< $2 now... where is the bottom ?, page-6

Price is now back to where it lay in 2002, just as Chartree was starting to produce.

Cots of production back then was $116/oz compared to $1,323/oz for the 9 months to March 2013.

Price of gold however, was $306.50 for the year (hedged) versus $1,659 per oz earned for the 9 months to March 2013.

Obviously, with spot prices around $1,450 per oz today, there is no margin for error. Something has to happen with Challenger because the company cannot afford a repeat of producing at over $1,900 an ounce. That is going out of business performance!

So Gavin Thomas and his team have got some "pulling finger out" work to do and Smyth-Kirk some shareholder protection activity.

Next level of support below this price looks to be around $1.80 and then mid $1.60's.

To lose 60% of your value in just over 20 trading days.
That's some performance!!

I hope institutional holders are baying for blood!