Citigold Corporation - Business Overview

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Business Overview

Citigold Corporation is an Australian gold mining company producing gold from Australia's richest goldfield at Charters Towers in north eastern Australia. The Company is an ASX/S&P 300 index company with plans to quadruple its size and valuation over the next few years.

Citigold is a growth company that has 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 $120 million to develop the goldfield, has commenced commercially extracting gold and plans to build up gold production from its underground mines in stages towards 300,000 ozs annually by 2012.

Citigold hold's 100% of the bonanza grade Charters Towers goldfield where a Mineral Resource of 10,000,000 ounces of gold (331 tonnes) at an average grade of 14 g/t gold, to strict JORC reporting standards, has been defined and documented.

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 commenced an extensive drilling program with several diamond core drill rigs 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 mechanised 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 Warrior mine is the first operation now producing gold.

Citigold's has an exploration investment in the focused listed pure mineral explorer Gateway Mining Limited (ASX Code 'GML') through a 15% passive 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 and, as a part of its international strategy, listed on the NASDAQ Dubai (DIFX) in 2007. Citigold also has an ADR program in the U.S.A. through the Bank of New York Mellon.

Your Company is emerging as 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. Please contact the Brisbane office to co-ordinate you visit with the mine site.

(Updated August 2008)