Ann: Full Year Statutory Accounts , page-2

Two things stick out in this report. Large remuneration to directors etc and the high estimated assets. Dividing the assets by the total shares we get a NTA of 17 cents yet shares are around 6 cents. The mine is running at a loss. Seems CTO is ripe for a takeover and out with the current management, but you wonder why it hasn't happened all ready. The asset valuation has to be overstated and doesn't take into account the real cost of the rock which has to to be removed to get at the gold. Perhaps we need an independant report that states the real cost per ounce to get at the gold when assesing the value of the mine-able ounces. Value of plant, offices etc should be real also.