Jdragon,
Perhaps it may be beneficial to look up "Inferred Mineral Resource" to attain a better understanding of the compliance with the JORC code.
Inferred Mineral Resource is that part of a mineral resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be of limited or uncertain quality and reliability.
http://www.jorc.org/docs/JORC_code_2012.pdf
Competent Person Statement December 2014 Quarterly
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In accordance with ASX Listing Rules and the JORC Code 2012 Edition, the following statements apply in respect of the information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves: The information is based on, and accurately reflects, information compiled by Mr Christopher Alan John Towsey, who is a Corporate Member and Fellow of the Australasian Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists. Mr Towsey is a consultant geologist and was appointed as an Executive Director of Citigold in April 2014. He has the relevant experience in relation to the mineralisation being reported on to qualify as a Competent Person as defined in the 2012 Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Towsey has consented in writing to the inclusion in this report of the matters based on the information in the form and context in which it appears. The Pathfinder Exploration Pty Ltd Report on the Mineral Resources and Ore Reserves of the Charters Towers Gold Project dated May 2012, which can be found at http://www.citigold.com/mining/technical-reports and is referenced by Citigold in its public statements was compiled in compliance with the 2004 JORC Code that was current at that time. This May 2012 report has not yet been updated to the 2012 JORC Code.
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I do not know the relevance or implications of the above other than the report was based on the 2004 JORC code current at the time and has not been updated to the 2012 JORC code.
It seems to me over the past week there have been no shortage of sellers to meet the buyers, in fact the sellers managed to push the SP down from its high of 3.1c (Up 221%) on 2March announcement date down to its closing price of 1.9c on 3March and subsequently after a small spike back up to 2.3c it was at 1.8c on 6 March
(Down 42%) from its top.
Perhaps one of the sellers may have been the Beneficiary of the 20 million shares issued for free as part of the $3mill short term funding deal announced on 25 November 2014. No doubt the push to have the $10mill by 6 May will ensure that the notes issued under that deal can be bought back at $110/ note and not $120 applicable after 6 months which is a considerable saving.
Certainly a lot of twists and turns as this story unfolds or unravels, certainly worth watching from the sidelines.
DYOR My thoughts and ramblings only
(20min delay)