D1326, I believe the Directors were unable to raise finance...

D1326, I believe the Directors were unable to raise finance because they would not have been able to show that they had a credible business plan. I know I keep on banging on about the need to complete a proper drilling/exploration program before any mining should start but I don't think enough people including the CTL director's understand how import this is.

To borrow money to start or continue mining you have to be able to demonstrate to the lender that the ground is worth mining. You have to be able to show what grade per tonne of gold is in the ground and at what depth and how you plan to mine it and at what cost.

Since there has been no proper drilling/exploration program at Union Hill Gold Mine I'm guessing that representatives of CTL went to various Financial institutions and lenders with the pretty charts and diagrams of Union Hill that we have all seen and as good as said we hope that there is gold down there. We don't exactly know where or at what depth or grade but we really really hope it's there so can you lend us millions of dollars and we hope we can maybe pay you back some day.

We have all seen the charts with inferred gold in them which doesn't mean boo.

Lenders only go by credible data, drilled, assayed and certified to the current Australian standard.