what are the chances....?, page-7

siamese parrot,

I love your cryptic sense of humour...good one. ha ha assay results on the deep hole.

Can we do a Chilean miner on the MD and reverse what is being done to shareholders i.e. being kept in the dark and fed through a tube. The analogy for shareholders breaks down of course because the Chileans at least have a tube.

Yes CDU hits CTO into a cocked hat by comparison..and that's saying something.

After I visited the mine, I went to the Charters Tower library. The nice old lady who grew up in the area provided lots of history, but she had never heard of Citigold. Go figure. I guess she will soon when they become history.
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re GOldnerds they only report what they trawl from the company ans. A few of Goldnerds comments though follow..

"The company keeps promising that cashflow is about to turn positive, and although it has been close on occasion it hasn't happened yet (break-even production is around 25 koz/yr, at the current development and exploration spend of $20m/yr and a A$1,200/oz gold price). Citigold were hampered early on by inadequate power, and throughout by insufficient capital for drilling. Their mine plan has a short time horizon and they cannot be sure of upcoming production."

"*** 31 May 2010 Citigold announced it is in the "final stages" of raising A$18m in Singapore and India. 50% debt, 50% equity. In late July Citigold announced that the deal is still being negotiated. ***"

(my comment . zip, nada, zilch, zero)

"...binding letter of intent with a Chinese diamond company, Henan Jinqu Gold Company, to form a joint venture over a Charters-Towers-City area of Citigold mining leases"

(my comment . zip, nada, zilch, zero)

"In a seperate development, in late July 2010 Citigold received a $2m investment from Zhaojin Mining Industry Company Limited (?Zhaojin?), listed on the Hong Kong stock exchange. Zhaojin does underground mechanzied gold mining in China (360 koz production in 2009). Both companies are continuing negotiations for a larger deal that may see Zhaojin take a more substantial position in Citigold .."

"CTO was listed on the Nasdaq Dubai (withdrew Jan 2010 because Dubai exchange not growing fast enough), and is on the Frankfurt (FSE:CHP) stock exchange. CTO is cultivating links with Indian refiners and brokers, and has plans to sell its shares and its bullion in India.

(my comment . zip, nada, zilch, zero. CTO departed Dubai. What benefit from Frankfurt..what happened about India? And what happened about loose MD talk about Singapore - canned I hope)

"Capital expenditure (see the comment on the Development Cost cell) is $20m/yr (when they can raise enough capital), so to break even the mine has to produce at 25 koz/yr and to make the company profitable it has to be around 30 koz/yr."

(my comment . zip, nada, zilch, zero)

I think our MD must have spent a lot of time in the Australian Army because he seems to be a first class gonnah. But skipped the lessons on the 6P (Prior planning prevents piss poor performance). It seems the MD role is to big note while swanning around the world.

I am sick and tired of this sub-par performance, I would hate to be the staff and living it every day.