94c, page-2

Hi Drsa,

Well to see 94 cts in TMR we will have to wait a little longer.
To get to that price we will need to produce gold from Armenia and probably at least around the 80.000 oz per annum.
We also need a strong copper price and a succesfull increase in copper production.
Some good drilling results would also help.

Just for your understanding we had the merging of two companies IBR and TMR.
They are still not totally merged as yet TMR owns 86% of TMR.

What we can asume is that we could add the Market Capitalisation of both companies together to give us an idea what TMR is now worth.

Hugh Callaghan has said that he believe that TMR is now a 500 million dollar company with IBR.
Divide this by the say 900 million TMR shares on issue and you have a share price of above the 50 cts.

Hope this helps a bit.

jojo