I really feel for the loyal shareholders who invested more of their hard earned money at the last cap raising on the back of the MOU with Henan Jinqu........this has been a disgrace! I sold out at a los after investing at a previous cap raising over 12 months ago when it was then said that there would be no need for further cap raisings as CTO in the future would be cash positive - again, a complete disgrace!
'The Board has decided that it
will decline to extend the exclusive negotiating period past 19 August 2010 with Henan
Jinqu. Allowing the three month time period of the LOI to lapse will facilitate discussions
with several other companies interested in a development partnership for the City mining
area, and other areas, to be advanced. It is anticipated that a stronger partner, both inmining skills and international dealings, will help ensure the initial re commissioning of the
City Mining area in a time efficient manner.'
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