momentum upwards continues, page-23

Another day, another 500,000 plus traded and 11 cents seems to be what the accumulators are happy to pay and they still seem to be able to get sellers willing to oblige.

Just for interest I have been trying to gain a better picture about some of our long term leading share holders who have strong links to TTR and the mining industry in general.

For example Royal Blue, CTS funds and First Transport Services are companies associated with Civic Transport Services and are the most substantial shareholder. They have been holders for many years and have been accumulating for years but not so much lately (I don't know of any links to TTR or the Industry). Mincor we know, Merrill Lynch are holding Sempras shares (I guess everyone knows about Sempra), Sanpoint is Frank Fiore's company (ex chairman). Joley I am not sure about but have been long term holders (and like a lot of TTRs share holders have holdings in MacMahon which in not surprising given a lot of TTRs management and directors are ex MacMahon). ANZ nominees could be anyone, Polly is Barry Patterson's company - he is a WA mining Hall of Famer, RM O'Shannassy has been in for a while and building up a holding. Pegmont a successful Mining Investment Co building up a holding. Dr Meany been building up holding of recent times. Quintal belongs to a former charman Ron Harken. Ivymax is Steve Norregaards's trustee company. FNL been in for a while and accumulating. SGJ Investments (Steve Sikiritch - director of Extract) been long term holder. Jaminon and Alcocck been in for a while and still accumulating, Kingarth been in for a while and accumulating (has lots of mining investments). Todtona been their for long time with no changes to holding and last but not least National nominees who could be anyone.

The most notable absentee and seller over recent years has been Colin McIntyre's Famsden who has gone from the bigest holder 10 years ago to out of the top 20. Our ex chairman has been a steady seller so has done very well out of TTR over the years and left us in the lurch over his JV with his brother Peter at Burnakura.

I think analysis of the top 20 shows we have mostly long term supportive investors - many with close links to TTR ex and current management and more importantly know the industry and TTRs strengths. Their decisions to over the last year to increase their holdings and probably are continuing to buy at the moment is a vote of confidence in the company's potential.