Ann: Confirmation of PEPR Approval , page-6

Thadius- thx for ur thoughts,i to, do considerable research and due dilligence on management and product etc as when i invest its usually long term and large amounts(no con mans going to get my hard earned $).As i dont live in oz its not as easy to go to meetings and seminars as often as i,d like,but i have spoken to ian and management on other matters quite a few times and have found him down to earth and straight forword.Ur reply was my thinking anyway,just wanted ur take on the matters going forward,as i respect ur input and directness,and u seem to convey managements thoughts and thinking,if i had any niggles/ doubts i would sell my holdings inTRF and IFE(but i dont).Ihave been involved with quite a few explorers who have sold the shareholders down the road at the first t/over price offered for there own benefit only.This i believe wont happen to TRF,IFE it will be a producer and it will remain in local hands...cheers