Citigold puts a very low emphasis on annual gold production, the yardstick that compares mining companies. It's no wonder because their actual mine production has been nothing short of abysmal. 2014 fiscal year production was only 2806 ounces (106.07 Kg) of which only 1761 ounces (66.6 Kg) or 63% only came from production from the Imperial area in the September Quarterly (See Sept Quarter Report). The rest came from cleaning out the ball mill (refer March and June Quarterly Reports). There was no production recorded for the December Quarter and this has lead to a discrepancy of 174 ounces to get the 2806 ounces reported in the 2014 AR. They report an increase in production of 24% compared the 2013 FY production of 2270 ounces (85.8 Kg) but all this production came from the Imperial underground, albeit again abysmal.
The report in general has pages and pages of quite useless information about JORC compliant issues from sampling methods, types of drilling, etc, etc. The only really JORC issue is the current resource which appears to be increasing every year with no actual recent drilling included. Speaking of drilling Citigold has frequently mentioned a new method of targeting drillholes based on "dielectric resonance" methods but they have not given one example of this method finding anything new of economic significance. They have been "spending" millions of dollars on exploration on what appears to be a very low hit rate. I say "spending" because it is not clear whether these contractors have been paid. These people are unhappy and they talk..
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