Citigold Corporation is an Australian gold mining company operating on Australia's highest-grade major goldfield at Charters Towers in north eastern Australia, with goal to increase its size and valuation over the next few years.
Citigold is a growth company that aims to a growing cash flow from 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 $200 million to develop the goldfield, has extrated near 100,000 ounces of gold through trial mining gold and plans to build up gold production from its underground mines in stages towards initial major target of 220,000 ozs annually.
Citigold hold's 100% of the high 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.
See full Technical Report "Mineral Resources and Reserves 2012, Charters Towers Gold Project".(pdf
full report, click HERE)
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 "sheets" 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 Central mining area is where next stage commercial production will start.
Citigold listed on the Australian Securities Exchange (ASX) in 1993, Citigold shares are quoted on the Frankfurt Stock Exchange, Germany.
Your Company has the potential to be a standout performer with substantial upside ahead. The relationship between Citigold and its shareholders aims to ensure that benefits from this success will be enjoyed by its current and future shareholders.
(Updated October 2016)