a new information thread

The previous thread is:
http://www.hotcopper.com.au/post_thread.asp?fid=1&tid=349415#1191352

Latest quarterly report (Sept 30):
http://sa.iguana2.com/cache/3dfb35efa453fb78caea334447f6ad32/ASX-CTO-431760.pdf

Extract:
• Warrior Gold Mine - The Warrior mine accessed
the gold orebody during the Quarter; ore stockpiling the on surface is underway; and the process plant is ready to start.
• Mine Output Rising to 120,000 ozs/yr – Mine planning is underway, following the successful raising of $7.7 million during the Quarter and an additional $4.3 million in early October.

Site works will commence on the Sunburst mine this quarter.
• 50 million Gold Ounce Target – Our second diamond core drill rig has been sourced and will be operational in the current Quarter to commence drilling.
• Mining Cash Flow Approaching - Independent cash flow from the Warrior operations will commence in the current quarter.
• Secured Debt Repaid - The long standing secured term loan has been paid out.
• No Gold Hedging - Planned gold production remains completely unhedged.
• Annual General Meeting - Scheduled for Monday 27th November in Sydney.

"After two years of construction of the mine Citigold is approaching the satisfying part of pouring the first gold from the Warrior East ore body. Commissioning of the gold process plant has commenced with the induction of a team of experienced operators led by Harry Dinkgreve. Harry has worked in the mining industry for over 20 years, with over 13 years experience in operating processing plants. The commissioning
phase will take about three weeks until we can expect the first gold bar to emerge".

"Citigold Corporation controls Queensland’s largest and highest grade major gold deposit of 10 million ounces of gold, comprising Inferred Mineral Resources of 23 million tonnes at 14 g/t gold. The assessment and quantification of Citigold’s gold Mineral Resources and Ore Reserves is another important development towards
realising the substantial value contained within the rich asset that is the Charters Towers goldfield".

"Citigold’s exploration and studies to date have led to the conclusion that the overall Charters Towers goldfield, currently held by Citigold, has the exploration potential to contain up to 50 million ounces of gold. This conclusion is well founded on the fact that: the field has already yielded 6.6 million ounces of gold; Citigold has already down to a depth of 1200 metres; and that the structures containing the mineralisation
are considered to extend to 3,000 metres in depth.

Significant mining to date has generally remained above 700 metres depth. This makes the area a 16 million ounce field down to 1200m depth. At least four additional major parallel structures that have been mapped are mineralised and have previously been partly mined, which remain unexplored. These present an exploration target that could contain four times the
known mineralisation".


Repeat: "Citigold’s exploration and studies to date have led to the conclusion that the overall Charters Towers goldfield, currently held by Citigold, has the exploration potential to contain up to 50 million ounces of gold".