re: citigold - an open discussion, page-8

re: citigold - an open discussion CTO management have now given some firm targets, the most significant being 15koz for the December 2009 quarter.

If there is a significant failure to deliver against this target then I would suggest any shareholder action should be considered then.

Changing management by shareholder action is a difficult process. If you have a look at the JRV threads over the past 6 months or so this will give you an idea of how difficult a task this is. In the case of CTO, there is still a large blocking stake held and influenced by Mark Lynch and John Foley.

As background info I should disclose that I was involved in friendsofcitigold, so I do have some 1st hand experience of how difficult a task this is. It is a given that due to this experience I have been critical of CTO management in the past.

I am optimistic that CTO will deliver against their published targets. I will find out late January 2010 whether this optimism is justified.