CTO - CITIGOLD

[trader10]

From Bulletin Magazine APR 2006

Citigold IS the old Charters Towers crowd re-badged. You guys really need to understand the history here before pointing the bone. The Lynch family (Mark Lynch is the CEO) have spent decades consolidating all of the leases in the Charters Towers area INCLUDING all of the rights under the town (un-mined). It has been a slow process but Citigold now owns 99.9% of the tenenments. This was the big hurdle. There are no native title issues either OR HEDGING!. Once this was done, they identified a number of mines to bring to production (Warrior is the first). Yes, it has been a slow process as they then needed to do the JORC review and recover from some very serious mistakes they made in the early days. To their credit, they appear to have done this and are moving ahead with some gusto. Warrior will pour this year and a major funding deal has been in negotiation for 2 years ... VERY close to fruition I understand. They made a strategic purchase of 17.5% of Gateway (Exploration expertise and a pipeline into Placer Dome). The comparison to BDG and BGF is the best analysis to show how underpriced (IMO) this share is .... it is going to bust out very soon (IMO again). So ... stick your money into exploration companies if you like, but the hard yards have been done here and pay day is on the way ... a PROVEN gold field with a high gold price, imminent funding and TONS of blue sky ... to me this is the deal of a lifetime ... and yes, I own a boatload of 'em (2 years now) ... please do your own DD as I am NOT a licenced advisor ... just an enthusiastic supporter.

T10 [8D]

[trader10]

Did you know ? the 10 gold bars at CTO logo ?

On 24 December 1871 gold was discovered by the young aboriginal ‘horseboy’ Jupiter Mosman and the rush to mine what became Australia’s richest major goldfield commenced.

6.6 million ounces of gold at an amazing 34g/t average grade was produced over an astounding 40-year period. These riches came from 10 major gold reefs – Brilliant; Day Dawn; Queen; Victory; North Australian; Mexican; Just-In-Time; Rainbow; Moonstone; and Welcome.

The gold bars these reefs produced were the foundation upon which the great ‘City of Gold' of Charters Towers was built. For this reason, 10 gold bars were chosen as the symbol of Citigold Corporation. The blue 'stamp' of the Citi represents the seal for the branding of gold bars.

http://www.citigold.com/images/citigold_transparent2.gif

T10 :)

[trader10]

Contemporary Gold Revival


In modern times Australia’s success in gold mining has positioned it amongst the world’s largest gold exporters – exporting about A$5,000,000,000 (five billion) each year – and one of Australia’s largest 3 single exporters.

And, 130 kilometres from Townsville is one of Australia’s most famous gold towns - Charters Towers.

Since the closure of mining operations from the first gold rush in 1917, several attempts have been made to re-open the old mines but none successful. The field was divided into many separately held leases, making it impossible to mine them cost effectively - the pegged gold price and inflation made it unprofitable to mine, so the gold field’s remained closed for 75 years. Then in 1993 Charters Towers Gold Mines Ltd began the exciting revival. They returned to the gold fields, and acquired various mining leases. And now for the first time in history, ONE company controls 100 percent of the mineral rights over the gold field - Citigold Corporation. The goldfield can now be developed as a single resource – AND the results have been impressive. Citigold Corporation has invested over US$25 million in redeveloping the site into a modern gold mine and exploring the site for new gold reefs. This has included: re-opening the mines; establishing a process plant; trial mining in key areas; constructing an underground tunnel; and setting up facilities and services

Modern Mine Management

In their search for new reefs the mine’s geologists have already located an Inferred Mineral Resource of 1 million ozs of gold – placing this field once again at the forefront of an exciting future.

Charters Towers has set the standard in modern mining management with a program of achievement in: Financial Leadership; Technological Leadership; and Environmental Leadership. This program has Charters Towers on target to fulfill its aim of again becoming an Australian top 5 gold producer.

T10 ;)

[trader10]

Citigold set to become low cost gold producer

Citigold General Manager, Engineering, Mr Garry Foord, said recently that the company’s forward cost estimates would establish it as one of the world’s lowest cost gold producers.

When Citigold’s first two mines are in operation, the estimated cost of producing its gold is expected to be $217 per ounce. This places the company in a group of the 25% lowest cost gold producers. This prediction is based on the projection of Citigold’s planned operating cost compared to the statistics of world producers published in the June 2004 “Resource Stocks” journal.

Mr Foord said that being in the lowest cost quartile of gold producers is a significant strategic position. It was the safest position to be in as it allowed for greater gold price fluctuations. Additionally, by keeping costs low, greater company profits could be realised.

Citigold is due to begin producing gold from its Warrior Mine later this year. Production from the Sunburst mine is expected in the following year.

“The Warrior and Sunburst mines, with their combined production expected to be 100,000 ounces of gold per year, are part of Citigold’s Gold Production Plan.

When both mines are operating the total cost of production will be less per tonne of treated ore than when only one mine is operating.

Costs are usually reported on a ‘cost per ounce’ basis as a common yardstick. These costs are calculated by multiplying the costs to mine and process a tonne of gold bearing rock by the grams per tonne of gold recovered relative to an ounce.

Citigold’s predicted total cost of production is $86 per tonne. Mining costs will be around $33 per tonne and $23 per tonne for development.

Mining costs include labour, diesel fuel, drill bits, explosives, steel materials and mining machinery to extract the ore.

Citigold’s future treatment processing costs are expected to be around $18 per tonne of treated ore. These costs include the consumption of reagents, lime, cyanide, steel balls and other equipment.

Its surface haulage costs, relating to the transportation of ore from the mine to the processing plant 12 kilometres away, will be $2 per tonne. The final component is administration and environmental costs of about $10 per tonne.

