ground hog day continues, page-28

The $15m can't already be spent. It may well all be committed and CTO have reported that as being "used". Is not correct and should be fixed.

Was a believer for a while, about 9 mths ago. Just review previous quarters and their wildly optimistic prod'n forcasts. They are serial underperformers.

CTO obviously need the new decline to increase production (and it will), but production from the existing decline was also supposed to increase substantially. The increased production is always touted as being just around the corner (from increased u/g voltage, or more stopes, then the move to 24 hr shifts, finally the new decline). It hasn't happened. I have little confidence in substantial improvement. Don't know if it's the narrow veins or just mgmt issues.

Am very wary of re-entering this one, but good luck to believers.