re: citigold - an open discussion

I have no idea what the production costs etc are for the Ballarat gold mine.

However, after examining Citigold Appendix 5B reports for the period 31/12/07 to 31/3/09 (6 quarters), the following shows:

a. Citigold cash operating costs per ounce decreased from $544 per ounce(31/12/07) to $488 per ounce(31/3/09)

b. Payment for production costs decreased from $1,540,000(31/12/07) to $1,180,000(31/3/09)

Management have set a target of $350 per ounce at full production. Also, management have promised substantial increase in gold production for 2009.

If management fails to deliver, we can exercise our voting rights at the AGM and/or at an extraordinary general meeting to have the board of directors replaced.