ord turnaround strategy

Sir

This is an open letter to Ord River Resources and its shareholders.

It is now crucial that we hear directly from the Board of Directors of ORD. Can Luo Tao (the Non Executive Chairman) please step forward and tell us what the future holds for ORD. It is quite obvious to all, with the share price dropping from 12 cents to 2 cents in a year - that there is no confidence or buyers for ORD at the present time. The recent rights issue confirmed this with only a pitiful $1m raised from its shareholders. With such promising projects and strong Chinese relationships, this is indeed a perplexing situation.

It is therefore right that the management go. They must take full responsibility for the losses shareholders have incurred and suffered. Good management would have taken advantage of ORDs position a year ago. Instead there have been constant delays, procrastination, with goals and opportunities missed. Management must pay the price - especially on the salaries that they were awarded to do the job.

So, let's please have a new beginning, with a new capable management team with a strong turnaround strategy that can deliver ORDs projects and promises to their full potential. For instance, can ORD immediately commission the Bank Feasibility study at SARCOs project in Laos. Can ORD please start drilling at Supperjack without any further delays. Whatever it takes. Can we also have an end game with Copperflats and the Caledon option. Can NFC clarify its relationship with ORD and their future together with real time frames put in place for an IPO, or not. Also, is the CNMIM $10m credit facility still in place, because this may well be the time to utilise it, especially since it expires in august.

In short, can ORD shareholders have some transparency please. That is what is needed and that is what the market demands. At present, ORD most be one of the most undervalued stock on the ASX.

Finally, i wish ORDs new management team good luck; and also to its patient loyal shareholders.

dw