release out: hi ho .. hi ho ... , page-19

Hi Guys,

Is this a correct interpretation:

IFE is developing the Iron Ore project with expected DSO shipments in Q1 2011.

There is gold mixed in with this DSO.

TRF's gold feasibility study will coincide with IFE's DSO development.

When the ore is mined gold will be extracted at the same time.

Thus, TRF could be earning from gold in the Q1 2011 despite no JORC being in place and the capex would largely be included in IFE's iron ore project.

Confirmation or otherwise would be great.

Cheers
John