at what point do the shareholders demand more?, page-10

Below are some excerpts from a letter from CTO to the ASX after a query from the ASX. Dated 25 May 2010. It is incredible how many times " raising funds as required" is mentioned throughout the letter. In fact when I have emailed the writer in relation to funding I have received exactly the same response.
I wonder how "The major joint venture negotiations for large capital expenditure" are going.
One year down the track and they are still negotiating and "spinning" the same story about ramping up to 300kozs per annum.
It seems to me there is far more money to be made mining peoples pockets than there is digging an underground quarry.


"The Company expects that in the future it will have positive and negative operating cash flows. Citigold monitors it?s cash flow and raises funds as required."

"Citigold monitors it?s cash flow and raises funds as required. Raising funds is a usual part of any exploration company and there is a well established pattern at Citigold
of raising funds as required to ensure adequate funds are available."

"The company has a very successful track record of raising funds as required from its large shareholder base and outside investors.The Company expects this position to continue."

"The Company has a very successful track record of raising funds as required and is in major joint venture negotiations for the large capital expenditures which will reduce the overall costs incurred by Citigold. The
disciplined low cost focus of the Company is clearly evidenced by the relatively low overall total expenditure in acquiring, exploring and developing this large gold asset to its current stage."

DYOR very carefully!! My opinion and ramblings only.