Citigold aims to be a 300,000 plus ounces per annum ultra-low cost gold producer in five years using state of the art technologies and efficiencies, all with the aim of returning substantial profits to the shareholders in harmony with the local environment. Citigold's substantial investment to date is supported by technical research, analysis and financial evaluation.
Citigold Corporation Ltd (Citigold) is an Australian ASX 'CTO' stock exchange listed gold company. Citigold's forecasts high profits from its investment in the 14 million ounce high quality 14 g/t gold deposit. Citigold is a growth company with mining experience at Charters Towers. Citigold Corporation has major infrastructure and operating cost advantages with its Charters.
Citigold Corporation Ltd (Citigold) is an Australian ASX 'CTO' stock exchange listed gold company. Citigold's forecasts high profits from its investment in the 14 million ounce high quality 14 g/t gold deposit. Citigold is a growth company with mining experience at Charters Towers. Citigold Corporation has major infrastructure and operating cost advantages with its Charters.
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We have produced over 100,000 ounces of gold in test mining at Charters Towers. Our estimate gold resources and gold production plan indicate a long mining life of over 30 years. The goldfield is a proven giant high grade gold system having prior to 1920 mined and produce 6,600,000 ounces of gold from an average 38g/t ore.
Mr Towsey has a deep understanding of Citigold's Charters Towers Gold project being involved since 1999 and was a senior executive for over 10 years. In his career, he has worked in 26 countries in mining, exploration, geochemistry and OHSE auditing. He specialises in gold and base metals underground mining and exploration, with recent coal mining development and operational experience.
Citigold's Charters Towers goldfield is located surrounding the town of Charters Towers (8,500 population) in north eastern Queensland, Australia. The Charters Towers gold mines are situated 128 kilometres southwest of the major coastal City of Townsville (about 190,000 population) and are on the main Flinders Highway leading west from Townsville to the inland mining city of Mt.
The goldfield at Charters Towers covers a large area where we will be restarting this world class goldmine and therefore is being developed through accessing the ore bodies in several areas and interconnecting the mines where possible. There is a common management and equipment infrastructure that is available to the mines.
Citigold Corporation will be installing a modern gold extraction plant that will be located away from the populated areas of Charters Towers about 8 kilometres on the previously mined and historically rich Stockholm mine site. The recovery of gold from Charters Towers type ore requires a relatively simple metallurgical process using well-established methods and equipment.
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