Mr Foord said cash costs could be direct or indirect. Indirect costs typically include overheads, marketing & exploration.

Mr Foord’s costing knowledge, gained from 29 years of mining, allows him to recognise likely future trends for raw materials. Changes in the cost of diesel fuel, steel and labour are factored into his cost estimations, as are current prices and escalation estimates.

Garry’s expertise has been called on to present a case study at the Strategic Mine Planning 2005 conference on 29 August in Brisbane.

T10 [8D]

[trader10]

Nice close ;)

CTO 0.295 0.305 0.305 +0.010 0.295 0.320 0.295 3,258,850

CTO's Inferred resouce is 10,000,000 oz. Indicated is 370,000 oz. Probable is 330,000 oz. That is 1.8 times the resource size of Bendigo.

Citigold holds tenements covering 20,000 ha over much of the Charters Towers goldfield, south-west of Townsville. That field is numbered among the top five of Australia’s historic gold provinces. It yielded 6.6 million ounces from 6.1 million tonnes of ore averaging 34 g/t over 45 years up to World War 1. The present company, which has agglomerated over recent years most of the fragmented tenement holdings, has declared a resource of 23 million tonnes of 14 g/t gold for 10 million ounces. Coincidentally, Victoria’s Bendigo Mining has declared a similar resource of 23 million tonnes of 14.5 g/t gold for a contained 11 million ounces.

Bendigo, with a share price of $2.33, carries a market capitalisation of $986m. That’s more than nine times the market value put on Citigold which, at 19.5¢, is valued at just $108m. Bendigo is due to begin production at an initial rate of 120,000 oz/year in June, while Charters Towers will start soon after that at an initial rate of only 40,000 oz/year from its Warrior mine. The company has a plant to treat 340,000 tonnes of ore a year. It plans to bring in three other deposits on the field to lift production to 250,000 oz/year, with projected cash costs as low as $222/oz. A 30-year mine life is projected.

A further sweetener for Citigold is its acquisition of a 17.7% interest in Gateway Mining (ASX code: GML). That was settled with an issue of 16.3 million Citigold shares at 16¢ each. Gateway is a gold and base metals prospector that is negotiating a farm-in with Placer Dome Australia on its Gidgee gold deposit in WA.


T10 :D

[stolwyk]

Quarterly activities and cashflow:

http://sa.iguana2.com/cache/8230a94a40094b35aaf1bae11537daf9/ASX-CTO-409221.pdf

Outflow: 1.84 mill. Cash: 3.95 mill

[stolwyk]

A. CTO:
Funding Negotiations
"Joint venture negotiations, which have been underway for some time, are now at a very advanced stage. This joint venture will ensure full funding for gold production of 100,000 ounces per year from the Warrior and Sunburst gold mines.
Further details will be released in the near term".
__________________________________

B. CTO has 17% in GML (Gateway Mining):
http://sa.iguana2.com/cache/df908c1feb3e28264c1a2dc0610c3039/ASX-GML-409169.pdf

Quarterly Report from GML:

GIDGEE GOLD PROJECT WA #56256;#56457; Top global gold producer farms in to Gateways Gidgee Gold Project.
#56256;#56457; Received notification from Placer Dome Australia that it has satisfactorily completed its due-diligence on the Gidgee Gold Project. Placer to spend over $4 million to earn 70% of selective area totalling 80 square kilometres and must spend $400,000 within the first year and before it can exit.
#56256;#56457; Priority drilling target at Victory Creek shows similarities to Placer’s Wallaby deposit in the Laverton Tectonic zone that contains a total resource of 7.1 million ozs.

Work programs for exploration are currently being prepared with Placer indicating that deep diamond drilling of the Victory Creek target and reconnaissance air core drilling will occur towards the end of the coming quarter.

#56256;#56457; Gateway has commenced a 4,000 metre rotary airblast (RAB) drilling program testing several targets at Airport and the Cup, where previous drilling has returned 12 metres @ 3.16 g/t gold that has never been followed up. COWRA NSW
#56256;#56457; Joint Venture partner Goldminco Corporation has completed a reverse circulation (RC) drilling program testing three magnetic targets for skarn associated mineralisation. A total of three holes for 359 metres were completed. No assay results have yet been received.

QUEENSLAND Gateway Mining NL Quarterly Report March 2006 1 .
#56256;#56457; The company has had several expressions of interest for a potential JV of the Surprise Project located in Mt Isa. Positive results of a soil sampling program completed last year have extended the Jolt gold-in-soil anomaly with a peak value of up to 0.11 g/t gold. The Company seeks a joint venture partner to test numerous copper, copper-gold and gold only targets.

[stolwyk]

Moving rapidly, now 43 cents.

GML (see previous post) rose 26.5% to 21.5cents

[Moonshine]

Have you bought into CTO Stolwyk?

I note that you are a keen Gold follower.

[stolwyk]

Bought in 31.5 cents, 2 weeks ago. I like their association with GML as well.

Graph is somewhat steep but Slow STO=82.

[Sunshine007]

well done trader10!

[stolwyk]

Newsletter:

http://sa.iguana2.com/cache/b676837677c7675ac13e5e00fd6572df/ASX-CTO-415031.pdf

[tricha]

Yep looks good. Just did a quick overview of Citigold.

Can anyone tell me how many shares on issue, options [?][?][?]
I looked at their half yearly report but could not pick it, maybe too many ports![:I]

A bit like BMO, trend just about the same.

BMO is the cousin, just down the road, gold looks just about as good, BMO have 26.3 g/ts AU for 252,000 ozs and an outstanding intersection 17@ 317gms.
Oh, and they think it is the tip of the iceburg, recently employed top Geo to find the rest of the iceburg.[:p]

Cheers Not So [B)][}:)];)

[stolwyk]

Tricha,

I get a lot of info from Stockness (Which tends to give the latest data):

http://sa.iguana2.com/cache/9f1569084658602589991eb2d09fc4bc/ASX-CTO-412524.pdf
_____________________________________

Announcements:
http://stocknessmonster.com/news-history?S=CTO&E=ASX&Year=2006

I use the Watchlist as well.

