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CTO - Citigold Corporation

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PS: I should have read Kennas post first. Agree production might have something to do with it. Doses anyone know when the Quarterly is due?
 
Com guys CTO along with other small producers go up and down on a weekly
basis...i doubt there's anything to it other than a big holder wants out and
that's forced out a few trend followers.

Gold producers up today
  • LGL
  • OGC
  • NEM
  • RSG
  • TAM

Gold producers down today
  • NCM
  • TRY
  • KCN
  • NFG
  • IAU

kennas said:
This ramp seems especially dodgy since their 'deep hole' hardly hit anything, but again they
claimed it supported their assumption that there was a massive pile of gold down there.
Click to expand...

I seem to remember they hit something, and pretty sure they haven't released the drill
results yet, so lets wait and see.
 
IMO somethings going on, 30% drop over 2 days, thats the smoke, now I wanta know is how big is the fire.
Yeah, I read the deep hole results as a positive too

Don't you count SBM as a gold producer these days, So Cynical, up 10% today
 

Hey Kennas

From a geo in the making I would say that it could be a tad ambitious, these claims should be substantiated by the drilling results and they are not as yet. They have intersections of 0.5 metres at 1,778 metres and 0.02 metres at 1,982 metres from the last deep hole they drilled. Those are some very small intersections at a HUGE depth. What is does support though, is that the mineralised structures do continue down to the depth of 1,982 metres so far, we are yet to know what sort of grades it is and whether is could eventually be turned into reserves.

Just from reading over the reports they are basing the 50 million ounces on the assumption that the mineralisation of the gold veins been mined near surface (700 metres) extends down to 3000 metres and increases in mineralisation. There are parallel structures showing gold mineralisation that are assumed to continue to these depths.

They have 10 million ounces down to depth of 1200 metres, if we roughly extropolate those figures at same amount of mineralisation we get 25 million ounces down to depth of 3000 metres. This is if they can prove up the same amount of gold (14 grams per tonne I think) as in the first 1200 metres.

From all these figures and assumptions I would say CTO are better off concentrating on reducing costs and increasing throughput, these efforts would see an increase in SH value. They have the gold, now they just have to turn it into a significant operation.
 
Issued with a please explain today. Half year till 31/12/08 still being finalised.
Just have to wait and see I suppose.
 
OOooh looky CTO up 14% today...its amazing.

Perhaps everything is ok and a 20% variation up or
down over a couple of days is NOTHING.

 
My bet is some half-wit leveraged fund, with redemptions or margin calls in other places, causing it to manage to sell out at the lowest possible price.
 
refined silver said:
My bet is some half-wit leveraged fund, with redemption's or margin calls in other places, causing it to manage to sell out at the lowest possible price.
Click to expand...

Yep ya always got to keep in mind that the world is full of really really stupid people
(most with university degrees etc) sell- buying for whatever reason at any given time.

Bank of England selling the bulk of its gold reserves at the bottom of the market, comes
to mind....Gold touching 875 tonight

http://www.dailyreckoning.com.au/gordon-brown/2007/04/17/
 

I don't know much about this outfit but have had a look at the release re their hole to the center of the earth. One thing that strikes me as weird is that they refer to the altered assemblage of rocks as a "formation"..

Well anyway, particular alteration assemblages can provide indications as to how far away you might be from a potential ore body. "Distal" assemblages are typically within the 'halo' of alteration, but can be considerable distance from your ore body (let's say 2-10m for example) . "Proximal" alteration assemblages can be characterised by a very different assemblage of minerals - but are practically adjacent to the ore body i.e. in the wallrock.

So they seem to be saying that their geological model fits their alteration model - but they haven't backed it up with any grades yet. And believe me, if they had hit some decent gear they would be faxing it off the ASX in about 2 seconds. So is a bit sus to me atm. Are they saying they are in the vcinity of the mother of all down-plunging lodes? - perhaps.

jman
 
According to Comsec CTO will make 1 cent per share in 2009.Assumming they have 756,000,000 shares, (only guessing from a number I believe I saw a few days ago) and dividing that by 100, which will then give you a dollar value of $7,560.000, then dividing that again by $1435 ,which is the present price of an ounce of gold,and you end up with 5268 oz of gold mined durring the 2009 financial year.The Comsec site also says for 2010 they will make 2.7 cents per share and 2011,3.4 cents per share. That's along way off 40,000 oz per year . Also anyone know what effect the floods are having on the mines in the Towers area.
 
