The Speculator (Money magazine) has announced he has bought CTO.
Article can be found at:
http://money.ninemsn.com.au/article.aspx?sectionid=2338&subsectionid=79751&id=632360
Gold miner bucks trend
When the gold price fell last week to $US755/oz, there could be no surprise in seeing major Aussie miners such as Lihir Gold and Newcrest falter. (Lihir over the week lost 10.5c to $1.81 and Newcrest shed 22.7c to$19.50.)
But a comparative tiddler, Citigold Corporation (CTO.AX
Price Change % Change
0.270 +0.025 +10.200%
CTO.AX , 0.270, +0.025, +10.200%), rose nearly 20 percent over the week, adding 3.5c to 21c a share on a turnover of more than 3.4 million shares. (Admittedly, there are a lot of shares out there, 678, 644,974 at last count, but the rise was certainly against the trend with a falling gold price.)
Maybe there is a clue in the company’s last cashflow and activities report issued at the end of July.
In the year to June 30, the company completed its first full financial year of gold production from its Warrior mine in historic Charters Towers, Queensland, where the company claims a 10 million ounce resource.
Output was nothing to get excited about at 17,497oz but, encouragingly, it came from ore grading 11.7g/t. Citicorp’s breakeven gold grade is reported at 3.5g/t at an Australian gold price of $A950/oz. At last week’s close of $US755/oz, the domestic price was $A947 due to the recent decline in the Aussie dollar against the $US.
Better, constraints in underground haulage and power access have been removed to enable a 300 percent increase in ore treatment capacity.
Intriguingly, towards the end of the report the company said: “Negotiations are at an advanced stage with overseas institutions regarding the raising of a previously advised $30 million to expand gold production to an initial 100,000oz a year.”
With some bullish news potentially in the pipeline I took a stake after the shares traded between 19c and 23c in yesterday’s skittish market.
Bought: 20,000 Citigold (CTO.AX
Price Change % Change
0.270 +0.025 +10.200%
CTO.AX , 0.270, +0.025, +10.200%) at 20c — $4030
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Last
0.4¢ |
Change
-0.001(11.1%) |
Mkt cap ! $12M |
Open | High | Low | Value | Volume |
0.4¢ | 0.4¢ | 0.4¢ | $311 | 77.62K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
14 | 10332893 | 0.4¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
0.5¢ | 8538656 | 11 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
14 | 10332893 | 0.004 |
13 | 10297354 | 0.003 |
7 | 6515025 | 0.002 |
8 | 10802988 | 0.001 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
---|---|---|
0.005 | 8538656 | 11 |
0.006 | 6180000 | 4 |
0.007 | 1063000 | 2 |
0.008 | 4369194 | 7 |
0.009 | 1537558 | 4 |
Last trade - 10.02am 09/07/2024 (20 minute delay) ? |
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