Cheapest gold stock on the ASX? Citigold Corporation Limited...

Cheapest gold stock on the ASX?



Citigold Corporation Limited (Citigold) is an Australian gold mining and
exploration company, operating on the high grade Charters Towers
goldfield in north east Australia, 1,000 kilometres north of Brisbane,
Queensland, and 130 kilometres south west from the major coastal port
of Townsville.
The Company’s prime focus is the Charters Towers Gold Project. The
Project comprises of the 11 million ounce gold deposit, with an Inferred
Mineral Resource of 25 million tonnes at 14 grams per tonne gold and
620,000 ounces of gold in the Probable Ore Reserve (2.5 Mt @ 7.7 g/t
Au at a 3 g/t cut-off).
The Charters Towers Project is one of Australia’s largest high grade pure
gold deposits.
The Company does not require additional mine acquisitions to sustain
long term gold production. Citigold has already invested over $200 million
in acquiring the gold deposit, developing the infrastructure and mines at
Charters Towers. Trial mining operations have produced over 100,000
ounces of gold.
The development fundamentals remain robust with the gold production
plan having an initial target of 50,000 ounces per annum building up to
over 218,000 ounces of gold production per annum.
The Company is seeking to raise the required capital funding to complete
the underground capital works.
The business plan and capital expenditure program shows gold production
to commence within 12 months of the injection of the required capital.
The Charters Towers gold deposit is large and forecasts show that it has
the potential to generate substantial positive cash flows for decades. This
will help generate large returns for all shareholders over time.
REGISTERED OFFICE &
PRINCIPAL PLACE OF BUSINESS
86 Brookes Street,
[PO Box 1133]
Fortitude Valley, QLD, 4006, Australia
Telephone: +61 7 3839 4041
Email: [email protected]
Website: www.citigold.com
CHARTERS TOWERS MINE SITE
10 Nagel Street,
[PO Box 10]
Charters Towers, QLD, 4820, Australia
DIRECTORS
Mr Mark Lynch (Executive Chairman)
Mr John Foley (Non-Executive Director)
Mr Arun Panchariya (Non-Executive Director)
Dr Sibas