Ann: Quarterly Activities and Cashflow Report, page-15

Hi Esh,

(firstly, due to my own fault of being a bit loyal, I have supported the company in very raising, meaning that my overall return has been much reduced, but... that is of course on me, so all good).

apologies if I came across as bitter, that was not my intent, more just to provide a viewpoint (with first hand experience on what CMM is about to undertake) and the facts about what has occurred. Even if GCY did not have the issues it had with rampup- it had already raised $150m in cash and debt, to build a $98m project! What was the other $50m for, well, pre-production, exploration, admin, etc. While I am very appreciative of your analysis of GCY, I actually think that your points were accurate, the company ands its contractor did not have a seamless mine schedule because, partly, the built the mine too quickly (but they did have small issues with blasting and total movement/stripping). As above, even if CMM has a pure, clean run at ramp up, commissioning takes time and money.

I also do not have an issue with dilution per say, and your point about E/V is correct, except that, in the current market, companies producing 100k of gold do not have high E/Vs. Even RMS only has an E/V of $150m and they are producing 200k+! So... does that mean that CMM should only have an E/V of $75m when it hits commercial production? Right now, the market is damn tough on developers. 

Anyway, I think my main point was simply that what is needed $$ is not actually the full accurate figure. No company seems to want to put every number down on a presentation and say 'This is the actual amount of money we need to build, commission, explore and admin for 18 months'. The market would be horrified and probably crucify any company that did it, but.... at least it would be the truth. 

As for the level of risk the project has, I very much agree with you, as you say even RRL thinks its a decent project. But... that is irrelevant in regards to what CMM has to undertake right now, and that is the complete a massive capital raising, at what I think will be a heavily discounted price to entire the big end of town. Even BLK could raise a heap of cash when they basically did a placement at 50% discount (to a share price that had recently halved as well). 

For what its worth, I would buy some CMM, but... it has to go through what GCY just did, even trouble free, that is something like 18 months, with what in likely hood, will be a ramp up with some risk that as usual, miners always need more cash just when they are not supposed to.

@yatchy - all good mate. Very much understand, I just know that I am about as loyal a shareholder as one can be and to date, rarely does this convert into greater returns.