We are in the early growth stages in my opinion of an absolute elephant gold company which in today's strengthening gold bull market should prove to be a golden bonanza for investors as proftable production is gradually ramped up.
"Citigold’s gold deposit is currently the largest and highest grade in Queensland and one of the largest for an Australian ASX company.
10 million ounces of gold (331 tonnes) Inferred Mineral Resource – JORC compliant.
Contained in 23 million tones of rock at 14 grams of gold per tonne of rock....
Our plan is to build up to a mining rate of 250,000 ozs a year..."
From http://www.citigold.com/newsstory.asp?storynumber=7
"September Quarterly Activities and Cashflow Report
The Highlights of the Quarter were:
Gold produced - up 52%
Revenue - up 53% to $3.2 Million....
Cash Operating Cost - A$469.94 per ounce
Average gold revenue - A$807.50 per ounce
Major drill contract granted to increase reserves...
This was another quarter of strong gains for Citigold’s Charters Towers operations. Gold from production was again up an impressive 52% quarter on quarter to 3,945 ounces. Gold production continues to be predominately development ore and therefore as the mine expands the ounces produced and average ore grades to the mill will increase as the stope ore increases. The average mine grade of the ore in the September Quarter remains strong at 10.1 g/t Au.
The Charters Towers operations are projected to reach a production rate of 100,000 ounces a year.... The average actual cash operating cost of A$470 per ounce is encouraging for Citigold’s first cash cost to recover gold. As gold production builds up later in 2008 it is expected the cost of production will decrease towards A$350 per ounce due to economies of scale....
The Charters Towers operations continue their strong growth. Citigold is building a gold business based on one of the largest, and highest grade, gold deposits in Australia. On a world scale the nature of the geological conditions occurring at the Charters Towers gold deposit are rare in the high grades and large size....
From CitiGold's September quarterly report to the ASX.
Gold Letter International has an excellent report which highlights the phenomenal growth potential in CTO:
http://www.goldletterint.com/documents/pdf/CITIGOLD_GLSP_Nov07.pdf
Also check out the CTO website. http://www.citigold.com/
On the home page you can access a video of their gold operations.
golden ... 10 million ounces ...
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