Mike

I have added your case (case 0) in the Summary below. So the perceived worth of PRB by the market is from some negative value to $10/oz. $32 M cash is a significant component for PRB valuation, hence it should not be ignored.

Summary of PRB worth as perceived by the market:

Case 0: $22/oz (ignoring the cash component $32M)

Case 1: $36M/3.4Moz = $10.5/oz (after $32M cash in the bank)

Case 2: ZERO/3.4M oz= ZERO (after sale of BC, assuming a very lower value of $36M)

Case 3: negative $M/3.4Moz = still a negative number (i.e., free stuff, e.g.LSG JV, 5% Goldex NSR, etc., for an acquirer)

This is just to illustrate that no matter how you slice it, the results are ridiculously low compared to the valuation of similar (upper tier) junior companies, especially those that were taken over by senior companies. The offers for some were about 10 times or more compared to $10/oz for case 1.

goldhunter