Ann: Annual Report to Shareholders, page-11

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SurfsUpDoods

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02/10/23

17:09

Post #: 70134032
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Originally posted by veeone: ↑

Well well nothing much has changed i decided to take a look back at when i started following the story here after a tip from someone drilling back then. So here below is the 2008 Annual report opening statement.
Now spent over $300 million mind you and still saying excess of 20 year mine life and we are 15 years down the road............
Still continue to keep an eye on things here but still dont hold shares as back then i didnt buy in as was dubious about when they would actually make decent progress and money.....
If the story is so good and with the price of gold and the SP so low why hasnt someone bigger just taken them out i ask??

Citigold Corporation Ltd (Citigold) is a growing Australian gold mining and exploration company producing gold from Australia’s richest goldfi eld at Charters Towers in north east Australia, 1000 kilometres north of Brisbane, Queensland. Citigold listed on the Australian Securities Exchange (ASX) in 1993 and, as a part of its international strategy, listed on the Dubai DIFX stock exchange in 2007. Citigold shares are quoted on the Frankfurt Stock Exchange (FSE) and Citigold has an ADR program in the U.S.A. Citigold holds 100% of the high grade Charters Towers goldfield where a Mineral Resource of 10,000,000 ounces of gold (331 tonnes) at an average grade of 14 g/t gold,to JORC reporting standards, has been defi ned and documented. This gold deposit is currently the largest high grade gold resource in Australia.
The Company has invested over $120 million to develop the goldfield, has commenced commercially extracting gold and plans to build up gold production from its underground mines in stages towards 300,000 ounces annually with a life of over 20 years. We are developing a large gold project requiring time and commitment.
Unlocking the enormous value of the gold assets at Charters Towers for the benefit of shareholders is a key focus of Citigold’s strategic plan. We have assembled a core team of leading mining professionals technically and practically skilled in the Company’s type of geology and mining operations. We are striving to be the best at what we do.
The Company has commenced an extensive drilling program on the major east-west multi-kilometre long parallel reef lines using several
diamond core rigs. The goal is to establish that the fi eld is a 50 million ounce gold giant. All the indicators are there but we have to do the work to prove it.
Citigold’s mission is to efficiently expand gold production targeting a 50% cash surplus on gold revenues through mechanised mining of the high
grade reefs. Citigold’s deposits at Charters Towers will be developed through several inter-related and adjacent mines feeding a common gold extraction plant. The Charters Towers Warrior mine is the first in operation, and now producing gold.
Citigold’s gold is shipped to Australian Gold Refi neries where it is processed and sold into global markets.

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Nothing much has changed....come on...

the Mineral Resource has grown from 10Moz to 14Moz.

Its Yuge...

Last edited by SurfsUpDoods: 02/10/23

CTO Price at posting: 0.5¢ Sentiment: None Disclosure: Not Held
2 Upvote

0 Great analysis

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