conversion or default, page-31

Hi D1326.

I'll start with this extract from 

www.companydirectors.com.au

"Directors' liability for company actions

For the most part, directors' duties fall under the Corporations Act 2001 which sets out the way in which the company is run – that is, proper financial accounts, decisions being made with due care and diligence and in good faith, no improper use of a director's position or information, and providing strategic guidance."

So the above sets out a director's duties and in my humble opinion the CTL Directors and management have failed.

The decision to begin mining at Union Hill Gold Mine without first completing a credible drilling and exploration program including analysing and assaying the drill cores was reckless and idiotic, going totally against the directors duties set out in the Corporations Act 2001.

It says a lot that they are happy to inform us in the CTL announcements to the ASX of the drill and sampling results including approximates of how many thousands of tonnes and gpt of gold in the A1 Gold Mine yet for all the millions of dollars spend mining Union Hill Gold Mine we have been told no information on the grades of gold in gpt or how many thousand tonnes have been mined and the average in gpt put through the process plant from Union Hill Gold Mine. It's CTL's director's dirty little secret. 

I'm guessing that they are too ashamed to let CTL shareholders know how much of a failure Union Hill Gold Mine has been so far because this would be a reflection of their incompetence as Directors and high light their lack of Due diligence.

The Corporations Act 2001 

*Proper financial accounts. 

  Where are the current account's? Have they been Audited and signed off?

*decisions being made with due care and diligence and in good faith.

  Big fail here for CTL's TWO non independant Directors.

 No improper use of a director's position or information.

   What can I say?

*Providing strategic guidance.

   What was their strategy? Blindly go mining without first competing a proper drilling and exploration program. Just spend millions of dollars and get CTL into huge debt.

ASIC , where are you? M.I.A