Ann: GML: CTO: Citigold Takeover Bid for Gateway , page-20

re: Ann: GML: CTO: Citigold Takeover Bid for ... Lihir, with its "bigger" outlook to quote you, on the 16th. June announced that they "will take an impairment charge against earnings in the forthcoming half-year results in the range of US$250-350 million after tax (at today’s exchange rate), to reduce the book value of the net operating assets of the Ballarat project."

So after that experience do you seriously think LGL will be interested in CTO considering that CTO has, after a number of years of production, yet to mine any gold at a significant rate? What was it? About 2,500 ounces of goldproduction forecast for the June quarter?

In my opinion LGL might be interested if CTO demonstrates that substantial amounts of gold can be consistently and profitably produced. But until then, in my opinion, you can forget about LGL with its "bigger" outlook being interested.