CTO is already mining gold on a cash flow positive basis, gradually ramping up production and the ore is very significantly different to that of a company that had ore grade issues like BDG:
"Also of significance is that microscope studies of the high grade gold ore shows that the gold is not 'nuggety' (large visible pieces) but rather the high grades are based on local concentrations of large numbers of very small particles of fine gold. For example, in one sample there were 555 particles of gold in less than 1mm of ore. This confirms that it is possible to accurately quantify the gold distribution by drilling." From 19/12/2007 ASX release.
That is very, very, important. We are not dealing with "nuggety" gold.
In addition CTO recently released to the ASX the following:
"With the ore stockpiled in anticipation of the commencement of milling this week, ore continuing to come from the underground and an intensive diamond drilling in progress, Citigold looks forward to a very successful first calendar quarter 2008." From 20/2/2008 ASX release.
As announced to the ASX today, following a listing on the Frankfurt Stock Exchange, the "largest stock exchange in the Euro zone" CTO is planning "its first roadshow into this marketplace in the near term."
I suggest a fair conclusion is that CTO is making very good progress at Charters Towers.
CTO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
