Sorry guys for delay, but going to Perth sent me back at work a...

Sorry guys for delay, but going to Perth sent me back at work a few days.

There were around 25 or so at meeting. There was one guy who I found out was from the shareholders association, who tried to tell the board that Ian Finch's remuneration was too high for the size of the company. I think they go around to a lot of companies on behalf of members to rattle the board. No one else joined in to agree with him so he left before we finished up.

Anyway Ian Finch made a presentation which was similar to the slides we have seen before. He made a point that the register is still tight and that although the price can come down quickly it can also rise very fast as well.

The cash is tight but I asked if we can last another year and he said we are burning around $125k a month and we have around $800k. My view on this is Ian and other TRF staff has done a lot of work for IFE(including Chinese deal) and Robust, so I would think they would invoice them on a commercial basis which would help our cash situation.

My other view is that the value of TRF assets in say 8 months time should be higher due to BFS results for IFE and drill results from Robust. This should be conducive to a better environment for capital raising. One thing for sure, Ian is determined not to dilute the company unnecessarily.

Also talked about telephone dam and how they are still shifting through past archives to help locate Uranium hot spots that were not really searched for in the past.

He talked about Robust and how one of our geologists just came back from Romang Islands and was very excited about the initial drilling which has already started. Results early in new year but this has potential to be like Lihir.

Also talked about chinese deal and how WISCO has one of their major steel mills in Central China which means huge barges need to go inland to deliver ore which is time consuming. WISCO are in the process of building a new steel mill near the coast. The major drawcard for them to IFE was the overall quality of the ore but particularly the low phosphorus and higher magnanese. They have their own ore which is high in phosphorous and they hope to find a quality deposit to be mixed with theirs.

They still need to do more due dilligence on us per ASX ann. but if happy, they will fund the BFS ASAP. At this stage no shares will be issued to them for this funding. At the end if they are not happy with the BFS results they just walk away.

All up Ian seemed very excited and confident about the groups future prospects and I would have to agree with him. Of course all resource companies have an element of risk at the moment but management have factored this in here the rewards here could be huge.