This was a very positive announcement and provides initial...

This was a very positive announcement and provides initial indications that the ore grade is high enough to support a profitable mining operation. It would be useful if they would continue to provide such monthly updates until the operations are meeting the levels envisaged in the DFS.

Also positive is that they increased the cash/bullion position by $6m in July to $42m, which suggets that the monthly net cashflow should increase due to increased gold production as higher ore grade is fed to the mill. We will get details of their liabilities (including accounts payable) position when the interim financial report is released later this month. At this stage it seems TIE will have no difficulty repaying its $50m in borrowings from free cashflow.

The market is taking a cautious view of TIE's announcement and only added 8% to the share price, and I expect to see the share price back above 80 cents over time with the continued improved operational and financial results.

Once funds are available, I would like them to undertake more exploration of tenements within trucking distance of the large mill to lengthen mine life /maintain higher ore grades, as well as to progress the heap leach gold project nearby.

I took a punt on TIE recently and bought in 51 cents. I do not expect TIE to be a multi bagger from here but there is scope for some solid gains ove the next 12 months or so.

GLA.

loki