(One can't do without it!)

[tricha]

Thanks for that Stolwyk.

566,927,749 ordinary fully paid shares.

Around 15 million options.

[stolwyk]

Warrior Pushes Towards Gold

http://sa.iguana2.com/cache/2c6ca109a2e7e6e407e474f9e2404096/ASX-CTO-418608.pdf

[stolwyk]

30 June quarterly:
http://sa.iguana2.com/cache/41fe38e0c2d908612499ac27b201ed08/ASX-CTO-419636.pdf

Extract:
• Warrior Gold Mine - The Warrior mine decline progress
has continued to accelerate in the quarter and is nearly
90% complete and is on path to access the gold orebody.
• No Gold Hedging - Planned gold production is completely unhedged.
• Exploration - The majority of the quarter’s exploration was centred around the Warrior Mine decline and providing geotechnical information to the Mine.
• Safety, Health, Environment & Community - The Lost Time Injury Frequency Rate for the June quarter and the 2005-06 financial year remains at zero.
• Shareholder Value Increases - Citigold Corporation’s market capitalisation and share price nearly trebled in the financial year.
• Financial Position Strengthened - Loans reduced by further $2 million with gearing now at less than 3% of market capitalization. Warrior budgets show Citigold will generate a cash surplus from operations.


"Citigold Corporation is an emerging gold producer controlling Australia’s richest goldfield located at Charters Towers in North Queensland. The
mesothermal gold deposit has previously produced 6.6 million ounces (oz) of gold at 34 g/t.

The Inferred Mineral Resource is 10 million oz of
gold (23 million Mt @ 14 g/t Au) with potential to expand. Gold output is planned to increase from 40,000 oz to 250,000 oz per year with a mine life of 30 years.

Four mines are planned with an average cash cost to
produce gold under A$250 per oz. The first mine, Warrior, begins gold production in 2006 at 40,000 oz per year".

[stolwyk]

Citigold Corporation
ANNOUNCEMENT
18 August 2006
Warrior Approaches Gold

Significant progress continues to be made at the Warrior gold
mine at Charters Towers with the access decline currently at
910 metres in length. The rate of development last month
exceeded budget.
We are on target to junction with the gold deposit in August.

During the past month the detailed mine production plan was
prepared by specialist consulting mining engineers Tennant,
Isokangas Pty Ltd (now a part of Coffey International group).
These plans schedule all the tasks necessary to produce gold
from the Warrior mine. Citigold’s Mr Garry Foord, General Manager Engineering, stated that “the report confirms that Citigold has the ability to produce gold from the Warrior mine at the budgeted rate of 40,000 ounces per annum”.

Citigold continues to employ additional mining personnel and
acquire equipment to undertake the mining works. A third
development drill (Jumbo) has been acquired. This machine is
now on site and will be commissioned in preparation for
expanded operations at the end of August.


To utilize the third spare drilling machine at maximum
capacity the re-commissioning of the main City decline is
being considered. The decline is currently 1600 metres in
length and a vertical depth of 238 metres. Further
development will enable access to the second mine, Sunburst.
The City decline is located about 5 kilometres from Warrior.

Re-commissioning works continue on schedule at the Black
Jack Treatment Plant site in preparation for gold production.

The Warrior mine will initially access into the eastern side of the Warrior gold deposits east-west strike line. The deposit has an overall length of 2 kilometres and has been tested to a depth of 200 metres. The overall Inferred Mineral Resource for Warrior deposit is 1.9 million tonnes @ 14 g/t Au containing 840,000 ounces of gold (rounded to 2 significant figures) (see Table 8 on Page 59 of the Report on the Inferred Mineral Resources for
the Charters Towers Gold Project May 2005).

Shareholders can follow the weekly progress of the decline towards the gold deposit on the home page of our web site at www.citigold.com".

[stolwyk]

Warrior Intersects Gold Deposit

Target Reached.
The Warrior access decline intersected the Warrior East (E03) gold ore structure, on schedule at the planned location of 947 metres from the portal, on August 23, 2006. The decline has advanced through the structure to its design length and will now be extended
to access each of the initial 12 mining levels.

Development
The focus will now shift to developing the first two mining levels, by branching off the decline and stockpiling the “development” ore in preparation for gold extraction. The development ore from the first two levels is planned to provide the first 13,000 tonnes or
2,300 ozs of gold produced from the Warrior mine.
Gold Pour

After the initial gold pour, expected by mid October, production is planned to be continuous and will be principally from higher grade production stopes between the levels.

Contract Awarded
After a competitive bidding process, a contract has been awarded to AVKO Mining Pty Ltd to install the primary ventilation shaft. This contract includes excavation of the 2.4m diameter 110 metre-long shaft, and installation of a second exit method from the underground workings. This work will take 35 days, and will be carried out in parallel with our level development program. AVKO Mining is well experienced in this type of work, and has been awarded at Australian Mining’s Prospect Awards as Best Contract Miner of the Year 2005.

Diamond Drilling
Citigold’s new ‘U8’ diamond drilling rig is on location at the Warrior
Gold Mine. The electrical infrastructure to power the rig is being
installed. After drilling some geotechnical holes the U8 will
commence an extensive program to increase and upgrade the Reserves and Resources at Warrior. This work will include drilling for extensions of the very high grade Sons of Freedom mineralisation previously intersected in the decline.

