Ann: IFE Brisbane Mining 2010 Presentation , page-66

Hey everyone I've been following the postings on TRF since I bought in but I rarely comment, I'd just like to say to the people that price rarely accurately reflects value in the small to medium caps on the ASX.

As a stock exchange we have very little volumes and net dollars being transferred and invested each day when compared to say the NYSE, or even the Singapore Stock Exchange, this further multiplies the discount that the market applies on smaller companies.

An example I would cite of the market ignoring the disconnect between the fundamentals and price for a long time, and then violently reacting would be MHM (Macquarie Harborside Mining), even a day before the big rerating people were saying that the technology must not be that good, because whatever the price being paid must be the value of the company. This is simply untrue, the volumes on smaller companies are simply minuscule. All it would take to depress the share price by 10% is a single large holder wanting out, it's very hard to either buy or sell large amounts of shares in small companies.

Anyway in conclusion, if you're in TRF fundamentally, just hang tight and wait for the BFS and the financing to be sorted, only after the financing is confirmed would I be worried if we were still languishing around the 50 cent mark. If you're in TRF due to technical indicators, no offense but those indicators are crap :D.

PVF.