CTO - Citigold Corporation

explod · 12 November 2010

Re: CTO - Citigold

explod said:
Toyed with this for awhile, but like Bendigo et.al. it is deep and difficult. There are many better Aussie plays with nearer surface gold. With labour, fuel and equipment rising in price conserably production costs are a growing issue. Of course a higher gold price will lift them, but for the time being I prefer the lower cost producers.

But others may know better, I have been wrong before

Posted this in 2008, have looked in at the thread now and again since and just do not understand how anyone can invest in a stock and not read back through the whole thread and take some care.

But as I said, have been wrong before, but not on this one.

Sean K · 12 November 2010

So_Cynical said:
Your a worry...after reading your ASF blog posts about CTO its clear your spending way to much time thinking about this stock...CTO is really not worth a nano second of anyone's time.

No more time than it's worth really. I'm enjoying the amusement value and look forward to seeing how they **** up this years forecast production. Sure to give me a big belly laugh.

ParleVouFrancois · 12 November 2010

I'll definitely be reading how a 1000 or so oz per annum production is brilliant news, and how I should sent my next paycheck in the mail to them in the inevitable SPP. Some companies just make you laugh.

So_Cynical · 17 January 2011

ParleVouFrancois said:
I'll definitely be reading how a 1000 or so oz per annum production is brilliant news, and how I should sent my next paycheck in the mail to them in the inevitable SPP. Some companies just make you laugh.

And the comedy continues with todays ann...ill quote.

"17 January 2011: Brisbane, Australia – Citigold Corporation Limited (Citigold)
(ASX:CTO, FSE:CHP) is pleased to announce that it has made several changes to it’s
Board to assist in the transition to a mid tiered gold producer."

LOL seems the plan is to by pass actually being a profitable low tier producer and just jump straight in with the big fellas.

http://www.citigold.com/viewasxrelease.asp?Releasenumber=351

Sean K · 18 January 2011

So_Cynical said:
And the comedy continues with todays ann...ill quote.

"17 January 2011: Brisbane, Australia – Citigold Corporation Limited (Citigold)
(ASX:CTO, FSE:CHP) is pleased to announce that it has made several changes to it’s
Board to assist in the transition to a mid tiered gold producer."

LOL seems the plan is to by pass actually being a profitable low tier producer and just jump straight in with the big fellas.

http://www.citigold.com/viewasxrelease.asp?Releasenumber=351

Oh dear, is this how you improve a gold mine's performance.

Appoint additional board members?

One a former Actuarial specialist?

Whoohoo!!

A board member who does aquariums too!!

Citigold has previously stated its intention to increase the number of Directors as part of the Company’s overall plan for business growth. The Group’s established process of continually reviewing the mix of skills and competencies of Directors will continue to ensure that the Board is made up of members best able to manage the Company and enhance shareholder interests.

The restructure of the Board comprises the appointment of two new non-executive Directors bringing the total to five persons, a 66% increase.

The two new members are Mr Zhanbin Weng, the President of Zhaojin Mining Industry Company Limited (Zhaojin) and Mr Kim Koh, a financial Actuarial specialist.

Now why would someone from Zhaojin be put on the board I wonder?

kgee · 18 January 2011

I think I'm spending too much time on that other forumn
love those last posts

jonnycage · 28 January 2011

Kennas, always a please to see your posts on this company.

they got gold, just cant get it out of the ground or be honest lol. thats a problem
citigold. have they cried wolf once too many now ? but like you said,
laughable to watch

jc

Sean K · 30 January 2011

Towsey sacked from managing the mine. He moving to Charters Towers to oversee operations was supposed to fix it I thought.

Citigold Mine Management Restructured

21 January 2011: Brisbane, Australia – Citigold Corporation Limited (Citigold) (ASX:CTO, FSE:CHP) announces key changes to its mine site management including the appointment of Mr Terry Fisher as Site Senior Executive to lead the Company in its forthcoming growth phase. In addition, prominent narrow vein production geologist, Nigel Storey has been appointed Head of Geology.

Current mining operations at the Imperial gold mine are planned to expand to several new reefs and development is to begin on recommissioning the City Mine. In addition, with the recent new additions to Citigold’s Board these changes to senior site management have been implemented to ensure this major step change in production is achieved whilst the current strong gold prices are available.

