igv: $52.9b, ev: $34m

1. Current market cap:
470m shares x 8.5c = $40m
Less: cash on hand (per March quarter report)
$3m
Less: imminent cash from GRAM JV as approved by FIRB
$3m
Enterprise value of ORD: $34m!!!

2. Of $10.8m JV with GRAM,$7.8 will be funding for Copper Flats copper project.

3. IGV of $52.9b still grows
130million ton JORC indicated resource will grow significantly as Feasibility Study has been started preparing in April 2011, expecting SIGNIFICANT resource increase. (per announcement on 15/03/2011)

4. Resource upgrade expected near term
(per announcement on 3/05/2011)

5. SARCO IPO will significantly increase the value of ORD shareholders.
-$180-200m IPO
-$420m borrow from Chinese banks at low rate (current China lending rate is around 6.31%)

6. Off-take agreement is under negotiation.