yes - the directors stated that they would take up their...

yes - the directors stated that they would take up their entitlement - not sure if they indicated that it would be the maximum. even if they took up the maximum entitlement, then it would be small change from the director fees that they collect.

of course the spp is doomed.

the last report from the company mentioned the following

"The fundamentals for Citigold are impressive. It has a low cost focus, a new growth focused
management team "

it is great that the company has a new growth focused management team - but if that is the case, what happened to the previous growth focused management team

watso was just looking back at a few reports from a few years ago - eg a broker presentation from june 2005 - where on slide 44, they mention 50% joint venture to fully fund gold production to 250,000 oz per annum. slide 28, mentions that warrior will commence production at the end of 2005, at the rate of 40,000 oz per annum - surely the management team that put together, these production forecasts, must have been "growth focussed". from memory (but could be wrong), watso recalls seeing a report somewhere, where output from warrior was going to be cranked up to 100,000 oz per annum.

there is a nice 100 page report, released on june 2 2005.

for whatever reason, there must be something seriously wrong with the project. it would really surprise, if there really was some joint venture partner who will put up the money. previous talks have obviously failed, as a few years ago, the company mentioned that joint venture talks were well advanced.

perhaps to support the spp, the company could release results of mining operations for january - maybe give details of tonnes mined, grade, costs etc etc

fast forward, and 5 years later, production at warrior has moved up to 5000 oz for a quarter, and the company releases another report, mentioning a joint venture