Ann: Manganese Potential at Wilcherry Hill South , page-7

re: Ann: TRF: Manganese Potential at Wilcherr... Thinking more on the possibility of a deal. TRF holds rights to all minerals except Iron Ore. We know essentially this was to capture gold credits, although that is rarely mentioned anymore.

I think TRF should focus on that along with the tin, lead etc.

Manganese perhaps should be given to IFE, but with some sort of royalty paid to TRF. IFE can then handle the further drilling and resource estimates whilst they look for hematite.

That way TRF wins, because it is 20% free carried, is a shareholder in IFE, and should also get a royalty for manganese. TRF has enough other items to concentrate on, and success from IFE providing cash back into TRF will allow it to progress them.

Meanwhile IFE wins, because it can mine, process and plan around also having manganese and improving profit margins.

Id like to see something like this, and get it formalized.

As for Thadius - yes i have no idea about pricing on manganese - so appreciate others inputs here, but did read through SRR (SHAW RIVER MANGANESE LIMITED) and they quote $5.95 per dmtu, then I'd go for after benefaction 37%, to be $5.95 * 37 = $220 per tonne. Which is about $100 per tonne more then IO, so I can see if they are able to leverage the infrastructure that goes into place, and you can get an extra $100 per tonne, then there would be good profit.