Ann: ORD 2011 Review and Update Presentation , page-18

Ok, so below are my take aways from today's AGM. If anyone who attended the meeting has a different impression, or I have missed a significant point of interest, please let us all know.

* SARCO IPO: on track for 1H2012. Generating a lot of positive response from local and overseas instos. Frank said it could list now, but at a value below what SARCO partners feel is fair value. Project rated a "priority" by Chinese (Govt?), so NFC and debt funders keen to get started. Real take away, for me, was the response to my question where I suggested SARCO could be debt funded initially if ASX IPO market remains sluggish. Peter confirmed they were in discussions with a number of parties interested in provided bridging loan and/or pre IPO funding. Implied, I thought, that these discussions were well advanced.

* Laos project: most docs for mining permit lodged. Expected to be issued early next year. Local partner very experienced in permit process and "close" to right government officials. Peter also noted that relationship with local community and government was good. SARCO had employed 100 - 200 locals at any one time over the past few years. Looking to begin project development with mainly Chinese workforce but then transition to locals over 2 years.

* Caledon option: discussions well advamced to realise value for ORD. Did not indicate what form this might take.

* Copper Flats: Peter had fair degree of confidence that Chinese Govt would approve GRAM investment before Chinese New Year (which I think is 23-Jan-2012). Interesting that he also said once this arrangement had been approved by the Chinese Govt, it would make it easier for any future similar investments to be approved.

* Suplejack Gold: Peter highlighted this as the next big focus for ORD (I assume he meant after SARCO and Copper Flats). Geologist consultant has confirmed that tenement structure is potentially gold bearing, could be bigger than ABN(?) mine just 30kms away. 2,400m of RC/diamond drilling planned for 2012, at a cost of $1.2m approx.

* West Wyalong Gold: initial surface sampling not promising. But may do a shallow RC drill program in 2012 at a cost of $0.3m approx.

* Other projects: mainly gold in various Asian locations, including China. Close to signing a MOU on one project. Working with private investor(s) on these projects.

* Funding: $2m in the bank now. $0.5m/qtr outflow based on Sept-2011 Quarterly. So $3m from GRAM is needed to fund Suplejack and other projects. Plan B is to attract jv partner for Suplejack (discussions already in progress), with Plan C a capital raising. Private placement rather than a rights issue was mentioned.

That's my take of the AGM discussion. I thought there were a number of positives that came out of it. Enough to change my sentiment to buy from hold.