holding ground, page-6

Be watching cash flow report for funds remaining inparticular. Expect TTR have now sold most of their investments in ATV and SLR to fund the very successful recent drilling program. Expect just under $1m left of working capital and investments so will need a small cash injection to complete up to the Bankable Feasibility Stage.

Just did sums this morning of the current (based on todays prices) "in-situ" value of the Phillips River Resource:

Gold A$810m, Silver A$151m, Lead A$245m, Copper A$528m and Zinc A$138m.

So in round finures a total of A$1.8 Billion. This does not include any of the recent Kundip drilling program.

So in crude "rule of thumb" terms if we value the deposit at 5% of insitu value - that gives us $90,000,000 or about 35 cents a share.

Phillips River is not going to be a high cost mining project and it has only been the issues of base metal recovery at Trilogy polymetalic deposit that introduced any complexity. Production of saleable concentrates is now highly probable. So a 5% insitu valuation is probably even a little conservative.

Anyway Scoping Study will tell us more about how to value the project.

Market will revalue TTR shortly.

I try not to ramp up this stock but just present the story as it is. We all realise mining projects are dependant of so many factors, some of which you have no control over (e.g. commodity prices). But given a bit of an even break TTRs Phillips River has a very good chance of being a successful 10 year plus project with good returns for long term holders.

I am buying again today.