However on p1 of the September quarterly CTO state that "25,000 ounce gold production plan for calendar 2009 still achievable"
Based on the gold production so far CTO is suggesting that 18,014 ounces of gold production in the December quarter is "still achievable."
Logically to make that statement MUST MEAN that CTO believe they have already produced or are going to produce MUCH MORE GOLD IN OCTOBER ALONE than they have produced in any quarter so far this year.
I'll put it very simply. If CTO produces in October what they produced in the September quarter - 2,609 ounces - then that means to make the 25,000 ounces for calendar 2009 CTO needs to produce 15,405 ounces in November and December.
That is an annual rate of over 92,000 ounces!!
So how about CTO releasing monthly gold production figures for October and November in a timely manner?
Should CTO at any time this quarter believe they are not on track to achieve at a bare minimum close to 25,000 ounces of gold production for calendar year 2009, which means 18,014 ounces of gold production in the December quarter, then surely in the light of what CTO has released in the September quarterly, continuous disclosure means CTO is DUTY BOUND to inform the market.
If come the end of January, CTO report just a few thousand ounces of gold production in the December quarter - or an amount that is nowhere near the 18,014 ounces of gold production being predicted and the market is not informed by CTO in a timely manner with reasons provided that CTO's December quarterly guidance of 18,014 ounces of gold production cannot be met, surely you'd imagine there could be ........
CTO Price at posting:
15.0¢ Sentiment: None Disclosure: Not Held
