Ann: Wilcherry Hill Iron Ore Project Update , page-9

re: Ann: IFE: Wilcherry Hill Iron Ore Project... For me the key point in IFE release is the proposal to seek consent to establsh bulk storage facility near Lucky Bay - if granted that would mean a saving of $19m for containers. Environmentalists have already been muttering about the port development - there is no way they are not going to vigorously oppose a IO stockpile within spitting distance of the water. Estimate of 3 months to get consent is dreaming. If they fail to get consent how are they going to come up with the $21m for containers to meet the original consent terms ? Not good news for TRF. No way there will be any cash-flow within the 7 months worth of cash reserves held by TRF. We really have to depend upon hitting the mother lode with current drilling programme. GLA