Proactive Investors, CTO company sponsored, scripted interview....

Proactive Investors, CTO company sponsored, scripted interview. ML has done this with them a few times over the past 5 years. Same old..same old...

I'd say he'd be about due for another scripted radio interview soon, don't you think...

As for the scripted comment on the development of infrastructure from 2004, much of it was already there for recomissioning. eg. processing plant, tailings dam, sorters, buildings, sheds all from the open pit days during the 90's.

The cash burn since 2004 has been for the development of a totally new decline, Warrior, of which the portal was dug fresh from the pit face. The rationale was that the cost of re-opening the old central works & the Sunburst decline was going to cost significantly more. CTO just couldn't raise the required capital then especially with a large secured debt on their balance sheet at the time. Fortunately for CTO, much of that debt was cancelled as the lender went into liquidation.

5 years on, a 100% dilution of shares, & as you can see from past announcements, management grossly under-estimated the time & "cost" it would take to develop, commission & establish a totally new mine. That with the admission that they are still trying to get their head around the geophysics of this decline.