Ann: Brief Update , page-19

Well I didn't think any value for the CF JV was factored into ORD's share price and for good reason too - it's not going ahead.

When the CF JV Heads of Agreement was announced on 30th Nov 2010 the SP spiked on resumption of trading but closed down from the previous close. So no value for it was evident in ORD's SP from the start. The most important aspect of the JV for me was that it would have provided $3m to use for SJ drilling. It's annoying that it took such a long time to come to this conclusion but I think ORD is better off without CF.

CF has been a monkey on ORD's back since that outlandish announcement in 2006 by John Towner(then Executive Chairman)stating that Ord River Resources has potentially made one of the most significant discoveries in Australian copper mining history, due to the very high grade of the copper involved. This was from rock chip samples only mind you. Well nothing but a loss of credibility came from CF. Good riddance I say and any $$ received from it's disposal is a bonus.

Laos has always been the source of my interest in ORD. The market thinks this also as the SARCO IPO announcement in May 2011 saw a surge in ORD's SP to 10.5c. The temperng of market conditions and fall in commodity prices has since taken its toll on the SP, but ORD's share of SARCO will be worth far more than its current market cap of around $18m when this happens.

Also those Tregony drilling results at the SJ project are quite impressive and it's really frustrating too that management has done so little there in the last 12 months and today they state that they are committed to developing this project.

Pull the finger out management and do something about creating some shareholder value like you promised when you took over the running of ORD.

I could go on but I won't.