BH, your observations are perfectly valid but we need to be careful that we don't solely focus on the then when we are in the now.
I think find8 has listed some very good reasons why things haven't gone to plan ... eg:
1. Power problems (which was NOT something CTO had any control over .. they were at the mercy of the electricity company).
2. Change in focus on the Warrior declines.
Granted, the "sly" communications style from Lynch and Foley has done nothing to help their cause. As things changed, the fact that they had changed and the implications thereof should have been clearly communicated to the ASX. Those of us who believe the story are a forgiving bunch, but we don't like to be mislead. The problem we now have is that the public doesn't trust these 2 Directors any more. They thought they were being clever by "stringing" everyone along with shadowy ASX Releases ... but they have simply made themselves look like dishonest fools IMHO. Perhaps they need to put Chris Towsey in charge of ASX Releases ... at least you would get honest facts. Anyway, I've vented my anger at the way these 2 individuals have conducted themselves many times in the past. The reality is that Directors of public companies are essentially a protected species as most share holders don't vote for change so the status quo remains by default. I remember the AGM in 2004 ... there was a group of HIGHLY qualified and respected shareholders (and avid CTO supporters) operating under the banner of "Friends of Citigold". They handed out pamphlets at the meeting particularly lambasting Foley ... he huffed and blew his chest out, threatened legal action and so forth. At the end of the day, he got away with it and nothing changed. He is up for re-election again this year (so I believe) and I can bet you that he will be re-elected because sharheolders can't be bothered (or don't know enough to care) to cast their vote. So, once again we will have this 3 man cartel controlling the company (Lynch and Foley as a bloc and the other guy who is there to "make up the numbers"). It's a joke. And don't get me started on this rubbish about Lynch needing to be in Dubai ... what the! ... roll your sleeves up and get back to work Mr Lynch. Finally, this rant is NOT directed against the company functionaries who are honest, hard working, knowledgable critters, from all accounts.
Anway ... previous estimates have been predictive but, in my mind, indicative.
The fact that they now know the way forward and have been very precise with their predictions this time round keeps me in.
It would be a travesty if shareholders dismiss the 15,000 oz Dec qtr predictions and the 10/11 predictions based solely on past performance. Having said this, if they stuff up again ... well, you know.
CTO Price at posting:
18.5¢ Sentiment: Hold Disclosure: Held
