We are now 2 months into the quarter and still no news on...

We are now 2 months into the quarter and still no news on funding, cannot be much of the Zhaojin $2mill left and they only had $500k at end of last quarter. Perhaps they are now digging enough of the yellow stuff out of the ground to cover the running costs.

From June Quarter.

"The coming year should see a good increase
in gold output combined with lower operating costs.
These changes are planned to result in a step-change increase in the gold output from
the overall mine as the development of
multiple ore headings allows simultaneous
production to increase tonnage output to the
surface"

Words like " should" and "Planned" in statements do not seem very positive to me. Then we get all the excuses why gold production was down in the next quarterly as we did in previous quarter.

"Mining at Charters Towers has been hindered by lack of available ore headings (mining faces) due to many different constraints, some within the companys control and some external."

Unfortunately it all becomes to predictable IMHO.
It is my opinion that until we get professional management that actually know what they are doing we will never really see if the mine is as good as we have been lead to believe.
This is backed up by the companies own announcement to the market on the 17th August 2010.

"It is anticipated that a stronger partner, both in mining skills and international dealings, will help ensure the initial re commissioning of the City Mining area in a time efficient manner."

Its taken 10 plus years to come to the realisation that something better is needed.
DYOR,this is not not investment advice, my thoughts ramblings only.