Ann: Citigold raises $3.375 million , page-13

Bernardjohn . for what my 2 c is worth id take the money and run. CTO have never despite there reported cash costs ever covered costs for a quarter most of the time not even coming close. Sure with a takeover possible you may get a short term spike ,but who would buy it with its lousy production history. At the moment as gmt states they have raised money to keep going but the last year has seen them perilously close to being technically insolvent. If the dismal performance continues and the funding punters dry up then administration will be in the not so distant future. Even other duds like nav , axm uml to an extent ngx all have lower market caps but at least come very close to or are making a small profit. One of the great mysteries of the asx is why after all the failures does CTO still have a market cap higher than some semi profitable goldies . Many will say its the 10 million 0z of high 13-14 gram gold jork , but surely that jork given the production so far must be in question. Given they now are back to an explorer how many good drill results have they reported in the last year to give some confidence in the jork. Towsey bailed and sold down his stake and it was his jork so it seems his confidence in it was shot.