woteva woteva ... i am in the finance business and I can tell...

woteva woteva ... i am in the finance business and I can tell you that money is tight tight tight at the moment .. NOBODY wants to lend. $30m without guaranteed readily LIQUIDATABLE Security will be a tough ask. A gold processing plant and other hard assets isn't going to thrill a bank too much (not something that will attract too many bidders in a mortgagee sale). As for assets in the ground ... well, until they can prove that they can get it out of the ground on a sustainable basis, then that won't help much either.

Lynch is no fool, if he could have borrowed the money on favourable commercial terms he would have done so already. Clearly that would be the best scenario for Citigold and its shareholders.

Instead he has to deal with private potential investors that want the soul of the company in return for a few shekels. My understanding is that there have been many of these over the years (offshore, mainly).

He should do what he is doing ... prove that he can produce 40,000 oz per q for 2 or 3 quarters on end and then a Bank may be interested in a Commercial arrangement.

And yes, this is not 2002 ... it's more like 1987 and 1929 except it's going to be a lot worse.