The initial drilling programme by TRH was based on a prospecting...

The initial drilling programme by TRH was based on a prospecting approach to targeting, coupled with limited magnetics from previous explorers. This was the obvious outcrops that a Geo can see from walking the BIFs - going back through reports, even then some of the outcrops were very subtle.

After the GFC, TRH conducted gravity surveying with new targets generated. A review of the geophysical package, coupled with increased magnetite exploration in the region saw TRH re-evaluate their previous work to see if the JRange assets held similar potential.

Pre-IPO, a significant amount of mapping had been done to verify the new targets generated by the combined gravity/magnetics data. New DSO and magnetite targets were idenified, hence the decision was made to spin out the IO assets.

SO in conclusion, one cannot make the judgement that the 'best targets were drilled in 2008' - it was the best targets they found using a low-tech approach. Considering discovery to drill was under 10 months during the height of the boom should be appreciated. Getting drilling permits through the DEC on BIFs was nearly impossible during that time.