Citigold Corporation - Technical Reports

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Technical Reports

Mineral Resources Report (full report, click HERE)

'Report on the Inferred Mineral Resources for the Charters Towers Gold Project'. This is a public release report designed to keep shareholders and the investment market fully informed of the total quantified Inferred Mineral Resources contained within the Charters Towers gold project.

The detailed 100 page report concludes that the Total Inferred Mineral Resources are 23 million tonnes at 14 g/t Au containing 10 million ounces of gold.

The Report has been prepared in accordance with, and compiles with, the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2004 (The JORC Code). This is the most extensive study done on the Charters Towers gold resources, covers all mineral tenure and brings to account data-based conclusions reached during the mining feasibility study process.

Ore Reserves Report (full report, click HERE)

'Report on the Indicated Mineral Resources and Probable Ore Reserves for the Charters Towers Gold Project' is to be read in conjunction with the Mineral Resources Report. This is a public release report designed to keep shareholders and the investment market fully informed of the total Indicated Mineral Resources and Ore Reserves contained within the Charters Towers gold project.

The detailed 64 page report concludes that the Total Probable Ore Reserves are 800,000 tonnes at 13 g/t Au containing 330,000 ounces of gold.

The Report has been prepared in accordance with, and compiles with, the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2004 (The JORC Code). This is the most extensive study done on the Charters Towers gold resources, covers all mineral tenure including recent acquisitions and brings to account data-based conclusions reached during the mining feasibility study process.

Engineers Endorse Gold Production Plan (full report, click HERE)

Respected independent consulting mining engineers group Tennent Isokangas Pty Ltd (now integrated into Coffey Mining) have endorsed Citigold's Gold Production Plan.

The review is significant as the Tennent Isokangas group, and Dr Brian White in particular, is very informed about the Charters Towers Gold project having conducted prior independent studies and investigations.

The report concludes that, “the Gold Production Plan is a fair representation of the potential to identify and develop a resource of the order of 15Moz Au to a depth of 2000m at Charters Towers. With strong project management it should be feasible to subsequently mine this resource economically at the rate of 250,000 oz Au per annum, within normal bounds of mining risk.”

Gold Production Plan (full report, click HERE)

Citigold launched its Gold Production Plan in 2002. While there has been additional information and changes to the mineral resources and reserves, the sequence of developing the mines, the operating costs, the gold price and the exchange rates the report nevertheless provides some useful information for readers.

It outlines the strategy with which to take gold production to 250,000 ounces per year over a five-year production period and maintain this production level for a total of 30 years, to produce a total of 6.8 million ounces.

From a management perspective, the plan will serve as a guide for future investment, cash flow planning and full development of the central goldfield. And specifically, it clearly defines the gold potential of 15 million ounces.’

(Page updated August 2008)