I think we can all agree that the chromite is worth at least double the trading price today.

I think dave also has that opinion, and Cliffs has already paid an average of $12.50 a tone for their chromite.

Now considering PRB`s chromite outcrops, is on high ground and enables the mining of 100% of the chromite that stratles the boundry I think Cliffs will be willing to at least match that price per tone.

10.7 MM tone X $12.5 = $133,750,000

I would think that if Cliffs offers this amount that Dave would sign it up.... if they stink bid us then the options are to drill a few more holes, entertain other offers to maximize this value. I think Dave wants to focus on the Borden and it would be in Cliffs best intrest to make their first offer a reasonable one.

JMHO