Mr Fisher, is a highly credentialed mining engineer with over 40 years in the mining industry. Prior to his appointment with Citigold Mr Fisher held senior positions with the Mining Regulator in several states, a Normandy Group joint venture, Mt Isa Mines Limited and Inco Limited. Mr Fisher will spearhead the site based management team focused on developing Citigold’s 10 million ounce Charters Towers Gold Project.

Mr Fisher replaces long serving Chief Operating Officer and Site Senior Executive, Mr Chris Towsey. To facilitate a smooth handover Mr Towsey will remain as a consultant to Citigold and will continue as Competent Person for reporting purposes.

A 'restructure'? Why not just say 'sacked'?

The Sep 10 quarter they trucked 23,005 tonnes to the mill at an average grade of 3.5 grams per tonne gold, for 2531 ounces of gold. Isn't the JORC resource 14g/t? I suppose there must be some very very high grades down there and they eventually get to it. One day.

The June 10 Quarterly said

This quarter has seen the advancement of funding negotiations for the development capital required to commence serious expansion of gold production towards the goal of 300,000 ounces of gold...

300,000 ounces per year. Last year a total of 15,000 dropped out.

Some random quotes from previous reports:

Dec 07 Quarterly

Escalate gold production towards a rate of 100,000 ounces per annum.

gold production is planned to build up to 60,000 ounces per year of gold over an 18 months development period and later to expand up to 150,000 ounces per year.

drilling is aimed at expanding gold reserves to 1 million ounces in 2008 and 2 million ounces in 2009. Gold resources are expected to grow above the current 10 million ounces.

(Note: last year production 15,000 oz and current Reserves still stand at 330,000 oz )

Dec 06

Start growing the current 10 million mineral resource towards the target of 50 million ounces considered to be within Citigold’s mineral lands.

Dec 05 Quarterly

The Warrior Gold mine is planned to produce gold at the rate of 40,000 ozs per year from mid year 2006.

The Dec 10 Quarterly should be out any day. Maybe Monday. I'm looking forward to being surprised.

jonnycage · 30 January 2011

kennas said:
Towsey sacked from managing the mine. He moving to Charters Towers to oversee operations was supposed to fix it I thought.

A 'restructure'? Why not just say 'sacked'?

The Sep 10 quarter they trucked 23,005 tonnes to the mill at an average grade of 3.5 grams per tonne gold, for 2531 ounces of gold. Isn't the JORC resource 14g/t? I suppose there must be some very very high grades down there and they eventually get to it. One day.------

great to hear from you mate, Best thing these clowns can do now is merge with bendigo mining to make the ultimate gold liars united. the plot thickings lol but gets sadder and more desperate

jonny cage (packing my gold tools, heading to the towers to find the pot at the end of a made up rainbow lol) j . c

Sean K · 1 February 2011

Quarterly out yesterday and they are still struggling.

Quarterly Activities Report December 2010

31 January 2011: Brisbane, Australia – Citigold Corporation Limited (Citigold) (ASX:CTO, FSE:CHP) is pleased to report progress for the quarter ended 31 December 2010 on its operations at the Charters Towers Gold Project.

The highlights for the Quarter include:

● $30 million Exploration Joint Venture Agreement
● $7 million capital raising
● Two new directors appointed
● Site management restructured
● Geophysics mine planning work advances
● Development funding discussions continue
● 2,553 ounces produced during the quarter

That should read:

● $30 million Exploration Joint Venture Agreement to give away 50% of anything the JV partner finds
● $7 million capital raising at a big discount. We wanted more but this will pay our wages for this year.
● Two directors sacked for gross incompetence.
● New site management can't do any worse.
● Geophysics mine planning work advances. We actually don't know what this means but it will sound cool and divert you from the fact we don't know what we're doing.
● Development funding discussions continue because we can't did up enough gold to fund it ourselves and no one wants to lend us any more money.
● 2,553 ounces produced during the quarter which is about 500% under what we need to be producing to be profitable and a bloody long way off the long ramped 300,000 oz pa we claim we can produce.

