buying back, page-19

Very good news about separating IBR financial obligations and interests from TMR, only so far as to not carry total responsibility for the 14% or so IBR shareholders who did not take up the merger offer.

You wonder what will happen when the new board see what they have to fork out to keep their ship afloat independently.

I think this will be a catalyst to a fresh invigorated TMR eventually. And more than likely one of the stick in the muds that stopped the process of getting the gold out of Armenia sooner than in the future.

Agree that current shareprice is really not a confident appraisal of TMR as a current producer and earner. Whoever listens or reads or take heed to analysts saying TMR is worth such and such should actually look at the balance book price and see if it really is worth less than NTA as an earner and progressively changing company.

Has been recommended by Smart Investor in (I think December edition) as one of the shares to watch for 2008.

It is all too easy to place a gloomy eye on TMR under current market weather. Look at BNB or MQG and see how much the sentiment keeps prodding massively profitable businesses
as risky. (This is no recommendation DYOR just examples).

With Dalmacia on production with Punitaqi the 'one mine only' mentality will have to go away and consider production is actually rising.

And if China does lose interest in copper then it just wont be TMR that will be affected.

So I await the politics of IBR and it's transformation.