The Quarterly is reflective of what is happening at the company,...

The Quarterly is reflective of what is happening at the company, nothing has changed and nothing of any note is happening hence a groundhog day report.


How was the resource of 25 million tonnes at 14 grams of gold per tonne arrived at?

A: Derived from historic mining results along with recent "trial" mining by the company and historic and recent drill samples.

"*The 25 million tonne Inferred Mineral Resource is after discounting the original modelled planar structures, of 83 million tonnes, down to the 30% known payability from past mining (83M x 0.3 = 25 Million Tonnes)"
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See Full report here;
https://www.citigold.com/wp-content...0519 Citigold Reserves and Resources 2012.pdf

Who signed off on that number?

A: Mr Christopher Towsey, he now consults for company. I believe he is currently the Operations Manager at Port Hedland Seafarers in WA.

If the company was wound up what would the appointed receiver really get for this 100 million of assets?
A: Significantly less than the 100mill, they would be selling a dream IMHO.

If the company is unable to manage this asset why hasn't it been on sold to a company that can?

A: They have been trying to find a partner or buyer for years without success, those interested parties are now probably waiting to buy it if and when it goes into administration. IMHO

Apparently the company no longer owns a process facility [mill] if so who really bought it and why? is it still on site? if so why?

A: The Mill with some surrounding leases were sold to Maroon Gold.
Read more here: https://www.i-q.net.au/main/blackjack-plant-online-as-new-gold-venture-gears-up

Apparently the company was going to remove small shareholders did that happen? is the buyback completed? what happened to those shares?

A: Yes the buyback was completed. The shares were purchased by
"Aurora Investments Limited PO Box 38210, DUBAI, UAE" of which Mark Lynch is a Director, circa 61 million shares were purchased @ $0.006


What the hell is ASIC doing all day? eating muffins

A: I don't think ASIC have been or are interested in a penny dreadful company, I believe they have had enough to contend with themselves with the Royal Commission into the banks.


DYOR My thoughts and ramblings only