ParleVouFrancois · 1 February 2011

Kennas I'd agree with your sentiments, some companys are brilliant and have underperforming share prices, but this isn't one of them, it's a shoddy company at best, and the price reflects that.

Anyway Kennas one thing I'd have to disagree with is the "500%" lower, you can go 500% lower on gold production figures, that'd be negative! So they are BURYING the gold LOL.

ParleVouFrancois · 1 February 2011

That's *can't* go lower

ColB · 1 February 2011

kennas said:
Quarterly out yesterday and they are still struggling.

That should read:

● $30 million Exploration Joint Venture Agreement to give away 50% of anything the JV partner finds
● $7 million capital raising at a big discount. We wanted more but this will pay our wages for this year.
● Two directors sacked for gross incompetence.
● New site management can't do any worse.
● Geophysics mine planning work advances. We actually don't know what this means but it will sound cool and divert you from the fact we don't know what we're doing.
● Development funding discussions continue because we can't did up enough gold to fund it ourselves and no one wants to lend us any more money.
● 2,553 ounces produced during the quarter which is about 500% under what we need to be producing to be profitable and a bloody long way off the long ramped 300,000 oz pa we claim we can produce.

Have to admit that I got burnt on this one a couple of years ago. Have a look at the 3 year chart for CTO and compare it with the upward movement of the price of gold and it shows what a pack of useless underperformers this crowd is.

Now I know we're not allowed to give financial advice on this forum but my advice based on the companies past performance would be to steer well clear of this lemon

Sean K · 1 February 2011

ParleVouFrancois said:
Anyway Kennas one thing I'd have to disagree with is the "500%" lower, you can go 500% lower on gold production figures, that'd be negative! So they are BURYING the gold LOL.

Just making the point that about 5 years ago they were forecasting 60K next year on to 150K and a goal of 300K per year....I do think they are burying the gold actually, saving for a day when the gold price really goes up..

ColB said:
Have to admit that I got burnt on this one a couple of years ago. Have a look at the 3 year chart for CTO and compare it with the upward movement of the price of gold and it shows what a pack of useless underperformers this crowd is.

It's quite unbelievable isn't it.

10m oz at 14g/t and they've gone the opposite to POG.

The market is either crazy, or this company needs to be looked at by ASIC.

Mogul · 5 February 2011

Towsey wasn't sacked he left out of frustration. Why would you sack someone and then keep them on as a consultant.

oldblue · 6 February 2011

Mogul said:
Towsey wasn't sacked he left out of frustration. Why would you sack someone and then keep them on as a consultant.

No idea really but perhaps his employment contract made it difficut to dispose of his services and that a negotiated settlement, including a consultancy, was the result?

Wysiwyg · 6 February 2011

kennas said:
Quarterly out yesterday and they are still struggling.

That should read:

● $30 million Exploration Joint Venture Agreement to give away 50% of anything the JV partner finds
● $7 million capital raising at a big discount. We wanted more but this will pay our wages for this year.
● Two directors sacked for gross incompetence.
● New site management can't do any worse.
● Geophysics mine planning work advances. We actually don't know what this means but it will sound cool and divert you from the fact we don't know what we're doing.
● Development funding discussions continue because we can't did up enough gold to fund it ourselves and no one wants to lend us any more money.
● 2,553 ounces produced during the quarter which is about 500% under what we need to be producing to be profitable and a bloody long way off the long ramped 300,000 oz pa we claim we can produce.

Can be quipped about many many companies but unfortunately there is an element of truth in it.

Sean K · 6 February 2011

Wysiwyg said:
Can be quipped about many many companies but unfortunately there is an element of truth in it.

Yes, easy target, but I have no doubt justified. Why the professionals are backing this turkey is beyond me. Does remind me of institutional support of Bendigo just before they completely folded. I'm sure some heads rolled there as they already have here. More to follow.

Trader Paul · 12 February 2011

Hi folks,

CTO ..... looking for a positive time cycle to come into play,
around 15-16022011 .....

have a great week

paul

=====

oldblue · 13 February 2011

Sounds like good news for long-suffering CTO shareholders!

This company could certainly do with some cosmic(?) intervention!

Disc: Not holding

CTO - Citigold Corporation

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