For the most point, the properties are concentrated in the McFauld's Lake area - at this point, it is far better to diversify with additional projects in other areas. While not discounting the value and the potential of the properties, people FACE IT - the area play is DEAD right now! It's likely going to be worse with tax loss selling coming up. McFaulds Lake is not going anywhere, the rock will stay put, Probe still has the properties, but there is no interest here whereas some very promising properties are becoming available that could heat up interest in the company again.
Look at the mighty NOT - closed at .78 today - FNC - .32!!! NOT only has $15 million left in the treasury - at their burn rate - what $3million/month?? - how long are they going to last without another financing that will further dilute the shares - what is it now? Oh yeah, 130 MILLION outstanding. Any of you care to guess what that number will be like after the next financing?
Probe has 33.5 Million shares outstanding, $5.2 million in the bank and won't HAVE to do a financing for at least two years. That is with doing carefully planned drilling programs derived from COMPLETE sets of information to identify the best targets; once the JV with Mantis is settled one way or the other, drilling will be done on Tamarack - better with their money at this point especially as it is looking more and more likely that the long trend line that extends onto the Tamarack property is chromite . WHICH THE MARKET IS NOT CURRENTLY RECOGNIZING. We would not see appreciable, sustainable share price increases - but hey, if it is nickel/pge's and we would still have 50%. If the JV does not continue PRB owns 100% and it looks like nickel and pge's - great, we can drill it and because you can bet if it is, the whole area will take off again.
Until there is another HUGE hit, this play is going nowhere for the next while. The market could care less about the chromite - sooner or later it is going to have to wake up to it, but that won't be anytime soon - the market wants nickel and pge's and nothing less than spectacular numbers will move it.
FNC is drilling C5 in the very near future and rumour is Peter Smith is going to be putting down some holes near the PRB/FNC border. I think Dave is smart to let this go ahead and see if it is Chromite or Nickel. If it is chromite, so what - market does nothing. If it is nickel/pge's hold on to your horses and we will have one hell of a drill program in the winter.
I will ask again that some of you check your facts before posting what is becoming a lot of negative nonsense on this board. Yes I know your investment is down - so is mine, but you are lashing out with some pretty negative stuff that in my opinion is undeserved.
Oh, and by the way, to those that think Dave should be voted out - the AGM was in October - you missed your chance. Let's just see which companies are still around this time next and in what kind of shape they are in. Then let's see how you cast your vote.
JMHO
Shooter
