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To: tyc:> who wrote (65956)	6/26/2009 12:18:42 PM
From: Claude Cormier	Read Replies (1) \| Respond to of 78410

- the IRR would exceed 20% and the NAV would exceed 900M. Yep that is more or less the number I had in mind. 20% is not exceptional. But the NAV relative to TRX market cap is much better. So that would give a NAV of $360 million to TRX with 40% assuming they go the joint venture route. That good. How much of the capital costs do you think they will be able to finance through debt and how much through equity?