TBR 0.89% $3.40 tribune resources limited

TBR Mkt Cap.......$186M.........Less RND 44% held...

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    TBR Mkt Cap.......$186M.........Less RND  44% held $(42M).......$144M
    RND Mkt Cap.......$95M..........Less TBR 26% held$($48M)..........$47M
    Total Mkt Cap.....$281M.................................................................$191M

    Total value of RND and TBR held in outside hands is $191M after removing the cross ownership as detailed above.

    Gold currently on hand approx. 170kozs......Value at $1,550....$263M

    Reserves on hand.....$427kozs........increase of 61% in last 12 months.

    Resources increased by 39% in past year.

    New mine built completed and producing in last 12 months.

    Enterprise value of about NEGATIVE $25M.

    Making a profit of about 60kozs of gold per year.......$60M plus.
 
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