Ann: Iron Ore Update - Johnston Range , page-20

I have included a statement from a PDY announcement back in July 2010. They have a very large exploration target.

"The drilling program will aim to delineate an Inferred Mineral Resource for the project of approximately 500Mt of magnetite-bearing beneficiation feed ore (BFO) as the first stage of ongoing resource development."

Page 11 from TRH's Iron ore presentation also shows EMG has an inferred Resource of just over 500MT so maybe this is an industry milestone for Magnetite explorers. The table from page 11 lists EMG's EV/T at $0.05.

If the Board of directors argue that it is in the best interests to explore Johnston Range, then can I assume that a good target should be 500MT Magnetite. Why would we want the company to spend crucial cash reserves on anything less? Based on the lowest EV/T at .05, TRH could potentially have an EV of $25million. It could be a three bagger from current levels.

I have no idea about magnetite, but some of TRH's previous drilling does show grades comparable to the magnetite projects listed in the presentation. I could also be completely wrong with the above assumptions and TRH may never delineate such a resource. After all, the Tenements are only 200 square kms and include 35 km strike length of geological formation containing multiple Banded Iron Formations(BIFs).

Cliffs recently announced it is spending $320 Million to raise output to 11mtpa (130km south of TRH).

Good Luck Shareholders.