Having gleaned the report, It's clear that CTO survives by:
* Via loans,
*Via share issues,
*Via sale of assets
but for how long? Why not start gold production? But is there enough gold in the ground?
The indicated "reserves" is about 160,000 ounces (best estimate),
The probable reserves are about 600,000 ounces (mediocre assessment),
The inferred resources are about 14 million ("hypothetical")
Now, CTO wants to be a 300,000-ounce-per-year gold producer; but how!!! the indicative reserves are only 160,000 ounces of gold. Even at 100,000 ounces pa, the mining may run out within less than two years. Now I can see why CTO has been shy about commencing production.
If I've got this wrong please correct me
Please do your own math...my opinion only
Ann: Half Year Report, page-3
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