Ann: Quarterly Activities and Cashflow Report , page-19

Gmt I don,t know how many investors have read back thru all the old reports , 27/11/2006 was the first gold pour. 20/2/2007 Full production stopping is planned for late march07 when rate of mining is anticipated to be approaching 40 000 ounces per annum. Between then and now has just been missed target after target with promise after promise that things are on track. Its bleeding obvious that things are not on track . last 4 quarterlies produced a total of under 12000 ounces. Only abysmal planning lack of adequate resource definition and very poor management could combine to miss so many targets by so much over such a lenth of time. Imo its also very poor form from the regulators to allow a company to so badly miss so many targets without investigation. I suggest anyone with doubts about CTO read every company announcement over the last 5 years then make up your own mind whether the knockers are justified. Yes They could be on the verge of turning the corner but then they also could be on the verge of complete collapse.