Citigold Corporation (CTO)

Shares / Stock Code

CTO

Stock Exchange / Sharemarket

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Citigold Corporation (CTO) is a gold explorer and producer. The Company's tenements are mainly held in Australia. The core asset of the Company is the Charters Tower goldfield in north east Australia, situated 1000 kilometres north of Brisbane, Queensland. The Company ships gold to Australian Gold Refineries for processing and sale of gold into international markets. Citigold Corporation listed on the Australian Stock Exchange on December 23, 1993. It listed on the Dubai International Financial Exchange (DIFX) in 2007. CTO is also a constituent of ASX/S&P 300 index. The Company is committed to growth and derives its cash flows through the expansion of its gold mining operations. CTO has invested more than $120 million for the development of the goldfield, with gold extraction in operation at commercial level. The Company is targeting an annual gold production of around 300,000 ozs from its underground mines in stages by 2012. Citigold is the sole owner and operator of the whole bonanza grade Charters Towers goldfield which is deemed as the Australia’s largest high grade gold resource. The gold resource contained at the Charters Towers goldfield is up to 10,000,000 ounces of gold at an average grade of 14 g/t gold, documented according to strict JORC reporting standards. The company is principally focused on expanding its gold production, with a target of 50% cash surplus on gold revenues via mechanised mining of the high-grade reefs. The Company’s first operation is Charters Towers Warrior mine which is now into production. The Company has a 15% passive shareholding in Gateway Mining Limited (ASX Code 'GML'), a pure mineral exploration Company.

Citigold Corporation History

The company made its debut on the Australian Stock Exchange on 23rd December, 1993 under the name Charters Towers Gold Mines Limited. The Company adopted its present name Citigold Corporation Limited, in December 2001.