outstanding announcement, page-47

Litch I remember you and most who have been on here for years, so a lot of my sharing was to help us all focus on the investment rather than the short trade.It has been a hard long ride, so as long as the world can stay stable we should celebrate some large gains this year.

Fisho I have a large number of both TRF/IFE because I cannot really split the two. TRF is so under valued compared to it's overall 50% share in IFE and $7mill in the bank, it should have $42mill plus M Cap. So it's at 20% discount of that now, plus the gold credits and with the ground next to IVR's silver hits unexplored, the upside potential is massive.

IFE will have 4 times the income than TRF plus a lot of iron ore resource not officially in the reserve category yet. So the upside of IFE could be 8 times from here within a years time.

So at times TRF or IFE will be at better value than each other depending on what the market price at any time is for each. However if TRF say hit a few 20m at 1000g/t silver holes then this will send it exponentially way in front of IFE and actually most stocks on the ASX. I hope this helps.

Split you can email me [email protected]