cto - profit announcement, page-20

The forecasts, the assumptions and the actual recoveries are not unlike those of another Qld explorer into copper with management that has a belief that does not match current reality. It is very easy to make all sorts of excuses as to why production etc are not reaching forecasts, broken pumps, weather, lack of power etc etc but very hard for management to admit after over 10 years that they are wrong.In particular when your dream of 10,000,000 oz of gold is fading fast it becomes harder to face the truth, its like gold fever.
Australian and European funds stumping up $3.5mill is a punt not an investment nothing more, if they really thought it was an investment they would have been investing serious money not a token amount to cover salaries and some of the operating costs.Realistically with a market cap of $118mill and 10,000,000 oz of gold in the ground this thing would look like an absolute bargain to a company looking for expansion via an acquisition, but for some reason this has not happened, not unlike a copper miner with the same self interest.
My ramblings and opinion only DYOR.