I would think some of it has to do with Scotia's very negative report issued this morning.

They say sell and project a $1.60 price over the short term.

But I think PRB is a buy on this pull-back.

Hopefully, the PEA, PFS, and FS, metallurgy, and land issues

are resolved positively over the next eighteen months and that the POG rises

significantly. I know its asking alot but I think it mightl happen.

Mackie and BMO also issued reports this morning as well but come to positive opinions

about the NRl.

If you want the three reports call Karen and she'll send them to you.

eom

GH:

Today, 1-24-2014, Raymond James issued a 33 page report about Probe.

Contact Karen of IR and request you be put on her email distribution list for

any brokerage reports then you'll get James' report.

eom

Junior exploration programs will be 'pruned to the bone,' Macquarie says

TEXT SIZE

2013-04-16

In a new report on junior precious metal explorers that looks at which companies will have the cash to survive the current market and the decline in the gold price, analysts at Macquarie Equities Research predict that exploration programs will be “pruned to the bone with only a few exceptions;” very few equity financings will be completed during the remainder of 2013; and that the market will be pricing in US$1200 per oz. gold.

“The days of large exploration budgets are essentially over,” Michael Gray, Pierre Vaillancourt, Shawn Campbell and Darren Wiebe conclude in an Apr. 15 research note to clients. “It is particularly difficult for juniors with compelling early discoveries that need significant follow-up drilling (like Gold Standard Ventures (GSV-V)) unless a strategic investor comes to the rescue [like Agnico-Eagle Mines’ (AEM-T, AEM-N) recent investment in ATAC Resources (ATC-V)].”

“Other juniors that are trying to advance resources and de-risk projects will have a tough time resonating with the market (Eastmain Resources (ER-V)) unless there are potentially game-changing drill results (Probe Mines (PRB-V)),” they note.

LTGoldBull2:

I consider Probe marginal because there are no PEA, Met., PFS, or FS reports issued as of two days ago. There are no Proven Reserves or Probale Reserves published as of two days ago. So far there are only Inferred and Indicated Resources because of the lack of enough in-fill work.

I estimate it would take 36 months from today for 200,000 oz annual production to be reached. What will the cost inputs be at that time? The price of gold at that time? These are all unknowable now.

I think the all-in producing inputs for Probe right now would be US$1350 with net after tax of US$231 oz.

By production they will have issued 125,000.000 shares.

US$231 oz x 200,000 oz ap = US$46,200,000 / 125,000,000 sh. = 0.37 sh x 40 pe = US$14.78 share price. That is a marginal return for the risk taken because all my inputs above are wags not based on any facts because of the lack of any reports noted above. These are all static numbers not likely to hold up over time.

I'm speculating that Probe is going to have a producing mine at BL. Possibly more than one mine. Now I''m really guessing.

In three years I think gold will be above US$2500 oz. Maybe $5,000 to $10,000 more even higher if the world looses confidence in the US$, $US Treasuries, a derivative event, or a black swan takes place that few see coming.

Or gold might take a 50% correction from the high down to $1000 level like it did in the 1970's. I would'nt like that to happen. In my view its not likely to happen. But we allknow stuff happens.

From my viewpoint Probes got to be making at least $1.50 oz eps then the risk will have been worth it to me. Maybe not others.

Assuming that negative stuff does'nt happen regarding gold price I think well are all going to be happy campers three/four years from now.

Good luck to us all.

eom.

In Dave's presentation he states more than once, the graphics as well,

they are working their way to being a miner. Not an explorer. Not a developer.

Now I could be over reading Probes interpretation of the word "miner", but I

don't think so because of other reasons. Probe really has'nt been acting or

speaking like they intend to sell the BL property. Of course things can always

change.

To me this means they are going to build a mining operation team.

It means the financing is there if the PEA. Met, PFS. and FS work out and

gold stays above the current level which to me means all things being

equal as of today BL is a marginal operation when all-in costs are considered

not the phoney cash costs that most people use.

DP must have confidence that they have the institutional support to repel a

low-ball bid by the Yamana's of the world.

Incidentally I'm not against Yamana. I've been in

Yamana from nearly their beginning and seven/eight years before that with

Yellow Point before it became Desert Sun. So I'm very happy with Yamana.

eom.

Funny.