green mail, page-108

out with some very learned gentleman last night, discussing the TMR bid and some very interesting points were highlighted:-

1. IBR resource is worth 4 times that of TMR’s resource

2. TMR has 4 and a half times more shares on issue as IBR

3. Copper price is presently at an all time high

4. Gold price is climbing and expected to go much higher

a quick calculation on points 1. and 2. above tells you the TMR offer should be at 18 to 1 (ie. 4 x 4.5 = 18) which on this basis appears fair and reasonable.

Significant upside still offered from the IBR acquisition, by a rising gold price going forward, where as copper appears to have already maxed out.

To the remaining +30% of non-accepting IBR shareholders - time is on our side.

Cheers to all the long term shareholders.