conference call, page-2

hi Macik

yes Bruce and Frank were very believable and quite impressive.

hopefully the call which was recorded will appear on the website or brr or similar in the near future

Couple of thoughts

1. the geo has a good track record and knows his stuff

2. the figures to produce a saleable product are extremely impressive. If real the project is a winner

3. the bfs is probably 9 months away

4. shareholders are getting first dibs. If the offer isnt fully subscribed the underwriters or alternative investors are on the table committed to fill any shortfall. i.e. they will get their 2mill to start in january regardless. They are going to shareholders first off to give us a chance to avoid dilution

5. unless it falls through the floor the project should not be affected by movements in the pog. (if the numbers they quoted are correct)

6. there is apparently quality gold in those hills. They are very confident of a resource and grade upgrade. Cant read my notes on this but am pretty sure they said that they have only drilled to a max of 150m where nearby producers are extracting good resource at 500m

7. If the options are all taken up the whole project cradle to grave is fully funded. Its in their interest to get the sp to the exercisable price

8. native title doesnt appear to be an issue

9. environmental study needs seemed to be in hand with historical studies pointing to this not coming up to bite us

10. they already have full operational control of the project.

11. Bruce has certainly put his money where his mouth (or his sh block have) and I like the fact their shares will be locked up in escrow and the other terms around the spp

12. lots of nearology in play makes them optimistic

13. the main reason for offloading the project was board infighting and preference to focus on other areas

summary, I walked away more optimistic in ord than I have been for a long long time and will participate in some way. Besides I have too much on the table to afford the dilution that would come. am hopeful I am not throwing good money down the draink.

other matters

1. west wyalong - nothing doing. 50 percent of tenament relinquished

2. Laos sale - market conditions are tough. sarco have been offered the project but are not in a hurry to take it and they have said they will consider jumping in to a full sale of the project at the right price. There is no way ord could find funding to bring this project to mining phase. jv is possible but unlikely. They are out there touting to get an outcome but nothing appears on the near term horizon.


hope that helps and if I have anything wrong please correct me



Timber, did you attend. if so would you care to comment? always appreciate your views mate. Can email you but believe the forum members would appreciate your views here