Thanks for the concerns re finances for production. It seems I will need to explore this a bit further because my current skimming accross the top shows
There is no current debt There is money in the bank from recent raisings They are now producing a small volume, but nonetheless earning a trickle Production at Warrior is currently being lifted to 40k oz providing $20m ann profit. After a year it is proposed to spend !5m on Warrior to upgrade to 100k oz, which will provide $50m profit annually. It is then proposed to bring Sunburst on line which requires $45m to develop. Production in 2010 will then be 250k oz providing $125m profit. Which by the way is 19c /share.
They would therefore seem to have the development costs covered, with a softly softly approach that maintains shareholder value. But at a pace that does not excite the market or the SP I suspect. Maybe this is part of the problem with the depressed SP?
The above figures do not allow much funding for further exploration. But with the steadily increasing income projections obtaining a commercial bank loan should be a soda you would think
Does anyone else find it a continual annoyance that resources are nearly always in grams per tonne and production is always in ounces?
CTO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
