"Gold Production on Target"
...The Warrior mine development is progressing according to plan and gold bar production is scheduled for the third quarter of 2004. Gold revenue of over A$20 million is scheduled for the first 12 months of production. The investment by Citigold in the mine of approximately A$5 million will generate a cash surplus of A$9 million in the first 12 months with a further A$9 million surplus expected in year two."
Released to the ASX by CTO on 3rd. March 2004.
So with gold then around AUD500 we were apparently looking at about 40,000 ounces of production in the 12 months from the third quarter of 2004. Yet here we are looking at 2,500 ounces of gold production for the second quarter of 2009 - nearly five years later.
A question that springs to mind is, "What major unanticipated event or events has currently delayed the scheduled 40,000 ounces of annual production by five years?"
I wonder if Find8 has an answer?
"Gold Production on Target"...The Warrior mine development is...
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