confusion, page-15

2:1 IFE @ 75c... Instos bought most already and rest offered to holders for same deal I am told...

So TRF is entitled to pay the same to keep holdings... yet then they would need backing from a Bank or Cap raise themselves.

NO CAP Raising coming from TRF... they do not have the funds to take up the 75c offer. Doubtful a Bank will take the punt.

If the Instos willing to bet 75c and tout the project then 75c will be the base for IFE.

Overall it is a 30Mil punt for a project worth 50-100+ Mil profit pa, dependant on production rate and Ore price.

Now production touted for Q4 2011 target... Which was bound to happen as no one believed Q2-Q3 production target. Now we will have more realistic goals.

Another point taking from a convertsation with the Insto is supposedly great upside to come from DFS and Roadshow's to gain investor interest.

Cheers JAY