OK in my opinion. Not much new information on activities but was...

OK in my opinion. Not much new information on activities but was more interested in seeing the cash flow position.

I accept the delay in getting the Scoping study out. Production of saleable lead/zinc concentrate will add to overall economics and mine life given we are looking at the deeper Trilogy transitional zones. The metallugy work has dragged on for some time now but it is in the hands of an external lab.

Positive on the financial side is that they have been able to maintain a solid cash and investment position. They have a very good ratio of administrative cost to exploration cost (one of my key indicators to weed out the rogues in the industry). They are running with minimal staff (I recon Steve, Andy and Bruce are about it for key personnel at the moment) while using cost effective contractors in the field where possible. I note they are in the process of moving offices. The current office is larger than necessary and up for rent review so looks like moving has resulted in a better cost saving deal. I'll be happy to let them move into the city when the dividends start flowing in two to three years time.

To me it appears they should be able to be self funding well into the BFS stage but will need substatial project funding of course down the track. With what will be a very solid BFS they should be able to secure a good mix of debt and equity funding.

I think TTR are perhaps in a bit of a "Catch22" scenario. If the Scoping Study and BFS look too good and metal prices continue to head north, companies such as Mincor and Jabiru or others, will be taking a very close look. I note (very lateral thinking) that Mincor are nowhere near spending the required $3m on RAV8 exploration to gain the 70% share in that area. Could they be saying why spend that money now when we can probably get RAV8 and all of Phillips River for a song compared with what it would take for Mincor to explore for and take a $2B resource to the BFS stage......food for thought.

I note today someone has come in with a lazy bid for 500,000 at 6.8 cents late in the day. Be interested to see early moves tomorrow. At least I got most of my order filled at 6.5cents over the last 3 trading days.