Is going to be interesting to read the next cash flow report (presumably out in January). Wonder how close this ship is to going under. The value of their investments in IFE and OGX have also dropped significantly and it seems unlikely that either of these will come to the rescue. They are presumably paying salaries from the $400k loan at this stage but that line of credit must be running low. What are the options? Suspect they wont be able to borrow much from anyone at this stage and a cap raise will be hard / near impossible (even gullible investors are becoming scarce). Although there are some quality juniors out there (with the aim of honestly working for their shareholders) the reality is that many are simply out to milk shareholder funds and earn good salaries whilst selling impossible to reach blue-sky potential. Whilst this is not news it is surprising how often some senior people (directors) will openly admit this fact over a beer or 2. TRF has little in terms of quality projects and may be better off simply folding and handing over the interest in IFE and OGX to shareholders. OGX seems to have a chance with their Au project (although their reporting on the planned mining operation is well below par). Cannot see that IFE has any chance of surviving this downturn unless they can simply retain the mineral rights and cut down overheads to near zero.
TRF Price at posting:
2.5¢ Sentiment: None Disclosure: Not Held
