Ann: GML: CTO: Citigold Takeover Bid for Gateway , page-13

re: Ann: GML: CTO: Citigold Takeover Bid for ... Just had a quick look at GML's Quarterly ... they had $482,731 in bank at end of Mar and a quarterly expenditure of $203,074 with estimated expenditure for Jun quarter of $180,000. Obviously a tin pot operation. They also let a bunch of tenements expire (which could be because it's worthless ground).

Activity Highlights:
The recent rise in the gold price has enhanced the potential of the Gidgee Project area in Western Australia

Following a review of Gidgee exploration data, three areas containing appreciable gold mineralisation in drillholes have been selected for further analysis by an independent consultant

Infill EM surveying at Barrelmaker West has confirmed a bedrock EM conductor over interpreted komatiitic basalts

The company plans to carry out an aircore drilling programme in the next quarter to test a number of gold, copper and nickel targets

Results from a recently completed VTEM survey over the Cowra Project are very encouraging, with a number of anomalies outlined

OK, based on this, here is my take ...

1. GML are just about done cash wise and CTO wants to protect the investment it has already made.

2. GML (from recollection) got a bunch of CTO Shares In Settlement for the first tranche some years ago and CTO doesn't want these hitting the market.

3. CTO are helping out "their mates" (I doubt that this is the case though).

4. There appears to be the possibility of some good ground on their Books and CTO has visions of being a Lihir or positioning itself as a favourable take-over target (we can only hope).

5. They have lost faith in the Charters Towers Project and are desparately trying to find new tenenments to protect the gravy train salaries they are drawing (unlikely).

6. They are just plain dumb (well, that IS a possibility).

Having thought about it, it doesn't seem too bad given the potential upside. They really should release something to the ASX explaining WHY they are doing this though to stave off speculation as per above. They won't, of course.

Guys, if Foley is up for re-election this year I think we should all NOT VOTE FOR HIM ... the arrogance of these guys needs to be checked and they need a fright.