introduction to cto, page-2

re: introduction to cto: post 2 30 June quarterly:
http://sa.iguana2.com/cache/41fe38e0c2d908612499ac27b201ed08/ASX-CTO-419636.pdf

Extract:
• Warrior Gold Mine - The Warrior mine decline progress
has continued to accelerate in the quarter and is nearly 90% complete and is on path to access the gold orebody.
• No Gold Hedging - Planned gold production is completely unhedged.
• Exploration - The majority of the quarter’s exploration was centred around the Warrior Mine decline and providing geotechnical information to the Mine.
• Safety, Health, Environment & Community - The Lost Time Injury Frequency Rate for the June quarter and the 2005-06 financial year remains at zero.
• Shareholder Value Increases - Citigold Corporation’s market capitalisation and share price nearly trebled in the financial year.
• Financial Position Strengthened - Loans reduced by further $2 million with gearing now at less than 3% of market capitalization. Warrior budgets show Citigold will generate a cash surplus from operations.


"Citigold Corporation is an emerging gold producer controlling Australia’s richest goldfield located at Charters Towers in North Queensland. The
mesothermal gold deposit has previously produced 6.6 million ounces (oz) of gold at 34 g/t.

The Inferred Mineral Resource is 10 million oz of
gold (23 million Mt @ 14 g/t Au) with potential to expand. Gold output is planned to increase from 40,000 oz to 250,000 oz per year with a mine life of 30 years.

+ + Four mines are planned with an average cash cost to produce gold under A$250 per oz. The first mine, Warrior, begins gold production in 2006 at 40,000 oz per year".

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.