Hello Fantomas, 2 points

- Your spin-out suggestion is part of the optimization strategy, it's a precursor...just getting ourselves ready for a spin-off when appropriate. It would take some time to spin-out, but the time required for spin-off would be quite a bit shorter. I don't see any downside for this 2-step strategy. In addition, this would attract attention from analysts and potential suitors for PRB, if they would want the whole lump or part of it, e.g. BC (or BL) if the price is right.

- I was suggesting to Karen the idea of shopping BC around privately by some investment banker, or by an "in-your-face" tactic e.g. using something like eBay. It was promised that the idea would be presented to the BoD for some chuckle first, and to stimulate some heated debate afterward. So far, I have not received a feedback from her. Perhaps, someone in the Toronto area who knows her well enough could give her a local call to find out what the status is. I believe the official line is still, we (BoD and management) will wait for the value of BC to appreciate. Fair enough, but it would not hurt to be a tad more proactive. Dress BC up and parade this hidden gem for the world to see. We have suggested a minimum price of $120M which is a good sum for our preparation for PRB to morph into a gold producer.

Just my take for the day,

goldhunter