re: Ann: GML: CTO: Citigold Takeover Bid for ... From the...

re: Ann: GML: CTO: Citigold Takeover Bid for ... From the Australian today:

"Another bid for Gateway

BACK in 2001 Charters Towers Gold Mines made an unsuccessful takeover bid for Gateway Mining (GML).

Now, Charters Towers, re-badged as Citigold (CTO), is digging the yellow metal out of the ground in Queensland -- and having another tilt at GML.

Citigold owns 15 per cent of GML and wants the rest. No doubt, like some other GML shareholders, it has grown a little impatient with payday remaining over the horizon.

On the one hand, consolidation is the new flavour of the month and there is a realisation that the small juniors just can't get traction in the market. GML has market capitalisation of just $8m.

But CTO has been a little cheeky. There's no premium in this offer and GML does have some very interesting ground near Cowra, NSW. Its project is on the same geological formation as the large Cadia and Ridgeway mines just to the north, and it has attracted Minotaur Exploration (MEP) to farm in for 51 percent and Mitsubishi to take another 24 percent."