thoughts, page-2

Hi TarskiBanach, IMO! Appreciate your post, it's pretty well where we stand at present. Unfortunately the SPP will probably fall flat on its face in spite of the directors apparent optimism. I probably won't take up the offer, I see no short term benefit particularly now I.O. has lost its sparkle. All the smaller I.O. DSO prospects, are now probably marginal at best. The VMS Riley DSO project, for instance, probably one of the best prospects, still hasn't progressed even though the legal challenges have been dismissed. This project has significant advantages over TRF's I.O. prospects with respect to location and labour costs. Sadly the boom time for I.O. looks to have ended. TRF's Orinoco gold prospect doesn't inspire me either, inadequate exploration to date but the weak G.P. is a real downer. There are a good few junior goldies with pretty impressive gold resources that currently are stymied. I doubt whether OGX has the resource required, we will see.(TRF holds about 15%(?) so the resource would need to be significant.) The tin prospect needs work but I doubt whether TRF have sufficient funds to follow it through, it needs a better credentialed explorer to do it justice. Graphite is regarded as an industrial mineral,its value depends on the inherent properties of the graphite, I've no idea what the graphite is worth, maybe nothing. Early days for the manganese, but it will take money to prove it up. Do TRF have the funds to carry it through, I suspect not. The grades reported for Telephone Dam pb-zn-ag aren't promising but they may be pathfinders, but again TRF needs exploration dollars which they don't have. The diverse mish-mash of exploration targets can't be undertaken by a company with a market cap of less than $4 million, no way will the company survive unless they rationalise their approach. Clearly they can no longer rely on IFE to fund them . Frankly the directors have to make salary sacrifices with TRF in such poor shape! TRF's position is not helped by the "perfect storm' caused by a poor outlook for metal prices coupled with an overzealous bureaucracy. Not very promising. BOLTA!