$102 million assets $11 million market cap, page-50

Still has the largest and highest grade deposit in Australia

https://www.citigold.com/news/11-million-ounce-deposit/


Citigold Corporation is an Australian gold developer with a clear strategic plan to grow Citigold into a world class integrated gold company by:-

1. Mining the existing 11 million ounce gold resource;
2. Grow gold production initially to 220,000 ounces per year; and
3. Expand the gold resource towards the target potential of 50 million ounces.

A 220,000 ounce gold producer with annual revenues of over $350 million a year is our initial overall goal. We have produced near 100,000 ounces of gold in trial mining at Charters Towers. Our defined gold resources and gold production plan provides for a long mining life of over 30 years.
The goldfield is a proven giant high grade gold system having mined and produce prior to 1920 6,600,000 ounces of gold from an average 38g/t ore.
Some Key Information

• Our Charters Towers goldfield is the largest major high grade gold deposit in Australia.
• Citigold is the owner and operator of 100% of the goldfield.
• Defined gold resources are 11,000,000 ounces (342 tonnes) of gold - JORC compliant.
• High grade gold deposit contained 25 million tonnes of mineralisation at an average grade of 14 grams of gold per tonne.
• Defined gold reserves of 620,000 ounces of gold.
• Cash mining cost estimated to be under A$400 per ounce at full production.
• Mine life estimated at over 30 years based on size of gold deposit.
• Long term exploration upside targets 50 million ounces (1,600 tonns) of gold.
• Capital invested to date over A$200 million.
• Additional new external capital required to reach initial stage production rate of over 220,000 ozs/year estimated at $60 million. Balance of growth may be internally funded from cash flow depending on rate of growth.
• No gold has been forward sold, so no hedging risk.
• Citigold is very capital efficient based on cost of asset and gold mining infrastructure built to date.
• Citigold core management and mining team are highly skilled in our gold deposit.
• Mine is located adjacent to a town of 8,500 people so all roads, power, water, accommodation and supporting business infrastructure is in place, so need for often costly fly-in-fly-out.
• Environmental and operating permits are in place.
• Corporate strategy to develop project to add maximum value for shareholders and to be able to pay strong dividends to shareholders.