By the way, both MGG and CTT will need a bit more security than normal once things get rockin':
stateside
Nigel Kirkwood's Citation Resources Inc. (CTT) doubled to five cents on 174,000 shares, after the company obtained local blessings to drill at its Biricu gold property in Mexico. Citation can now apply for a government permit. Biricu is in promotable territory; it is contiguous to Torex Gold Ltd.'s (TXG: $1.18) Morelos gold project, where the company is building the first of two proposed mines. It is also 10 kilometres from Goldcorp's Los Filos mine, which has been in production since 2007. Citation optioned its property from Esperanza Resources Corp. in 2011, but has yet to drill a single hole. It did complete some surveying, identifying 19 potential targets. Mr. Kirkwood, chief financial officer, is also looking for a new company president, preferably one with drilling experience. Money-raising experience would also be a plus. Citation has less than $300,000 in working capital.
When Citation does begin drilling, it will need security. Neighbouring Torex says the area is effectively lawless. In 2011, gunmen attacked the Morelos property, forcing Torex to suspend exploration for three weeks. The bandits ended up causing a three-month delay because half of Torex's staff was too frightened to return to work. No attacks have occurred since, which Torex attributes to its new security program. Other businesses in the area have not been so lucky. The Mexican government has begun looking into ways to boost security, and it recently asked Torex for help. The company plans to comply, but notes that this could increase its mine cost. |
