CTO citigold corporation limited

In the 27th. October ASX release why did CTO believe they were...

  1. 24,765 Posts.
    In the 27th. October ASX release why did CTO believe they were justified in informing the market that it was "still achievable" for the company to produce gold in the December quarter at an annual rate of 72,056 ounces when gold production for the first nine months of the year was at an annual rate of only 9,315 ounces?

    My question is based on the following:

    1. It was public knowledge that total gold production by CTO for the first three quarters of 2009 was 6,986 ounces. That is an annual rate of just 9,315 ounces.

    2. In the 27th. October ASX release CTO in bold type on page one told the market "25,000 ounce gold production plan for calendar 2009 still achievable."

    That means CTO effectively told the market that it was "still achievable" for the company to produce 18,014 ounces in the December quarter, because that is how much gold had to be produced to reach 25,000 ounces.

    Quarterly gold production of 18,014 ounces is an annual gold production rate of 72,056 ounces.
 
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