me thinks me smells a rat or some such shakesperean quote.
Have a look at their presentation
http://www.citigold.com/viewasxrelease.asp?Releasenumber=308
from October this year so should be up todate. Slide 6 says an ASX 200 company - in fact is an ASX 300 company and you would think with the share price trend will fall out before too much longer.
Slide 7 - never trust a management team photographed in suits in front of big rocks
they say low cost - last quarter A$540/oz which is not all that low but there more! this is a deep narrow vein u/g mine so cash costs are almost irrelevant as much of the cost is tied up in the depreciuation and amortisaiton on development - try and find their total unit cost anywhere
slide 9 - proven asset growth - that is just showing shreholder equity which is simply an indicaiton of repeated capital raisings. Makes you think something is worth $250m. In fact they finished 2009 with $3.8m in cash. The operation produced a positve cashflow of +2.6m but they needed to spend $24m in development
Go back to their Feb 2008 presentation and they say
Target 100,000 oz/year rate by Dec 2008 and 250,000
oz/year rate by 2011
In the quarter just gone - Sept 2009 they produced just 2609 oz by my calculator thats an annulaised rate of 10,436 oz - about 90% short of the target they say they would exceed 9 months ago
If u want to see something really impressive look through the investor news releases on their web site and see how many capital raisings they have done over the years.
Don't hold your breath
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