From Citigolds 2004 Annual report and every year since, the figure of 40,000oz p.a. from the Warrior mine has been published. Other figures for target production varying from 120,000oz to 300,000oz p.a. from all shafts were stated in these annual reports. If anyone has any doubts about this , then please look at the reports. They are figures that were quoted from management.
Since the March 2007 Quarterly i.e. 10 quarterlies to June 2009, the TOTAL production has been 28,000oz. So in two and a half years they haven't even produced 2/3 of what they said they were going to produce in one year. And those predictions go back to 2004.
To put a different slant on it, in one year they produce 14,000oz compared to the predicted 40,000oz. That is 35% of what they said was going to be extracted from Warrior. And by the way, haven't heard anything about the "deep hole" analysis.
I'm not going to give my personal opinion on this, I did once hold shares in Citigold and in fact visited the mine in 2006 but you really do have to wonder. Figures over a period of time do tell a story.
All the best to those who hold. If their next quarterly shows significant improvement then I'll be back in. But the production in the last two or three quarterlies don't inspire confidence
Add to My Watchlist
What is My Watchlist?
