I am just rereading their quarterly now, it is a big joke.under...

I am just rereading their quarterly now, it is a big joke.

under the point heading with 'pleased to announce'

"1,056 ounces produced during the Quarter"

Impressive he can say that with a straight face.

"The average gold sale price received was A$1,375 per ounce during the Quarter and the average cash cost was A$769 per ounce.

The average cash cost for the Quarter is higher than usual. This is due to the allocation of fixed costs over a smaller number of ounces. When production increases the costs are expected to drop to a forecast sub $400 per ounce at
production of 300,000 ounce per annum. "

How do they work out the cash costs? They claim they made a profit on 1000oz of gold which would net them 500,000 dollars for the quater but they havn't included any other costs.

Now they are again talking about 300k annum at $400 cash cost. Assume gold will be $1400oz at that time. They will be making 300 million dollars in profit each year which is 4 times their market price. That is a PE of .25 lol never seen that before.

I really think that citigold is a very advanced form of the Nigerian email scam. What do you guys think? Thats an accurate description? I have owned citigold in the past for short periods of times but I am amazed this has been dragging on for so long.

Do you think citigold can get financing again??