Process Plant
Re-commissioning works also continue on schedule at the Charters Towers Gold Process Plant site in preparation for receiving gold ore in early October 2006.

Mine Plan
The Warrior mine will initially access into the eastern side of the Warrior gold deposits east-west strike line.
The deposit has an overall length of 2 kilometres and has been tested to a depth of 200 metres. The overall Inferred Mineral Resource for
Warrior deposit is 1.9 million tonnes @ 14 g/t Au containing 840,000
ounces of gold (rounded to 2 significant figures) (see Table 8 on Page 59 of the Report on the Inferred Mineral Resources for the Charters Towers Gold Project May 2005).

Chris Towsey
Chief Operating Officer
Citigold Corporation Limited ACN 060 397 177
19 Lang Parade, Milton, Queensland, Australia
phone: +61 7 3870 8000 fax: +61 7 3870 8111 email: info@citigold.com
STRATEGIC BUSINESS SUMMARY

Citigold Corporation is an emerging gold producer controlling Australia's richest goldfield located at Charters Towers in North Queensland. The mesothermal gold deposit has previously produced 6.6
million ounces (oz) of gold at 34 g/t The Inferred Mineral Resource is 10 million oz of gold (23 million Mt @ 14 g/t Au) with potential to expand. Gold output is planned to increase from 40,000 oz to 250,000 oz per year with a mine life of 30 years. Four mines are planned with an average cash cost to produce gold under A$250 per Oz. The first mine, Warrior, begins gold production in 2006 at 40,000 oz per year.

[stolwyk]

NEWSLETTER
Extract:
"Recently Citigold has been reviewing the development targets and budgets for the second mine to be developed, Sunburst. The Sunburst’s budgeted gold output has been revised upwards to 80,000 ounces per year based on the simultaneous development of two sections of the deposit.

We are expecting to soon accelerate planning for the second mine and an overall output target of 120,000 ozs per annum when
the two mines are in production".

http://sa.iguana2.com/cache/639575d6a7a544182577348399b7319d/ASX-CTO-426036.pdf

[stolwyk]

Annual report 2006:

http://sa.iguana2.com/cache/6d57a01ba21a02477d52626a553013de/ASX-CTO-428308.pdf

[stolwyk]

"Citigold is very pleased to announce that our program of progressively
repaying the long existing secured loan has now been completed and the
loan has been repaid in full.
The Company is now free of significant term debt and the securities over the Company’s assets are being eliminated. This long persisting negative influence on the Company is therefore now removed.
This freeing up of the Company’s assets will assist the funding of the
second mine, Sunburst, that aims to push overall gold production to
120,000 ounces per year".

http://sa.iguana2.com/cache/774cb841ab5e1c787acabf7f70978df1/ASX-CTO-429265.pdf

[stolwyk]

Thanks Trader_10:

Research traces gold three kilometres deep

"Citigold Corporation said recently that independent academic research provided sound evidence that its Charters Towers gold mineralisation could reasonably persist to over three kilometres deep.

Citigold’s recently announced 10 million ounce gold mineral resource has only been estimated to 1200 metres deep. However, the company’s Chief Operating Officer Australia, Mr Chris Towsey stated that a James Cook University PhD thesis in 2003, presented important evidence. Citigold Corporation used this evidence to conclude that the goldfield’s mineralisation was reasonably considered to persist to a depth of at least 3000 metres.

The findings were based on a detailed geological analysis of the goldfield’s mineralisation which relied upon mineral and entrained fluid compositions to estimate underground pressures and temperatures of formation.

Mr Towsey stated that by accessing new drill core samples, vein samples from a number of deposits, and underground openings and pits that have only been accessible since 1997, several researchers examined the ‘bubbles’ of fluid inclusions within the mineral grains.

“Fluid inclusion samples, taken from the company’s Brilliant, Queen and Day Dawn Reefs, were subjected to various tests, including heating and cooling, to work out their composition, Mr Towsey said.

“Knowing the composition of the mineral fluid inclusions told the researchers the ‘chemistry of the melt’ and allowed them to estimate the underground temperature and pressure that was present during mineral formation,” he said.

Mr Towsey commented that researchers used this temperature and pressure data to indicate the depth at which each sample was formed at. This found that they were equivalent to depths of between five and fifteen thousand metres. Other studies have supported this finding and after allowing for erosion, the preferred depth range interpreted by research for the remaining mineralisation was between 3000 and 5000 metres.

Further research, done by Citigold and others, into the 400 million year old North Queensland resource, indicates to Citigold that the gold mined historically at Charters Towers is the top of the resource, the ‘tip of the iceberg’ so to speak.

Citigold Corporation’s Central Decline located underneath the City is at a depth of 238 metres and will be extended to 450 metres deep for the Sunburst mine.

“The mineralised body at Charters Towers still has the younger regional metamorphic rock cap, which means that there is a high probability that most of the gold-bearing system is intact, without significant erosion of the veins,” Mr Towsey said.

In its recent Report on the Inferred Mineral Resources of its Charters Towers goldfield, Citigold published that it had a 10 million ounce gold resource, with total Inferred Mineral Resources of 23 million tonnes, at 14 grams of gold per tonne.

The report was prepared in accordance with the Australasian ore reserve, mineral resource and exploration JORC Reporting Code, after an extensive evaluation period. The findings of the report add further support to Citigold’s 2002 Gold Production Plan to produce 250,000 ounces of gold per year over a 30 year period.

Future deep drilling of the structural extensions of the gold mineralisation, below the existing 1200 metre deep holes, would be expected to increase the size of Citigold’s gold resource".

[stolwyk]

Annual Report
http://sa.iguana2.com/cache/d306cd891275ff0e4e8e8f23fc8cf7dd/ASX-CTO-432169.pdf

[stolwyk]

27 November 2006

WARRIOR POURS GOLD

Citigold Corporation Limited (Citigold) is pleased to advise the market that the first gold pour from the Warrior underground gold mine occurred on Friday 24th November 2006.

