Citigold Corporation is an Australian gold developer with a clear strategic plan to grow Citigold into a world class integrated gold company by:-
- Mining the existing 11 million ounce gold resource;
- Grow gold production initially to 220,000 ounces per year; and
- Expand the gold resource towards the target potential of 50 million ounces.
A 220,000 ounce gold producer with annual revenues of over $350 million a year is our initial overall goal. We have produced near 100,000 ounces of gold in trial mining at Charters Towers. Our defined gold resources and gold production plan provides for a long mining life of over 30 years.
The goldfield is a proven giant high grade gold system having mined and produce prior to 1920 6,600,000 ounces of gold from an average 38g/t ore.
Some Key Information
- Our Charters Towers goldfield is the largest major high grade gold deposit in Australia.
- Citigold is the owner and operator of 100% of the goldfield.
- Defined gold resources are 11,000,000 ounces (342 tonnes) of gold - JORC compliant.
- High grade gold deposit contained 25 million tonnes of mineralisation at an average grade of 14 grams of gold per tonne.
- Defined gold reserves of 620,000 ounces of gold.
- Cash mining cost estimated to be under A$400 per ounce at full production.
- Mine life estimated at over 30 years based on size of gold deposit.
- Long term exploration upside targets 50 million ounces (1,600 tonns) of gold.
- Capital invested to date over A$200 million.
- Additional new external capital required to reach initial stage production rate of over 220,000 ozs/year estimated at $60 million. Balance of growth may be internally funded from cash flow depending on rate of growth.
- No gold has been forward sold, so no hedging risk.
- Citigold is very capital efficient based on cost of asset and gold mining infrastructure built to date.
- Citigold core management and mining team are highly skilled in our gold deposit.
- Mine is located adjacent to a town of 8,500 people so all roads, power, water, accommodation and supporting business infrastructure is in place, so need for often costly fly-in-fly-out.
- Environmental and operating permits are in place.
- Corporate strategy to develop project to add maximum value for shareholders and to be able to pay strong dividends to shareholders.
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