an open message to citicorp, page-43

RE CTO production problems.
Some shareholders want changes at the top. Again we need caution here. A shareholders revolt would send the sp down and acheave little. What we need to understand is that openning old mines reopen the problems that caused them to close in the first place. The easy gold has run out. Lihr Gold has now decided to sell its illfated Ballarat gold mine.
The problem at CTO is two fold. The gold is not as easy to get at as Citygold thought and it's management hypes too much. We need to tell management: No more hype and more openness about production problems. Then CTO's sp would reflect their true risk value (perhaps lower than now)and give us a believable expectation of Citygold's future finacial prospects.
The quarterly production figures are coming up and again there will be a big sell off this week as has happened in the past.