James I would like to know what analyst provided this...

James I would like to know what analyst provided this information there appears to be a lot of cut and paste from CTO's own propaganda. I do not recall them having any JV agreements signed, what they have is a LOI and $2mill enough to keep them going for a quarter.They also seem to be using ML's cracked crystal ball when they say" expected to grow to a low cost mid tier gold producer by 2012."

If you have been involved with this company and its various predictions etc you would be well aware that little of what has been predicted has come to fruition over the past 10 years. They are still trying to work out the best method of getting the gold out of the ground according to all their reports. As regards the growing production we saw production halve last quarter and increase by 2% previous quarter.

They need professionals with momey and experience to make this thing work IF the gold they say is there is actually to be brought out of the ground in a cost efficient manner.There are have been never ending excuses as to why this is not happening, and they are yet to provide tonnage processed to produce the gold regardless of it being stope or development. As stated by the company some time ago they are an "Explorer" at this stage and expect to have negative and positive cash flows!

It is still my opinion the Chinese will want a bigger stake in this company and at least a seat on the board If they have to make the investment that CTO require and ML will not like this idea. DYOR, my ramblings and opinions only.