at what point do the shareholders demand more?, page-12

Hedge, it was me who likened them to the snake oil sellers of the wild west. I have written to management on many occasions regarding production targets, their predictions about production and their apparent ongoing lack of understanding of the geology of the resource.The responses I get are sometimes condescending and or mothering statements but in all cases overwhelming positive about everything, not unlike Nero fiddling while Rome Burns. The fact is IMHO that it is still run like a family business and the retail shareholders are an annoyance but they are a source of cash flow, though as evidenced from the last SPP that source of revenue has almost dried up.

It is understandable I guess when you are so close to a business / company to openly admit you have got it wrong and seem to have been getting it wrong for a long time. The mine etc have been developed at a very low cost admittedly however the real cost has been the lack of real money being invested into the business because "The Story" has been spruiked for so long that many may to question its validity.

As I have said before even if half the gold is recoverable I cannot understand why the big boys have not acquired the business given its market cap is only around $100mill and its resource is stated as 10million ozs.One would have to think that some of the larger miners have run a ruler over CTO over the past decade,this apparent lack of interest is what makes me question the whole operation.

Declining to extend the exclusive negotiating period with Henan Jinqu back in August 2010 after signing an MOU in March 2010 and subsequently an LOI in May 2010 in retrospect should have rung warning bells for me, particularly because the announcement was contained within a Corporate Update on the 17th August 2010 to announce a new director had been appointed. I would have thought given the Henan Jinqu deal was considered basically a company maker that it would have been a separate announcement. I suppose this is not unlike rock chip and drilling results you have to hunt around to find them in inconspicuous places rather than them being provided in plain view within quarterlies. When I queried this I was told that a lot of the drilling is mine planning related and not exploration as such.There was over 4,000 metres of core drilling mentioned in the December quarterly so how much was mine planning and how much was exploration? When you review the assay results of the latest core holes here http://citigold.com/exploration.asp no matter if they are exploration or planning related as a layman they look awful to me.
If you go to the address provided and scroll to the bottom of the page you will find the results in PDF format.

DYOR carefully My opinions and ramblings only