the delay thus far and why things may change, page-25

pennyjones

I hope this doesn't come across as hostile .. I don't mean it to be anyway, if that counts for anything.

I also believe it's a man's prerogative to change his mind...so,
I've taken a 50/50 cautious approach with CTO the company - i like the project but i decided i can always add more later anyway based on production success.
i.e. i want to now see the Dec 09 quarter production of 15,000 oz before I consider adding more.

i didn't dismiss your comments as being too negative - it's just that at some point you (and other non holders) need to realise the shareholders and the market in general have already taken CTO's (i.e. CTO the company/operator as distinct from the project) risks into account, re: Mark Lynch's failings and missed production promises, inadequate reporting, bad governance etc..

I mean the share price is trading at 17 cents ..yet CTO's NTA is 27 cents... doesn't that tell us all something ?

So every time you repeat the same negative comments - just remember, we shareholders (and the market) have already factored them in - we won't be factoring them in again - should we be ?.

Also another thing you (and other non shareholders who post on this forum) may need to consider is that there's a lot of twists and turns (and Declines) re: juniors until the fat person sings and that the fat person may yet sing successfully.

No one knows the future - i certainly don't.

You could therefore be mistaken in dismissing CTO, especially at this juncture - and ignoring some serious development now taking place aided by the power upgrade - there's 140 workers working hard underground at the moment on the Western Decline.

Also you may have stopped following the unfolding story in general.
e.eg .all companies review things from time to time - they don't ignore new data that comes to hand.
likewise CTO did review things when new reefs were found at the Western end of Warrior and it was decided that the Western Decline should become the new focus (to link up with Imperial etc..)... in order to create a bigger and better Warrior.

Warrior has since gone from a 40,000 oz/annum plan to a 100,000 oz/annum plan ... but it also obviously meant a delay in the forecast production ramp up.

It's a trade off i've readily accepted (a production delay for a bigger and better Warrior) as I'm taking a longer term view - but that doesn't alter the fact I still need proof of CTO the producer now delivering on the new production targets .. especially the Septmber09 quarterly and December09 quarterly targets.

So I'm following the story and being duly cautious re: CTO, the producer/operator - whilst steadfastly believing in the value of the project itself, which if anything in my estimation has only continued to increase in value with the gold price and the advancing Western Decline development.