This cache is located within one mile of the published coordinates, which are for the Paul Bunyan statue in North Portland. My first tribute cache (GC1MCQT) can be found very close to that statue, but to find this cache, you must first find two other statues: Paul Bunyan and Babe The Blue Ox.
Note the DECIMAL coordinates of those statues, then subtract 1.886924 from the latitude (N) and 27.803983 from the longitude (W). That will give you the actual location of this cache.
You can check your answers at Geochecker.com.
The original container went missing sometime during Summer 2010, so it is now a bison tube. No room for trading items... log only, and please bring your own writing instrument. There is plenty of parking across the street from the cache location.
Although the muggle factor is MUCH lower here than at the statue, you should still be careful.
To give credit where credit is due, the inspiration for this puzzle came from U.N.C.L.E. Leonidas.
Congratulations to CrunchyFrog83 for being FTF!