buying back, page-10

Harcourt

I feel your pain as would most long term shareholders. The sophisticated investors would be imo expecting this price action to be happening. They would be in for the long haul. I still think that this has the potential to have revenue of around 110m by early 2010. It definately does not as look as attractive as it did in 2007, and management made a very big mistake with forward projections. There is a chance that their intentions will be to get Filipina Grande to bankable as soon as possible and get that into production. Obviously it became apparent that Armenia was not going to be a low cost start up.

What they intend to do with IBR will as best be interesting, but in my mind IBR is worth nothing to TMR now.