the reasons to own PRB are very compelling and this is a nice recap for new readers who are considering buying in. BC is very high grade chromite, close to surface, on the highest ground in the area and smack dab in between, and in very close proximity to, other chromite resources that CLF controls and intends to mine. (Black Label, Black Thor and Big Daddy.) IMHO, it is very likely that CLF will be interested in this asset. When the 43-101 is updated, the resource tonnage will go up, not down. If it doubles, will value go up proportionately? (From estimated $3 to $6?) I would say hold onto your shares and find out.

A great case can be made to own shares in PRB even if Black Creek were the only asset they had. But there are also several other things going on in near term that can have significant impact on sp independent of what going on at BC.

Very soon we should be getting news on the gold assays at Borden Lake. I dont know what is taking so long, but I have a feeling its going to be well worth the wait.

Then there is a 5% NSR that PRB has on a producing mine owned by Agnico Eagle. The Corporate slideshow on PRB's website says they are in negotiations to determine how much PRB will be getting from this asset. This could come out soon as well. There is also an option on gold property at Timmins we are waiting on.

If one believes that the chromite alone will be worth $3-$6 per share, what will the value of the gold holdings add to that? We will hopefully be getting some answers in near term. There are certainly no guarantees and every one needs to make there own decisions, but I like PRB a lot and am hanging on to my shares.

Looks like the PRB story is finally getting out and its great to see rising sp. But IMO, it is still quite undervalued. Lets see where we are in another couple of weeks and then re-assess.

Good luck to all.

Profitz