INDEPENDENT AUDITORS' CONSENT


The Board of Directors and Stockholders
Pure Cycle Corporation:

We  consent  to the use of our report dated October 10, 2003 in the registration
statement  on  Form  S-8,  with  respect  to  the  balance  sheets of Pure Cycle
Corporation  as  of  August  31,  2003  and  2002, and the related statements of
operations,  stockholders'  equity,  and  cash  flows  for the years then ended,
incorporated  herein  by  reference, which report appears in the August 31, 2003
annual  report  on  Form  10-KSB  of  Pure  Cycle  Corporation.



                                             KPMG LLP

Denver, Colorado
May 5, 2004