Ann: Placement of $500,000 / Proceeding with Reno, page-9

re: Ann: Placement of $500,000 / Proceeding w... this rights borders on desperation, or even panic.

i feel we are all aware of the lack of shareholder updates from management but my main concern is, as i understand it, the port facility at lucky bay has not yet commenced construction. if this is true, and i have reliable information that it is, then why have shareholders for TRF and IFE not been informed ? was not ian relying on the cash flow from ife to come thro soon enough in order to get trf moving comfortably forward ? how will io be shipped towards the end of 2012 as we are still led to believe ?

throw in the orinoco enterprise with strickland and it seems to me that trf needs dough and needs it now because there is very little else that can be relied upon at the moment or even months ahead.

stabbing the mkt for a rights is clear evidence trf cannot see clearly ahead and therefore that takes in ife too.

i will not apply for the rights. i prob will not be legally allowed to anyway as i am a non oz or nz resident. thankfully i will be able to count all those lovely dollars due to be sent to me by the person selling my entitlement on mkt later. go lads and lasses, push trf through the roof so i can get my hands on a few bucks. fwiw, i usually go by the rule that when a rights is in the offing, sell out, and come back in later. too late now tho. however unless we get some splendid news (very doubtful thinks me, hence the rigths) then trf will fall back.

i wonder if that ife support of small late trades a few weeks back was in some way connected to disguise the holding up of the price of trf along the way ? suspicious to me.

one positive, dilution is reasonable.

i would like to come on here with a 'congratulations' but the disappointment continues.

hold and hope sentiment, is it appropriate ?

40.