The inaugural pour of 10.4 kilograms of doré bullion is another important step in the phased build up of gold production from our flagship Charters Towers Gold Project.
Gold production is scheduled to continue with the frequency of gold pours increasing as we build up to the design production rate over the next few months. The gold pour completed the commissioning of the gold plant and processed ore extracted from development drives on the 850 Level of the Warrior underground.

Other mining operations associated with the Warrior Mine are proceeding as usual. In parallel with the development of the 850 Level the access decline is being extended downwards to provide access to develop into the next lower level, the 840, to be
followed by the commencement of stoping operations.

Warrior Mine, located 5 km southeast of Charters Towers city, is scheduled to produce 1,200 kilograms (40,000 ounces) per year.

Mark Lynch
Managing Director
Citigold Corporation Limited
ACN 060 397 177
19 Lang Parade, Milton, Brisbane Queensland Australia
phone: +61 7 3870 8000 fax: +61 7 3870 8111
email: brisbane@citigold.com
www.citigold.com

STRATEGIC BUSINESS SUMMARY – Citigold Corporation Limited is an emerging gold producer controlling Australia’s richest goldfield located at Charters Towers in North Queensland.

The mesothermal gold deposit has previously produced 6.6 million ounces (oz) of gold at 34 g/t. Citigold’s gold resource is 10 million oz (23 Mt @ 14 g/t) with the potential to expand. Gold output is planned to increase from 40,000 oz to 250,000 oz per year with a mine life of 30 years.

Gold production is unhedged and targets average cash cost to produce gold under A$250 per oz. The first mine, Warrior, began production in
2006. (See www.citigold.com for full resources report)"


2006 AGM PRESENTATION:
http://sa.iguana2.com/cache/36f258ce487a161357318067ba9988eb/ASX-CTO-435921.pdf

[stolwyk]

Citigold Corporation Limited
ANNOUNCEMENT
19 December 2006

Citigold Targets ’07 Growth
With mining operations at the Warrior gold mine at Charters Towers continuing to proceed as planned, including another gold pour this week, it is time to review strategic targets for the 2007 year ahead.

This 2006 year has been an impressive year in the
company’s history. Sustained gold production now
underway, 10 million ounce gold deposit under foot at
Charters Towers, no secured debt (for the first time in
10 years) and with a strong management team, the company is in good shape for 2007.

Citigold’s focus of delivering outstanding growth in shareholder value has seen a 5 year uptrend, with an acceleration in the current year.
The targets for 2007 are –

1. Development of the second mine at Charters Towers, Sunburst. Planning is accelerating and progress towards funding the operation is advancing. The mine, that will take advantage of the existing surface and underground infrastructure already developed in the City area, would see our overall gold
production increase to 120,000 ounces per year. The development, on the eastern side of the central goldfield, will initially target published reserves at
Sunburst. There is an overall Inferred Mineral Resource of about 1.2 million ounces (2.7Mt @ 13.5 g/t Au) that comprises the Sunburst mine area.

2. Start growing the current 10 million mineral resource towards the target of 50 million ounces considered to be within Citigold’s mineral lands. With the second of three exploration drill rigs on site at Charters Towers, we are well placed to accelerate the drilling program in 2007. The third drill rig is expected in February. The plan is for one rig to focus on Warrior mine drilling, a second on the Sunburst mine and the third will be used to look for the deep ‘bonanza lodes’, similar to the ounce to the tonne Brilliant and Queen reefs, that could grow the resource table.

3. List on a second, international standard, overseas stock exchange. Citigold has looked at an international listing a few years back but will now accelerate making our stock available to new growing investor markets. If the Company listed in a new market it would be looking to promote the company in that marketplace and add shareholder value. Gold operates in a globalised financial
world and Citigold is reaching out to these growing economic centres.

Prospective investors who have taken the time in the past to research Citigold and its method of operation have rightly formed the view that it has a global scale gold deposit, the geology is well understood, mining and processing operations are relatively simple,
it is frugal with expenditure thereby obtaining value for shareholders and it has a strong technical team leading the operations. Those investors, who have become
shareholders, have benefited from Citigold’s past growth and are well placed for the future. Citigold’s growth is increasing.

The Board believes that our gold mining business has a bright future, based on gold price expectations, the upside on gold production and growth in ounces.

Mark Lynch
Managing Director & CEO
Citigold Corporation Limited
ACN 060 397 177
19 Lang Parade, Milton, Queensland, Australia
phone: +61 7 3870 8000 fax: +61 7 3870 8111 email: info@citigold.com

STRATEGIC BUSINESS SUMMARY - Citigold Corporation is a growing gold producer controlling Australia's richest major goldfield located at Charters Towers in North Queensland.
The mesothermal gold deposit has previously produced 6.6 million ounces (oz) of gold at 34 g/t. The gold resource is 10 million oz with the potential to expand. Gold output is planned to increase from 40,000 oz to 250,000 oz per year with a mine life of 30 years. Gold production is un-hedged and targets average cash cost to produce gold under A$250 per oz. The first mine,
Warrior, began gold production in November 2006.
The following statements apply in respect of the information in this report that relates to Exploration

Results and Mineral Resources: The informatio

[stolwyk]

Dec 31 quarterly:

http://sa.iguana2.com/cache/59070054396ced588e2004ae3e50495a/ASX-CTO-442588.pdf

Cash $2.432 mill. Outflow: $5.152 mill

[stolwyk]

Big year ahead for Citigold

Kate Hayc*ock
Thursday, 1 February 2007

"WITH its first productive quarter as a gold miner at the Warrior mine under its belt, Queensland company Citigold is forecasting production to reach its goal of 40,000oz per annum by the end of March, as well as planning for a second mine and extending exploration to boost its resource in 2007.



