re: Ann: December 2010 Quarterly Activities R... GMT has...

re: Ann: December 2010 Quarterly Activities R... GMT has highlighted some good points with his figures.
Development, Production and administration are down because Citygold are only mining and paying staff for those small areas rich in gold so it appears that cash costs per ounce are low.
Exploration is up so reserves appear huge. They hope this will secure definately a joint venturer with serious cash to bail CTO out. I'm not legally up with where CTO is with the Chinese partner. They have signed something but what does it mean for shareholders. The reality of gold mines is that you can have huge reserves that are a lot more expensive to mine than pilot mining cash per ounce, which is what is occuring now.