According to Quarterly 31/12/10 - $16m cash on hand Raised $25.3m during year According to Update 31/10/11 - $10m cash on hand
Spent $31.3m in 10 months With less than 1000 oz gold produced to show for it!!
For a junior explorer with most assets in place this is an astonishing rate of cash burn.
In fact it's arguable that the recent $15m capital raiding was necessitated not by underperformance of the early satellite lodes but by fact that the company had been spraying its cash in all directions rather than concentrating on proving up Ballarat and spending like a cash careful junior explorer.
$31.3m blown in 10 months and a gold bar and a few photos to show for it!! Another $15m please kind shareholders so the spending spree can continue?!!
Would like to see in the next release from CGT the explanation how costs have been cut back to the absolutely necessary only. CGT being run as a tight ship. Not holding my breath.
CGT Price at posting:
9.8¢ Sentiment: None Disclosure: Held
