Ann: Quarterly Activities and Cashflow Report , page-2

I note now that there is no 5 year plan mentioned in regard to ramping production up to 300,000ozs. They now say

"We believe LionGold will play an important role in Citigold’s future AMBITIOUS growth EVENTUALLY expanding into a 300,000 ounces per annum miner."

In the september quarterly we were advised that the December quarter should see us back to about 2,000ozs gold.

"Gold produced for this quarter totalled 461 ounces, down substantially from the previous quarter due to the processing interruption while maintenance was undertaken on the plant. It is anticipated that the DECEMBER quarter will produce closer to the average quarterly production of 2,000 ounces."

OOPS something went wrong, reading through the December quarterly report we find only 547ozs were produced.
The reason for this is the "restructure" (workers terminated)those remaining got a crash course in multi skilling. Wonder who got dunny duty.

Jokes aside I do not see how cross skilling the remaining work force will help as the only result will be less mining and gold production. However short term it will make the bottom line look good, like mowing the lawns before selling the house. IMHO

Reading on further we find that they have come up with a new quarter known as the January Quarter!! Read below.

"Even with this focus on minimising costs it is anticipated that production will increase during the JANUARY QUARTER based on underground ore that is expected to be stoped."

DYOR My thoughts, opinions and ramblings only and are not financial advice.