while we wait, page-6

Cheers Alf,

I just hope we can view the evidence objectively and calmly and not let emotion take control which some may be doing. A couple of points:

• Like families, a company isn't a monolithic entity ...if we just say that all OGX is bad, then by that logic we should be happy being blamed for eating the easter eggs -when it was our spoilt little brother. Yes, someone wasn't doing their job properly ...but it remains to be seen who that was. Let's wait till the dust settles first.
• I owned a business with machinery and on one occasion a centre pin in our Cranvell crane sheared off while it was travelling along an arterial road. One of our managers started rolling his eyes and going on about this showing a lack of maintenance ...but this was BS -unlike a helicopter main rotor, it was not usual to x-ray a center-pin. We had fitter-mechanic on staff and maintenance was excellent. No this was a temporary employee slipping the boot in when he got half the chance. That's how I feel some of us are treating OGX management ...before we have conclusive evidence to attribute personal failure. Let's not be fairweather friends.
• If all us shiny-arses know so much (as the criticism would indicate) why did we not warn the company and why did we invest? ...because we didn't know Jack.
• This implosion may well be the long-term making of this company as it has most likely led to:
  • A fantastic and lucid learning experience.
  • Two world class & expert reviews by mining consultants.
  • A call to arms to address all of the previously unidentified short-comings (we have already sacked employees suspected of pilfering).
  • The potential of a company fast-track by JV.
• Sheet happens sometimes ...and it happened to OGX big time -that's clear. But, just as we chained up the A-frame of the old Cranvel crane so we could slowly move it to replace the center pin, I'm more interested in how we fix the issues ...not lamenting history forever (sure learn from it)
• I think there is good evidence that we are learning from history and implementing the needed fixes. Time will tell.

One thing I'm not happy with is the offer given to OGXOB option holders, because if we have excellent short-term news, there will be no shortfall available, and if not ..most holders will probably be unable to fund their full discounted shares allotment. Much fairer to give OGXOB's 4 of the new options for every 7 held ...with a nominal payment.

My last point (and I may be wrong) is that we are unlikely to attract underwriting because we don't have a JORCed resource -but this doesn't mean that the gold isn't there and that the experts have a good idea of the order of the deposit.

JV or no JV, we have already received the funds from major shareholders and the operation is going ahead as far as I can tell -and this is much better news than most of us thought initially.

No angst to anybody ...but let's give the co some support and encouragement as they resurrect our investments.

Cheers,

SJB