TRF has firmly cemented the fact that it is not simply a Holding...

TRF has firmly cemented the fact that it is not simply a Holding company, holding investments in ROL and IFE. They are very active explorers in their own right. There negoitating skills seem extraordinary in terms of the deals they produce with IFE. Being entitled to 100% of all other minerials coming out of any ground that that IFE explore. I would argue that IFE are simply puppets of the master being TRF- Ian & Co...

Anyway here are my latest figures that I still cannot believe brokers have not seen to date:

1) 50% IFE = $35.5 MIL

2) 20% Free Ride IFE = $15 Mil

3) 18% ROL = $24 Mil

4) New Gold Find at Whilcherry = $3 Mil

5) Anything else in IFE grounds = ???? $0 Mil

* I think the above is all relatively conservative in comparison to its current investments and exploration activities. TRF team should not be running at a discount they should be running at a Premium in my mind. Anyway the market states no at this time. Sometimes the market simply does not make logical sense, yet TRF will be revalued I believe.

Total = $72.5 Mil

Current Stock market valuation = $60 Mil

17% discount to currently held investments and no premium given for the Gold Find- what a joke...

It a BUY for sure... Best value I can see on the current market... Cheers jay