Dear shareholders,"This was a particularly successful year, with...

Dear shareholders,

"This was a particularly successful year, with your
Company achieving a number of milestones in the advancement of our business plan.

We commenced the underground development of the first of our four new mines, the Warrior gold mine. Annual production of 40,000 ounces per year from the Warrior mine is scheduled to commence in early 2005.

Mapping and drilling has traced the Warrior structure for
over two kilometres in length. This will allow for a minimum ten-year mine life at Warrior and provide a cash fl ow while the Sunburst and Brilliant mines come on stream."

John Foley

This is a direct quote from the current chairman of Citigold prefacing the 2004 Annual Report. Bold type emphasis is mine.