Citigold Corporation is an Australian gold mining company with operations based at Charters Towers in north eastern Australia. A growth company that aims to a growing cash flow from expanding gold mining operations. The Charters Towers gold and silver deposit is a unique reef system and is one of the highest grade goldfields in Australia. Following the completion of extensive studies of the Charters Towers ore body, the Charters Towers project is now entering a development and ramp up phase which will result in a significant increase in production levels.
Based on mining experience at Charters Towers, technical research and analysis, financial evaluation and steady investment to efficiently acquire and develop operations an ambitions plan was formulated to expand Citigold into a 320,000 ounce gold producer from two adjacent underground mining operations supplying gold ore to a central Company owned processing plant. Citigold hold's all of the high grade Charters Towers goldfield where a Mineral Resource of 11,000,000 ounces of gold (342 tonnes) at an average grade of 14g/t gold has been defined (25 million tonnes @ 14g/t gold) and documented, to JORC(Joint Ore Reserves Committee) Code reporting standards.