bye! bye! citigold, page-32

I believe when a User Name is changed all posts under the previous User Name are updated to the User Name.

However the updates do not include posts by other members using the old user name which was of course current at the time when they posted:

re: floor
Posted by Auag
Forum: ASX - By Stock
Code: CTO - CITIGOLD CORPORATION LIMITED
Post: 1617393
Posted: 08/03/07 15:52

... Onya skaterboy ... I knew that the science was stringent but your explanation of the drill hole density makes me even happier :-)

re: floor
Posted by Citigold
Forum: ASX - By Stock
Code: CTO - CITIGOLD CORPORATION LIMITED
Post: 1617190
Posted: 08/03/07 15:10
Sentiment: None Disclosure:
Stock Held From: 61.9.xxx.xxx

If you're concerned about the drilling of the resources, consider the following.

South African gold companies drill the Rand Reserves (not Resources) on 200m drill spacings. Coal companies drill coal reserves on 200 to 500m spacings. Metal companies normally drill Proved Reserves on 25m hole spacings or less, Probable Reserves on 25 to 50m spacings, and Inferred Resources on anything out to 500m spacings.

If you divide Citigold's 10Moz by the 1,551 drill holes, you get about 6,450 ounces per hole, or 200,515 grams at 31.1 grams to a Troy ounce. If you assume the drill hole represents a cylinder around the hole, you can calculate the drill spacings.

At the average resource grade of 14 g/t, the 200,515 grams are contained in 14,328 tonnes per hole.

The volume of a cylinder is pi x (radius)2 x thickness of the cylinder. The average ore body width at Charters is one metre. Divide the tonnes by pi you get 4560 cubic metres per hole, or 4560 square metres if the cylinder is one metre thick. Take the square root of 4560 and you get 67.5 metres as the radius around the hole, which equates to a hole spacing of 135 metres. This is probably why Citigold has classified its resource in the Inferred category, due to the wider drill spacings.

Now they have bought two drill rigs and ordered a third, they are closing up the drill spacing which will convert resources into reserves as data increases with closer drill spacings and bulk sampling from mining underground.

It all hangs together, and passes the "sniff test" on drill spacings. Their science is good, and the deposit is world class, even if you don't like the Board. Another company will acquire them if the Board is incompetent.

I've been a shareholder since 2000 and will continue to buy in.