Ann: Detailed Results from Telephone Dam , page-8

Cruz,

I keep hearing how badly delayed TRF/IFE has been to get this project underway from so many on Hotcopper. Just about everyone has put the boot in recently of how bad management is to keep to timeline.

Yes they aimed for an impossible target for Dec 2010 and now we all feel we are one year behind. At least they encourage high expectations of themselves to get things done rather than other companies who put no such goals on themselves so they can't be judged.

Out of curiosity have you checked how many small resource companies on the ASX have in the space of 4 and half years (July 2007 when IFE floated to Dec 11) have defined a resource and then started production with a large profit without a J.V or majority chinese shareholders calling the shots.

If your expecations are more than this, well you would be quite upset with just about every other small cap resource stock out there. Only a handfull will make it this far.