I just read your 3-5-2011 message and noted your comment that you did'nt know how PRB received its Royalty. This may help. Things are a little fuzzy but I'll guess in 1961 Cisco Mines bot what was called the Probe claims. A year or so later Cisco Mines changed their name to Probe Mines. Cisco (Probe) was controlled by a Dr. Kaplan of Chicago and the CEO was Murdo McLeod. Murdo was an old fashioned mining promoter. A really interesting guy. He'd get on the phone and call what he called the mooches in the States like me. He talked me into buying 50,000 shares of PRB @ .08. He was raising the money to carry out a 25,000m dd program on the Probe and Dalton claims. They made a discovery of what is now called the Mzone. Gold was fixed at US$38.50 in those days and the property just did'nt pencil out. Probe was out of money. But during the dd the price of PRB went from my .08 and topped out at about $1.10 as I remember. I got out somewhere in the area of .60. I recall that sometime in the early 70's PRB gave an option to a local producing mine. Can't remember the name of the company. Maybe Hollinger, or Dubuisson, maybe Malartic, a company like that. It did'nt pencil out for them either. In this time period Paul Penna the operator of what is now known as Agnico Eagle (AEM) bot the Probe claims from Kaplan, paid off the debts of Probe which I recall was around a $1,000,000. In return, Probe received the 5%NSR. I spoke to Paul Penna a few times over those years. He was convinced he had a mine (the Probe claims) but said the gold price was probably going to have to be $300+ in order to make money. In a general sense I think I have the facts somewhat straight but when it comes to the dates I might be off as much a five years. I always remembered Penna saying there was a mine there. I got back in PRB in 98 thru 00. It turns out Penna was right. You did a nice job of explaining the royalty situation. Hope this helps.