10 m jorc oz au for .505

Thats right! And they're in production. Look out for the quarterly next week.

Info taken off their website:

"Citigold Corporation is an Australian gold producer with a clear strategic plan to expand into a 250,00 ounce gold producer with annual revenues of over $200 million a year. We are currently in production from the Warrior mine, the first of several adjacent gold mines to be developed. Our defined gold resources and gold production plan provides for a long mining life of over 30 years.

Some Key Information

• Our Charters Towers goldfield is the richest, highest grade, magor goldfield in Australia.
• Citigold is the owner and operator of 100% of the goldfield.
• Defined gold resources are 10,000,000 ounces (311 tonnes) of gold - JORC standard.
• High grade gold deposit contained in 23 million tonnes of rock at 14 grams of gold per tonne.
• Largest gold deposit in the State of Queensland.
• One of the largest gold deposits in Australia and an ASX listed company.
• Gross revenue value of gold in the ground is $8billion (@A$800/oz).
• Total costs estimated at over 30 years.
• Cash mining costs estimated to be under $300 per ounce at full production.
• Mine life estimated at over 30 years.
• Long term exploration upside targets 50 million ounces (1,600 tonns) of gold.
• Capital invested to date A$106 million.
• Additional new capital to reach full production rate of over 250,000 ozs/year estimated at $100 million.
• Stage production build up -
1. 40,000 ozs year rate - built and paid for.
2. Increase to 100,000 ozs year rate - estimated cost $15 million - part funded, planning underway.
3. Increase to 250,000 ozs year rate - estimated cost $85 million - planning underway.

• No gold has been forward sold, so no hedging risk.
• Citigold is very capital efficient based on cost of asset and gold mining infrastucture built to date.
• Citigold core management and mining team are highly skilled in our gold deposit.
• Mine is located under a City of 10,000 people so a all roads, power, water, accommodation, support bussiness intrastructure in place.
• Environmental and operating permits are in place.
• Corporate strategy to develop project to add maximum value for shareholders.
• Market capitalization grown from $10 million in 1993 to $250 million in 2007.
• Share price growth over last 5 years in 600%.

Cheers!