caesars mining top 25 for 2012

Here's a link to the Caesars picks for 25 mining stocks expected to outperform their peers in 2012. TRF is rated as # 5. Interestingly the report says this

Trafford’s subsidiary should start production in H1 2012. Based on a $125/tonne price and a production cost of $90/tonne, Trafford’s 20% free carried interest should
come in at $7M. Ironclad will have a cashflow of approximately $30M per year,so the real value will probably come from an appreciation in Ironclad’s shareprice
(towards a marketcap of approximately $150M).

http://www.babybulls.com/PDF/CaesarsReport_MiningTop20_2012.pdf