credibility concerns

Hi all. I'm a new shareholder of CTO. Talking to other gold investors however (shareholders and non shareholders alike), many / most have concerns about CTO not meeting their goals on time and not being able to produce more than 40k pa from Warrior. Recent CTO presentations state they can achieve 100k oz pa rate by end of 2008. However, when I phoned Garry Foord two weeks ago and asked him whether they would meet this 100 kpa target he replied "no way". He felt this was an intermediate term goal, achievable in 2009 possibly. Now, this quarterly report confirms it in my opinion. CTO is now talking about 50k oz pa and needing the extra funding to ramp up production above 50k rate (page 8 of report).

Can anyone convince me they can meet 100k pa rate this year? For example, what is the grade and amount of ore being processed - what is the spare capacity of the mill? Tripling power capacity can presumably triple production to 12k oz per quarter - still along way from 25k target. Are we all donkeys with carrots dangling in front of our faces? It really peeves me when companies deliberately overstate goals and give unrealistic timeframes. The deep drilling is delayed several months. We can probably expect the power upgrade to be delayed beyond June as well.

Have to say I'm a bit disappointed here.