We now have Jennings re-valuation of PRB (target $5.00/s, raised) in addtion to Mackie's target @ 4.00/s (same as before) and NAV of $5.25/s. We have not yet heard from Northern and RBC. The evaluations from those 4 (see slide 5 of PRB Corporate Presentation) are in the same ball-park, indicating some consistency. But the 5th one, our sole-agent and lead underwriter for the $25M PP and $15M, our BMO dearest, has gone bonker with a weird re-evaluation using strange assumptions such as the lowest value of BL = $68M (compared to others at ~$300M level). Nothing was given to BC (zero $, compared to $15 to $38M for Nothern and RBC). Is it their normal practice to consider "fully financed" and assigned a whopping sum of $821M to end up with $404M shares? No wonder their NAV for PRB is so low (there was some other reasons they dished out to justify the conclusion, but they looked like something being pull out from a hat. At least, the method they used is not consistent with that used by the other 4 groups. It's out there as an aberration and sticking out like a sore thumb.

We can certainly challenge BMO's assumptions and question the reasons for arriving at its conclusion, but this will not be effective, since they simply ignore us.

As indicated by other posters, it's time for PRB management to stand up, have its own calculations, or hire an independent group to come up with a new valuation (to tear apart the weird trash report). PRB still have some $32M cash and this should easily accommodate this expenditure. Anyway, it should not cost much for such a valuation, which may become handy when a potential suitor come knocking on the door. Also, this would provide a solid platform for another valuation when the resource is re-calculated when additional data from the not-yet reported holes and new holes start to come in.

Would someone who has a good rapport with Dave pass along this kind of message to him? Tell him that it's time to stand up and set the records straight. Geez wheeze, talking about "biting the hands that fed you"! (you gave them the money and they come back and burn you).

BTW, the volume was not that much yesterday, about 0.8% of the OS, and by the look of it today's volume would be less than yesterday, 0.4%OS at 3:14pm. My reading is that most of us are sitting tight, leaving the market manipulators free range to do what they do best. Perhaps, it's an excellent time to back up the truck to load up those cheap shares. As usual, consult your significant others, before backing up the trucks.

goldhunter (beep beep beep - backing up)