Citigold Corporation is an Australian gold mining company producing gold from Australia's highest-grade major goldfield at Charters Towers in north eastern Australia, with plans to increase its size and valuation over the next few years.
Citigold is a growth company that aims to a growing cash flow from expanding gold mining operations and the huge capital growth upside of an exploration company seeking to define up to 50 million ounces of gold.
The Company has invested over $190 million to develop the goldfield, has commenced extracting gold and plans to build up gold production from its underground mines in stages towards 320,000 ozs annually.
Citigold hold's 100% of the bonanza grade Charters Towers goldfield where a inferred Mineral Resource of 11,000,000 ounces of gold (342 tonnes) in 25 million tonne, at an average grade of 14 g/t gold defined and documented, to JORC (Joint Ore Reserves Committee) Code reporting standards. Probable Ore Resources are 620,000 gold in 2.5 million tonnes at an average grade of 7.7 g/t gold.
The JORC Code is a mandatory System for classification of mineral resources and ore reserves for ASX listed companies and is regarded as best practice by the minerals Council of Australia and Securities Institute of Australia.
This gold deposit is currently the largest high grade gold resource in Australia.
Focus is on Adding Shareholder Value
Unlocking the enormous value of the gold assets at Charters Towers for the benefit of shareholders is a key focus of our strategic plan. We have assembled a core team of leading mining professionals who are technically and practically skilled in our type of geology and mining operations. We are striving to be the best at what we do.
The Company has an extensive drilling database used to estimate the current 11 million ounce resource. Overtime, Citigold plans to use drilling and other exploration techniques on the major east-west multi kilometre long parallel reef lines with the goal of establishing that the field is a 50 million ounce gold giant. All the indicators are there, but we have to do the work to prove it.
Our mission is to efficiently expand gold production targeting a 50% cash surplus on gold revenues through automation mining of the high grade reefs. Citigold's Charters Towers deposits will be developed through several inter-related and adjacent mines feeding a common gold extraction plant. The Charters Towers Imperial mine is the first operation now producing gold. The next is expected to be the Central mine.
Citigold's has an exploration investment in the focused listed pure mineral explorer Gateway Mining Limited (ASX Code 'GML') through a 36% shareholding. This gives raw exploration exposure with the associated upside if Gateway is successful at one or more of its three main projects in Western Australia and New South Wales.
Citigold listed on the Australian Securities Exchange (ASX) in 1993, Citigold shares are quoted on the Frankfurt Stock Exchange and also has an ADR program in the U.S.A. through the Bank of New York Mellon.
Your Company has the potential to be a standout performer with enormous upside ahead. The relationship between Citigold and its shareholders aims to ensure that the main benefits from this success will be enjoyed by its current and future shareholders.
Shareholders Welcome at Mine
Shareholders are always welcome to visit the mining operations at Charters Towers by prior arrangement well in advance. Contact the Brisbane office to co-ordinate your visit with the mine site.
(Updated June 2012)