Beightroot,I believe that is the case. The vagueness of the info...

Beightroot,

I believe that is the case. The vagueness of the info is a dead giveaway that it is stock market mining, as is the multitude of companies from the same home.

I do believe from my geology studies and a database I had access to working for a major company, that the Armenian opportunity at any rate (still a bit unclear on Portugal) should be very good as it has many of the better features of the tethyan belt and that is why I invested - but everything I have pieced together suggests that my current shares will be better as TMR scrip through this merger.

I believe the 40,000oz case from the gravity circuit is a thumbsuck figure and that 150,000oz is at best a pipedream at the moment. What is needed is hard, tough geology and operational know-how that no announcement since acquisition seems to really indicate.

I also cannot quite work out what the cutoff grade was in the Armenian JORC code as none of the announcements I've read seem to provide a cutoff grade. I am starting to suspect it was zero which I hope was not the case as otherwise the resource estimate (guesstimate?)might be shaky.

I dont think IBR have done enough to earn any better than 4:1, and that without a successful bid, we could be faced with a sub 60c share price before long - it'll be interesting to see how much cash is being burnt and how many ounces were produced and sold in the quarterly. The vagueness of most quarterlies seems to suggest that not a great deal is being achieved. Why hasnt this been drilled? Its all very well some folk claiming 5-6m oz but on what conceivable basis is this sort of claim made?

Its this analysis which makes me nervous of the chest-beating and noise from some posters yesterday. everyone goes into investments with certain hopes and aspirations, but investment isnt some game with loaded dice and I can only see another finance raising coming at well below 70c if those folk were to scupper the bid.

TMR even at very conservative metrics should be producing some free cash in the 2nd half of the year, and a great deal in 2008 onwards.

I like companies that have REAL projects into which to reinvest their cash flow, where the IRR is greater than the cost of capital. That creates value and appears to me to be the real driver of this merger for both companies - credit to both managements for having the sense and honesty to work that out.

Hopefully the chest-beating dies down and some of these guys can start to consider the picture rationally, instead of making noises like someone being rooted in an illicit two up school.