ord: where are we?, page-11

I am actually appreciative that the detail surrounding the JV was made public. It provides for clarity around the situation, rather than waiting for the day when GRAM simply walk away (not that I am 100% convinced that this will happen).

I have pretty much detailed my thoughts in my original post but there is some context I could add to the development. Basically we should all recognise the order and approach of things. Copper Flats was purposely 'farmed-out'. This indicates two things from an ORD perspective:

1. ORD is seeking to de-risk itself from the project (by bringing in a drilling partner)
2. It is a low priority asset

This is true when we compare it to Suplejack:

1. ORD wants to drill it itself
2. ORD wants to drill it ahead of any other project (eg: WW).

We have always known these things. At least to me it indicates a lower level of confidence on ORDs part. Now, the JV partner (GRAM) is asking the hard questions - i.e what is $7.8Mill going to get us? A JORC? NO Do we know where to target? NO Do we have a plan? NO Have we pegged the area? NO Have the prelim results shown good prospectivty? NO. The results from survey, assays/sampling have been mixed to date. The only way to get better confidence is probably to drill, but like all exploration and patricularly with CF, its high risk.

Again when we compare and contrast with SJ; we have a drill plan, it has also been costed. The targets have been pegged and defined and we know the areas we will target for the cost: Tregony, Treg-N, 5-mile.

You can see the difference.

I can assure you, ORD is thinking about how to extract value from CF, like us they are interested stakeholders and will want the best outcome.

The team being in China for talks with LAOS JV partners is also significant, something that Frank touched on in the quarterly. The thinking around the IPO and DFS/BFS, is that a bankable resources will support a successful launch of both activities. In view of this I am hoping that we will announce the acquistion of a greater ownership slice of both LSI and Yuqida blocks, as well as a new block near the LSI block. But I am merely speculating on these points.