concerns and feedbck, page-3

Hi Bigone,

I'd like to add some feedback to your post based on the statement made below:

1. "As you well know two NFC Executives located in China chaired Ord and had full control over Ord’s involvement in SARCO."

This is not true. ORD has full control over ORDs interest in SARCO. NFC is of a size (multi-national) which inherently impacts the timing and commitment of any action in the JV (as it relates to the NFC stake). ORD has spent its commitment to the joint venture in order to advance as much as it can. Ideally ORD would want more progress but it has limited financial control as it has limited funds. Hence, if NFC do not want to advance the project then ORD cannot adavance it. This is the reality (FYI - not saying this is happening). An alternative is that ORD advances the project by negotating a larger stake, but it would need funds to progress.

2."Here, I believe Ord shareholders were taken advantage of by NFC and used as a cash cow for their benefit. Are you taking action to recoup these funds?"

This is not true. NFC is the JV partner. You cannot take advantage of your partner if there is agreement on funding/progressing the project; when, what and why (2010-2012/drilling/to support DFS/BFS).


3. "From where I sit NFC has turned out to be a wolf in sheep’s clothing and has sucked Ord dry of funds on your watch."

Not true. Nothing has been spent on the JV since Frank took control. If you exercise your business-nous, Frank resigned because he and others lost condidence in the previous MD. He was elevated to the position after he was asked to do so by major shareholders. I stress this is my take on it.

4. "Announcements largely seem to regurgitate well known information, coupled with vague motherhood statements"

Totally agree. But I know exactly why; ORD has no funds. ORD cannot advance it any more than the partner can as it is a JV. Its going to take a long time to bring LAOS to production (much longer than I had originally anticipated). Expect further risks and delays as the macro envionment is not very supportive of mining at the moment.

In actual fact, most of your statements can be explained-away; some positive, some negative. I am not an apologist for management etc, I'll happily lay blame where its due. Shareholders need to be pragmatic and sensible which is easier said than done when you are hemmoraging cash/losses.