minestite story on territory resources, page-8

Rimtalay, Plough thanks for your response and clarifying a few of my questions.

The iron is near 62% “top quality” (for DSO) although I have not looked into the impurities. At 2.5 million tonnes per year (as I posted here earlier and as per your article posted today) is at least $100 million profit per year. I find it hard to believe that no more iron is found in excess of the 10mt's in the surrounding area suitable for mining. At your $1.50 per share it values the operation (market cap) at near $400 million. Which is the same forward profit as (2.5mt's($100m) x 4 years) providing all 10 million tonnes can be recovered. I don't believe in $1.50 with the present resources but it got there before!

But the market price today at close reflects it is worth $0.66 per share.

I don't like all this pie in the sky stuff. I trust that the potential extra resource is there and potential figures are based on what is believed from management.

As a base I do think it “is” worth half your figure at M/C $200m or $0.75 per share though. I don't think you can go too far wrong at that or these current prices. Why sell then? I don't think management will make the same mistakes again.

Even with a world slow down, the location and quality of TTY's iron for China makes it attractive. The price if at all shouldn't fall very much.

Anyway good luck.