spp - when will i get my shares, page-29

Find8,
I have been keeping up with your many posts and
I, nor anyone, would disagree that you totally believe
in CTO's future. While not seeking to dampen your
enthusiasm I am starting to worry that you are being
blinded by it.

Having talked by telephone to Lynch senior on on a
number of occasions I was struck by his enthusiasm
to the extent that I invested in CTO some 6 years ago.

It was not one of my better investments. In fact, I believe
it was my worst.

Do they have the gold, That is the 64 dollar question.
I don't know. What I do know is that in 1995 they sought
a joint venture partner to develop the Sunburst mine.
For $35m a leading gold mining company could have
obtained a significant inroad into Charters Towers.

Ther were no takers. What into a mine with a 10m ounce
resource? Whats wrong with these fello's?

I believe that the answer is that big companies either
didn't believe they had the gold or didn't believe
that it could be mined at a profit. Surely management,
trying to sell the deal, would have presented in its
best terms.

Where are we now. Management have done a big turnaround
and rather than ramping up production forecasts have
said that they will start in the third quarter and increase
in the fourth quarter to something that might be
respectable. Do we believe them? On previous performance
one has got to say no. If you look at the posts on
this website there is nary a soul that can put in
a good word for them. I suspect that the best thing
that could happen would be that CTO is taken over or
that there is a management takeover as has recently
occurred with RRL. There are not many investors who
are prepared to invest in a management they don't
trust and, in my opinion, CTO's management don't
rate accolades. In fact, I often wonder why they
haven't been investigated by ASIC for the number
of forecasts the have made over a number of years
which have just not materialised.

One last word while I have the floor. You keep talking
about their NTA. If the gold is not there, or can not
be mined profitably, their NTA is what they can get
for a lot of second equipment. I don't expect it would
be 27c per share.

I continue to hold but I keep asking myself why?