Citigold Corporation is an Australian gold developer with a clear strategic plan to grow Citigold into a world class integrated gold company by:-

  1. Mining the existing 11 million ounce gold resource;
  2. Grow gold production initially to 220,000 ounces per year; and
  3. 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.
  • NEWS articles worth reading for further information:
  1. 11 million ounce (342,00 kg) Gold Deposit - click HERE
  2. Low Cost Advantage - click HERE