.27, page-5

I purchased TTY as a spec stock and lost money (not much - I executed my exit strategy (withour fear or favour) to minimise my loss)

I am not as bullish as others on TTY, even at 27 cents. We have spot iron ore prices dropping significantly.

The data (as I read it) does not support the mine as profitable. The last qtly cash flow report released to the ASX on 31 July had sales of $18.7M and production costs of $19M.

Cash has decreased from $19.3M to $1M to end June.

I acknowledge that payment for one shipment was a little late and would alter the numbers to be positve for production, but even so, sailing that close to the wind with spot io prices reducing does not bode well.

I am just giving an alternate point of view.

HT1