Citigold COO Chris Towsey

The company has set a number of growth and exploration targets for the year at its projects at Charters Towers in Queensland, including reaching the forecast production at the Warrior mine after further mine development.

"The early part of the mining operations [at Warrior] is planned to obtain gold production from the mine development drives that are being constructed so that the ore body can be fully accessed for full-scale gold production stoping," Citigold said.

"When the production stoping operations are underway, at the end of March, the high-grade ore is extracted, between the mine development drives, without dilation. These larger high-grade tonnages will bring us to the design production rate of 40,000oz per year."

The company also said recommissioning at its Black Jack processing plant had been completed, which allowed first pour of 10.4kg of gold ore in November last year.

"Minor mechanical problems" caused some delays in gold stripping during December, however the company said "current operations indicate the plant is performing at the planned rate and availability".

Citigroup said the plant is expected to recover 95% contained gold.

The company also intends to develop a second mine, Sunburst, at Charters Towers in 2007, which would boost the company's overall gold production to 120,000oz per year.

Citigroup said the mine would take advantage of existing surface and underground infrastructure in the area to target existing reserves within an inferred mineral resource of 1.2 million ounces, and that "planning is accelerating and progress towards funding the operation is advancing".

Additionally, Citigroup said it would focus on further exploration in 2007, using three exploration drill rigs to expand its current resource of 10Moz to a target of 50Moz.

One rig will focus on further drilling at Warrior, another on the potential Sunburst mine, and a third will look for deep "bonanza lodes" at the company's tenements in Charters Towers.

Citigroup said it plans to list on a second international stock exchange within the year.

The company's gold production is unhedged and it targets an average cash cost of less than $250 per ounce for production.

Shares in the company, which closed 1c higher at 43c yesterday, have since fallen 0.5c in late morning trading today".

[xman]

What is going on with CTO? Gold price has been going up and yet CTO's share price is going down? Any comments please? Thanks in advance.

[Halba]

not making any money

[stolwyk]

20 February 2007
High Gold Grades Continue at Warrior

Extract:
Citigold is pleased to announce that diamond-core drill hole CT 693 has returned the best intersection ever, in terms of width and grade, drilled at Warrior. The intersection was 2.97 m true width @ 46.1 g/t gold commencing at 165.05m down-hole.

The current drilling program with the U8 rig continues to extend the high grade zone on the 830 level to the west as well as proving the ore zone is still open below the 800 Level. This confirms the original grade and continuity assumptions made in the Warrior twelve month mine plan.

This drill intersection included several very high grade areas including 335.5 g/t (10.8 oz/tonne) gold over 0.31 metres commencing at 166.94 metres down hole - the highest drill result to date in the Warrior ore body.

The assaying of drill cores is carried out by an independent laboratory, Australian Laboratory Services (ALS). These high grade results have been confirmed by two independent assay results in line with the stringent internal quality control procedures requiring very high grade drill intersection samples be crossed checked by re-assaying.

The series of high grade results intersected to date, also see Quarterly Report released 30 January 2007, shows good continuity of the ore zone that is to be mined at Warrior. Development driving has intersected the Warrior ore body on the 850 and 840 Levels, and these levels are being developed ahead of stoping (mining of ore). The Decline has descended to the 830 Level and a cross-cut is being driven to access the ore on that level.

Full production stoping is planned for late March 07 when the planned rate of mining is anticipated to be approaching 40,000 oz per annum and gold pouring should increase to a weekly basis, from the current monthly gold pours.
Drilling on the separate high grade Sons of Freedom vein, intersected in the Warrior decline, is being scheduled to commence in March. This drilling plans to extend the known size of the vein and establish a second underground mining area at Warrior".

http://sa.iguana2.com/cache/7e96e9cd6d222478a49d11423dba075f/ASX-CTO-445275.pdf

[stolwyk]

Extract:
"Citigold Corporation Limited, CTO, (Citigold) is pleased to announce that it has received approval to list its shares on the Dubai International Financial Exchange (DIFX).

The Company will be the first company from the East Asia/Pacific region to list on this international standard stock exchange and the first Australian company to look at accessing the region’s pool of liquidity through a secondary stock exchange listing of our shares.
Citigold will be the second gold miner to list on the DIFX following the tier one gold miner, Gold Fields Limited of South Africa, last November.

Citigold will also be the first gold company to list its ordinary shares. This is expected to enhance liquidity and has only recently been made possible with the help of Computershare registry services group who have established a real time back office settlement link with DIFX. The shares that trade on the DIFX will be the same pool of shares that trade on the ASX.

The Dubai time zone, being 6 hours behind Australian Eastern standard Time, means that the DIFX opens at 5:45pm Australian Eastern Standard Time. This effectively extends the trading day for CTO shares.
The listing date and commencement of trading will be Monday 19 March 2007. The successful approval for this secondary listing on the DIFX followed a rigorous application process.

Regulatory Alliance
The DIFX's international standard regulatory framework was acknowledged in September 2006 with the signing of a Memorandum of Understanding between the Australian Securities and Investments Commission and the Dubai Financial Services Authority (DFSA), the
regulator of the DIFX. This agreement will enhance the supervision of cross-border transactions and help strengthen the international network of securities regulators.

The Board believes that this listing will allow petrodollar liquid investors, who have strong cultural links with gold, to add Australian gold shares to their investment portfolios. This
liquidity helped the Dubai gold industry to record almost $20 billion worth of sales during 2006.

