Tutank,

- The new Probe is nothing fantastic. It's essentially the "old original Probe" when Dave started out with exploration in the RoF. The most valuable property is Black Creek which has 10 M tonnes of high-grade chromite. If the timing is perfect then the value of this could be ~ $100M, but because of the RoF uncertainty, the market gives it a value of $ZERO. The other two properties Tamarack and Victory are for Ni, Cu and VMS exploration. There is a map showing their locations (Google one of the names). Tamarack is on the ring outline, and Victory is about 10km SE. Nothing has been happening with these 2 properties.

Currently the RoF is waiting for the Fed to pump in some infrastructure money (election is coming in October, or even late Sping?). If the governments give a green light the RoF will light up and BC chromite would be worth something, may be not $100M since it has to compete with CLF which is trying to unload it chromite holdings. Best way for new PRB would be to form a JV with KWG to develop BC. Leave it to KWG to do the work, and Dave can concentrate in finding Au.

- That brings up the question about the property outside the RoF. The BoD and Dave should have asked for a good stretch of land in the Borden area for Dave to play with (Dave should have an idea where the best parcel...after all he said there is a 70km strike length in the Borden Belt). BoD and Dave bungled this one.

- Money: $15M cash (plus $4M from AEM) is a small sum. Currently, PRB treasury has more than $15M, $4M is a given, plus a potential of about $12M coming from 5.6M wts exercisable before May by AEM (it will to increase its holding to 12.9Ms (G has 8.5Ms). So, an offer of ~$30M along with a parcel of Borden land for the new PRB would be more reasonable and would probably more acceptable to PRB shareholders. Either G was greedy/cheap or BoD and Dave did not know how to bargain.

In summary, the proposed deal is a low-ball from G, and it would seem that G has not learn the lesson fron the Osisko failure.

If you feel disgusted enough then contact WarrantlessBob who is tallying the NO votes from PSU group. We have, presumably, 12.9M votes from AEM, and preliminary tally indicated that we have a good sum from PSU. We need a combined 33.4% of the actual votes for the Special Meeting to block the 2/3 majority. Currently, G + PRB BoD and Management have 8.4 +4.6 = 13M YES votes (a long way from 66.7%). Every vote counts in this business. It would be a surprise to see another major trump G's low-ball offer. This could potentially be AEM.

It's your decision to do whatever you like with your shares...but voting NO for the proposed deal would force G to come back with a better offer. May be, this is what Dave and the BoD wanted. Accept the low-ball as the first offer to start a bidding war?

goldhunter