Guys,
Something going on with this one. Check chart and cut and paste below.
Lot of questions re dilution and management re your comments above but seems to me either these guys are going to get in a lot of trouble putting out numbers like below or this thing is way undervalued.
Take NOTE of 1st shipment date.
Watching very closely indeed.
CHARTERS TOWERS GOLD MINES LIMITED 2003-02-10 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++
The Premier of Queensland, the Honourable Peter Beattie announced
today from Dubai the opening of an office by Charters Towers Gold
Mines in Dubai, the City of Gold. This is the first gold
representative office by an Australian company and a world first for
a gold mining company to open at the prestigious Gold & Diamond Park
of Emaar Properties PJSC, an expanding free trade zone in the
Emirate. This office authorizes Charters Towers to sell gold in
Dubai.
The Premier, Peter Beattie, commented while leading more than 30
business leaders on a 10-day trade and investment mission to India,
the Middle East and Singapore that -
"This is the start of a long-term relationship between the Queensland
Government and Charters Towers Gold to provide more high grade
Queensland gold to the world market."
Charters Towers Gold has also worked very closely with Austrade and
the Australian Consul office on this initiative.
This announcement coincides with Dubai's recent publicity about the
establishment of new leading technology gold refineries and plans to
increase its already large share of the world gold trade. Mr Mark
Lynch, the Managing Director of CTGM commented that:
"The purpose of the office is to enable Charters Towers to move
closer to the customer when we commence shipping gold from our
flagship Charters Towers Gold mine later this year. It is part of an
innovative and integrated plan to build the 'Charters Towers' brand."
"The gold can be in two forms, refined gold bars as required or in
gold dore to be refined in Dubai."
"Gold mining companies are being encouraged by industry associations
to get closer to the consumer and that is what we are doing. Charters
Towers wants to work with major gold and jewellery interests in Dubai
to see that more Australian gold goes direct to Dubai."
"Over the last 12 months CTGM has studied and considered the world
'gold centres' seeking a place to establish the 'Charters Towers'
brand. We concluded that the common financial gold centres -London,
Zurich, New York - had little appeal because their gold buying and
selling was essentially invisible. In Dubai and adjacent areas,
including India, gold is bought and sold openly in thousands of shops
by people who love and trust our product, the yellow metal."
Dubai is one of the world's great physical trading regions, handling
about 10% of the gold traded each year and plans to make it the
world's No. 1 gold trading center.
Dubai is a fast-rising commercial and financial center in the Middle
East, a marketplace of about 300 million people. Australia, producing
about 300 tonnes of gold per year, is the world's third largest
producer behind South Africa and the USA. CTGM believes Australia has
the potential in the coming years to get the No 2 spot.
Mr Mark Lynch further stated:-
"We want to be part of this dynamic and expanding marketplace and
form a trade and investment alliance with a marketplace that
understands the gold business"
"This understanding could lead to the gradual broadening of our share
register. We are considering an overseas stock exchange listing to
give the company a broader capital base to facilitate the roll-out of
the Gold Production Plan."
"The Gold Production Plan targets gold production of 250,000 ounces
per year based around the goldfields identified gold resource
potential of 15 million ounces."
Charters Towers Gold is a dynamic growing company developing a major,
high grade mining project on Australia's richest major goldfield. The
Charters Towers goldfield is located about 1,000 kilometres north of
Queensland's capital, Brisbane.
Charters Towers Gold Mines, a public listed company since 1993,
trades on the Australian Stock Exchange (code 'CTO').
Detailed information on the company can be found on our web site
WWW.ctqld.com.au.
Mark Lynch
MANAGING DIRECTOR
Charters Towers Gold Mines Limited
19 Lang Parade
GPO Box 1909
Milton, Brisbane, 4064, Queensland
Australia
Tel: +61 7 3870 8000
fax: +61 7 3870 8111
Email: [email protected]
Web: www.ctgold.com.au
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