City of Gold
Dubai, known as the City of Gold, imported nearly 500 tonnes of gold in 2006 and has the highest concentration of jewellery shops in the world. Dubai serves as an entry point for physical gold moving to India, the Middle East and Central Asia".

http://sa.iguana2.com/cache/b038fb535c1cc2eefdaff6d73f56de49/ASX-CTO-445921.pdf

[stolwyk]

Newsletter:

http://sa.iguana2.com/cache/8b19a0eb7b5ff342c951b879e605c2a5/ASX-CTO-448278.pdf

"As of 16 March 2007 Citigold will be added to the ASX Top 300 Companies Index by the international ratings group Standard & Poor’s.
On 23 February 2007 the company received official notification that its application to list Citigold shares on a second stock exchange – the Dubai International Financial Exchange (DIFX) – has been successful.


Commencing from Monday 19 March 2007, Citigold will begin to expand public trading by listing its shares on the DIFX, along with its continuing primary listing on the ASX and its ADR program in the US.

As the first company from the Asia-Pacific region and only the second gold mining company, following South Africa’s Gold Fields Limited, to become listed on the international exchange, this opportunity will enable Citigold to strengthen cooperative transnational relationships with a number of leading corporations from around the region – and the world".

[stolwyk]

Half-yearly Financial Report:

http://sa.iguana2.com/cache/e1d2f959c59cbf364ed56271c6ce5086/ASX-CTO-449313.pdf


Extract:
"50 million Oz Gold Target
The assessment of the gold resources at Charters Towers confirmed that Citigold’s drilling data base matches the historic high gold grades of 34 g/t that produced 6.6 million oz Au. Citigold’s gold resource estimates are at a lower grade than the historic grades due to modern mechanization and efficiencies.
Citigold uses a lower cut-off grade than past mining, and therefore the operation will extract more tonnes and more gold. Historical mining records show previous mining often used hand sorting of the ore underground, which has been taken into account in the resource and reserve estimates.

With modern mechanised mining it is not economically possible to obtain average recovered grades of 34 g/t gold as the historic miners did by selective hand-picking of ore. Nevertheless, modern ‘high grades’ of 14 g/t can be very profitable.

Citigold’s exploration strategy is focused around and adjacent to its mining operations at Charters Towers.
This is referred to as “brownfields” exploration, exploring in and around known mineralised areas, rather than exploring “greenfields” or unknown areas.
Exploration to date has yielded the currently defined 10 million oz Au mineral resource. Growing the gold resources and reserves is a core business for Citigold. Citigold’s exploration and studies so far have led to the conclusion that the overall Charters Towers goldfield, currently held by Citigold, has the exploration
potential to contain up to 50 million oz Au.

This conclusion is well founded on the fact that: the field has
already yielded 6.6 million oz Au; Citigold has already defined an additional 10 million oz of mineral resources from part of the goldfield down to a depth of 1200 metres; and that the structures containing the mineralisation are considered to extend to 3,000 metres in depth. Significant mining has generally
remained above 700 metres depth.

At least four additional major parallel structures that have been mapped are mineralised and have previously been partly mined, which remain unexplored. These present an exploration target that could contain four times the known mineralisation.
Soil sampling and rock chip sampling were undertaken. These have outlined a number of targets for assessment by diamond drilling. These targets will be included in the drilling program when the third drill rig becomes available later in 2007.

Exploration
Citigold has over 300 square kilometres of mining leases and exploration permits centred on Charters Towers. It owns two drill rigs capable of drilling to 1,500 metres depth and has a third on order. The Company has identified over 80 targets on its ground that warrant drilling, and has two main exploration
priorities –
• Expansion of the Warrior Mine reserves to extend both the annual gold production rate and the mine life
• Expansion of the current 10 million oz resource by drilling targets outside the current resource
boundaries".

[stolwyk]

HIGH GRADES CONTINUE

http://sa.iguana2.com/cache/42c681a577d3e12ce459ef87435959b4/ASX-CTO-449884.pdf

"Warrior May Replicate the Large Brilliant Mine

Data gathered from underground at Warrior gold mine indicates that the gold ore body may be far larger than originally planned. This mine was planned as a modest size 40,000 ounce per year producer. This was based on the drilling and analysis carried out in previous years. Now that the gold ore body is exposed underground and, given the impressive high gold grades being encountered, it is probable the mine will be much larger than originally planned.

The Warrior mine is on one of four large east-west mineralised structures that run sub-parallel to the historically large gold producer Brilliant and Day Dawn reef mines. Citigold's previous trial mining some years back was on several cross reefs (striking generally north-south ie. Cross Vein No 2, Washington and the Stockholm). Cross reefs historically were associated with the large east-west reefs but produced far less gold.

The Warrior is the first east-west gold reef Citigold has mined and looks very similar to the large Brilliant mine.
To open up this high grade gold lode relatively near the surface is very encouraging. Drilling priorities are being reassessed and will target the ore body deeper below the level of current drilling.

The current success continues to show that the geologists have a good understanding of the Charters Towers gold system and that the geological model is accurate".

[stolwyk]

Share purchase plan and loyalty shares

http://sa.iguana2.com/cache/f94e1fc29851912d022e247602f6343c/ASX-CTO-452715.pdf

[stolwyk]

WARRIOR GOLD PRODUCTION ADVANCES AS PLANNED

http://sa.iguana2.com/cache/a11bbb4e292aa3cdfea71ddc7cd67889/ASX-CTO-453435.pdf

[stolwyk]

Quarterly reports:

http://sa.iguana2.com/cache/a66c6751fed906e8490d85b06e121ef8/ASX-CTO-454489.pdf

[xman]

what the hell is going on with CTO? Keeps going south. Any clue / comments please?

