Nobody!

Cliffs has made moves on FWR, SPQ and KWG and each time they have been active in the market aquiring a position or locking up shares in the respective companies.

So is Clifs active on PRB? I don't think so and here's why.

I think that Dave approached Cliffs to resolve the inability of NOT and Cliffs to make a deal.... Cliffs has committed $400,000,000 in cash to this project and is very serious about it going forward. Fortunately for PRB that deposit incroaches onto PRB's property and this compromises the development.

KWG wants a premium to the rate they paid for FWR and SPQ. Buying KWG does nothing to resolve any of the following points.

Enter Dave Palmer..... How about if PRB makes a friendly deal to monitize the balance of the deposit that straddles the property boundry for the going rate... $12.50 / tonne

PRB simply needs to define this resource and Cliffs will make a cash deal for the chromite alone...... They do not need to aquire PRB shares! I figure this is a done deal and PRB will be restructured earily in the new year.

This is why Dave is moving quickly on the Borden to prove a new 100% owned viable gold project to drive new PRB gold after this reorganization.

This is conjecture on my part. Hopefully this is the way it all plays out. It also explains why the market is so thin as investors hold on tight to their position.

This is the way I see it at this time.