In the past couple  months  most resource stocks have lost value.... ELD is  down 50%

Probe is  down nearly  50% from its  high in April. They  have  increased  their  cash  position  to  about  $50 million


So if  ELD  was  going to make a  move,  soon is the  time  to make an offer

 If they  offered 1 ELD  for  4 PRB  and  .40/ prb share It  would  not  be a terrible opening deal  JMHO


That  would equate   to  buying an ELD for $3.20

(4 x 1.20) less (4 x .4)  = 3.20


This  would  dilute  ELD about  38 to 40 Million  shares  or  about 20% The  cash portion would  be equivilant to  PRB,s  cash  position...  ELD production   would  increase significantly approx 40% when the new Val- dOr mine is operational,  and the  majority  of  their production  would  be in Quebec. 

The  upside  potential  would  also be  there  as ELD shareholders... I would  est  the  ELD  value  would  be in the  $20  range within a  year  or 2 as the  development  of  a new  mine would  bring in new shareholder/ institutional  intrest.... JMHO

Even under this  deal the  upside from  here for  PRB shareholders is   very, very good.  I would  bet  ELD  shareholders  would  think  this  is  far  too  generous,  just  as  PRB  shareholders  think  this  would  be  stealing   PRB,s  asset.  Thats  why  I  think   my  est  is  what   may  happen.