i hear what you're saying Thorburn. But....That announcement...

i hear what you're saying Thorburn.

But....

That announcement relates to Re-assaying IFE I/O drill holes. The next batch will come out soon.

I dont believe TRF is planning any drilling of their own in the immediate term.

Any research definition will need either a stack more re-assys of IFE holes, or their own drilling. both takes time and dollars. TRF is part of the JV that is going 100% at the I/O assets right now. Once production begins TRF will stockpile the ore and evaluate the best way to monetise the gold.

Perhaps the best thing to do is re-read the last gold related announcement TRF just released. Not much new there. And that's because it ain't their focus!

I look at it this way (for what it's worth) TRF's future revolves around a successful I/O project, which generates cashflows immediately via the free carry component of the JV. With that cash, TRF can then look to monetise the gold that is within the Ore the JV exploits. At the same time, TRF can look to evaluate the other gold areas surrounding the I/O pits, and look to extract ore from exposed areas.

In the background I would hope TRF can determine how to produce the gold - ie setup own plant, sell ore, etc etc.

Options are a plenty when you have cashflowing from the JV.

Then you have the base metal prospects at Telephone Dam etc.

It's all exciting stuff, but nothing will get off the ground without the I/O production revenues, IMO.

Anyway, that's my understanding.

goodluck mate,
Split