According to The Age, CTO have a little in excess of 736m shares on issue.

I was interested in CTO a couple of years ago but lost interest when a miner friend of mine told me that the Charters Towers mines had a history of being difficult to work. Water was a problem apparently, and that was without any complication from seasonal flooding.
 
does anyone have any new information on where citigold are up to on their infrastructure upgrade? last i heard they were putting the declines/workings in so they could skip 40k/a and go straight to production at 75k/a in 2010 and are only putting developement drive ore through the mill at this stage???

a maiden dividend would be nice sometime soon or us 'long termers' might start to look elsewhere!
 
CTO released info about a nice intersection the other day.


http://www.citigold.com/viewasxrelease.asp?Releasenumber=287
 
what the hell is going on with the cto shareprice? an ok quarterly report, gold prices consistently high, increases in both production and developement yet the SP is plumbing the depths! starting to think i backed a donkey in this one despite all my research telling me the opposite! any thoughts people?
 
March Quarterly Report is out and there is more "expecting" and "planning" and "scaling up" and "forecasting" again.

I can't work these figures out

Quotes from March Quarterly Report:
- Gold sold attributable to the quarter was 2,522 ounces.
- Gold production of 25,000 ounces in calendar 2009 is planned.
- This is an annualised rate of 60,000 ounces per year.
- The longer term goal of the Charters Towers gold project is an annual gold
production of 300,000 ounces of gold per year.

It all seems to be pie in the sky. How can he turn 2,522 ounces in the quarter into 60,000 ounces in the same year? That's an impressive (impossible) scale-up in production. It won't happen and the share price is reflecting that. SP closed at 17.5c today. On the way down I think.
 
CTO historically struggle to produce, and fail to deliver...much.

17.5 cents on Friday will turn out to be a good entry...as long as POG
don't tank...ive been planning to average down at under 18 cents.

To really understand CTO u need to look way back..and u will see the same
stuff over and over....still there's no denying they have alot of gold.

Buying @ under 18 cents over the last year has been the go...so long as u
believe in Gold and have patience....also note that CTO is the only producer
to go back to near the Oct/Nov Gold lows...and the only producer to be less
than 80% above those lows. :dunno:

Maybe its because there crap!
 

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Evidently many out there feel that way. A quick scan of threads around various forums reveals a lot of frustration and disappointment. The common theme is - a great sounding story but where is the promised output?

Confession time... I took a little loss myself recently after an impulse buy. The opportunity cost of sitting there with sp doing nothing but a gentle downhill slide while the rest of the market was romping away was just too much to bear. I'll continue to watch them for a re-entry based not on price (because I'm crap at TA) but on some meaningful development that could turn sentiment.
 
Yes, hitting support.

But, I am confounded just like you guys on the output. Dismal really. They could be getting more gold panning at Sovereign Hill.

Interesting wordage on cash costs. They state, 'cash cost of production steady at $488.' Why state production and steady? What is between the lines?

This quote from the quartery hit me.

For the past year or more forecasting has been difficult due to constraints outside of the Company’s control limiting capital works and access to new mining areas.
Click to expand...

What?

Maybe it should read, 'we are unable to forecast because we don't know what we're doing'.

While they have been stating 300K production for some time, this will not happen for some time. Just when is a guess. They have not given a time that I can see. In the quarterly they are going for:

ANNUAL GOLD PRODUCTION PLAN
(Calendar Years)
2009 2010 2011
25,000 ozs 85,000 ozs 160,000 ozs
Click to expand...

How and when that ramps up to 300K is just a pluck.

I am no geo, and have not read in depth their previous announcements to be able to understand their resource base but they continue to claim 23m tns @ 14g/t for 10m oz au.

Where the f*ck is it?

And, how can ASIC allow them to sprewk a 50m oz target? Although I note that this was not mentioned in the quarterly.

This is smelling a little like Bendigo and Ballarat to me.

Maybe I'm being a bit negative...

But the sp supports this view.
 
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