double bottom at 7c, page-25

Without accusing CTO of any wrongdoing ..
CTO I reckon nevertheless owes shareholders a big explanation... given its performance.

I've been following CTO for a long time and my inescapable conclusion is CTO's narrow veins and dilution levels render this project unviable... and I'm just a lay person.

Given its performance history - CTO's geologists and mining engineers need to be more forthcoming.

To give an example ..
For every metre of the development tunnel (or 1/3 metre vertical descent) you're going through about 20 cubic metres of material or 60T of rock and earth.

If every metre of tunnel were to yield on average 10 g/T of gold - that equates to a yield of 1/6 g/T... or 0.166g/T gold.

CTO has been tunneling and producing gold for a long time - they have all the info available which they need to now release.
- for instance they may have developed 10 kms of tunnels thus far - and produced 30,000 oz of gold .. that's 3000oz/km or 3,000 oz/ 600,000 T of rock being removed - which may equate to 1oz/200T or approx 1/7 g/T or 0.15g/T.

An open pit gold mine with a gold grade of 1g/T and with easy surface mining methods - without the constraints of working underground may still be marginally profitable.

What is CTO's actual dilution level that has been achieved ?? - it should be finally released to long suffering shareholders, who have a right to know.

If CTO thinks the figures prove they are profitable - then release them - shows us the figures - and the effective dilution rate ?