[JBmurc]

-Looks good buying on what I've read fundenmentals etc -low cost 250,0000oz per-yr by 2009 -Gold looking like a great investment for the future 1000aud next upleg IMHO-Anyone reakon its not

gold holdings-TTR
also Looking at-SBM(not a big fan of the deeps)
-MON(got the best board round)
-LGL(major gold producer ;)

-portfilo 70% oil&energy need some gold balance

[JBmurc]

Glad I brought a large holding in CTO at 40c just in time up 21% in 10 days

[JBmurc]

off-hotcopper----
---you all probably know this but they did a presentation at the Gold Coast Resources showcase last thurday which i attended and i have to say it was very impressive, CTO was one of the stand outs in my opinion of the companies presentling.----;)

[clearasmud]

Good on you JB.

A lot of suspicion around CTO in the past.probably BS.

Gold sentiment could be turning positive.

[JBmurc]

Brought some more only minutes before ann.


The initial phase of the program was highly successful and produced results which confirmed the grade of the existing mineral resource and ore reserve. All holes intersected their target structures, at the depths predicted, and confirmed the predicted reef
payabilities. The drilling has been focused on the Warrior reef and its splays.
These results show:
•Citigold has a clear understanding of the structure geometry.
•The geological continuity of new mineralisation, additional to the existing reserves,
has been confirmed.
•The grades in the mineralised area vary between 3 to 60 grams per tonne and average 16.2 g/t (over 1 metre true width) which continues to confirm the overall mineral resource grade of 14 g/t.
•Average grades of the new mineralisation are expected to be in excess of the original 8 grams per tonne in the Warrior reserve.

Next Phase of Drilling
The Company is commencing the next phase of its resource and reserve drilling programme following commissioning of its third drill rig. This drilling is aimed at
defining increased reserves for expansion of the annual production rate at Warrior towards 100,000 ounces per year.
This phase of over 10,000 metres will utilize two U8 rigs on surface further targeting the 2 km long Warrior reef and its Sons of Freedom splay. The slightly smaller U6 rig will drill from an underground location to the side of the Warrior decline, aimed at drilling the extension of Warrior to the west of current underground operations. The first U8 has completed its initial 6,000 metre program and has moved to a new site under a new contract.
Drilling is aimed at increasing the reserves at Warrior by closing up the drill spacing on the current resource of 840,000 ounces, and including new mineralisation from the Sons of Freedom splay.

[stevo1]

cto shareprice on the move +20% in 26 days .well placed with increasing production unhedged (10 mill oz) rescource .skies the limit if gold skyrockets

[JBmurc]

Maybe the next LGL NCM in the making here worth keeping an eye on


-with gold looking a breaking the $1000oz this year CTO should well rerate 70c+ before years end

http://www.goldletterint.com/documents/pdf/CITIGOLD_GLSP_Nov07.pdf

[tricha]

Maybe the next LGL NCM in the making here worth keeping an eye on


-with gold looking a breaking the $1000oz this year CTO should well rerate 70c+ before years end

http://www.goldletterint.com/documents/pdf/CITIGOLD_GLSP_Nov07.pdf


Well JB looks like we keep following each other around the track. Moved my cash and some metals into this one after some careful research.
I hope it delivers the goods and does better than my last gold company around Charters Towers. (BMA Gold)
Anyone the next quarter results will tell the picture whether they are on track to deliver.



http://sa.iguana2.com/cache/c4542ca2c0e26cc4ff4d83f86c721eb5/ASX-CTO-486748.pdf

[JBmurc]

Yeah there isn't all that many Gold ASX shares that have CTO potential IMHO tricha hope the rain in south Qld hasn't slowed production ,looking forward to many 2 Qtr results soon.

-Lets hope CTO plan to increase production is on track this year 100,000+ for 08 would do wonders for the Share price.

[tricha]

Yeah there isn't all that many Gold ASX shares that have CTO potential IMHO tricha hope the rain in south Qld hasn't slowed production ,looking forward to many 2 Qtr results soon.

-Lets hope CTO plan to increase production is on track this year 100,000+ for 08 would do wonders for the Share price.

Charters Towers have just had torrential rain, from what I can gather the underground operation is uneffected, the crushing and processing does not matter as they are still on limited production.

I should really do a site visit,, I did that with IGO and it payed of.

Nothing like going to the coalface and getting the true picture.

Like Warren Buffet states, learn the business.

[tricha]

16 January 2008
Zinc price still under sliding pressures

Spurred by overall rebound of the metals market and no adjustment to the tariffs on export of high-grade zinc, zinc (http://metalsplace.com/news/?s=22) price in China rebounded in late December and early January, but analysts hold that the price movement may resume the declining trend again under multiple unfavorable factors.
According to monitoring by the Chinese Ministry of Commerce, the average spot price of No.1 zinc (http://metalsplace.com/news/?s=22) in China was about 19,115 yuan per ton in the later half of December, up 1.9 percent over that in the first half of the month. The rebound was also reflected in zinc (http://metalsplace.com/news/?s=22) futures traded on the Shanghai Futures Exchange.
Zinc (http://metalsplace.com/news/?s=22) futures price on the Shanghai Futures Exchange plunged by more than 30 percent from mid-October to the first half of December.
Despite the recent rebound, zinc (http://metalsplace.com/news/?s=22) price still faces sliding pressures, analysts say.
On the supply side, global zinc (http://metalsplace.com/news/?s=22) supply tends to be excessive after quick capacity expansion. Domestically, the zinc (http://metalsplace.com/news/?s=22) output is keeping fast growth, up 18.9 percent year on year to reach 3.395 million tons in the first 11 months of 2007. As new capacities under construction are yet to be released, fast growth of domestic zinc (http://metalsplace.com/news/?s=22) production is still expected in 2008.
On the demand side, the growth of domestic demand for metals is beginning to slow down. Official data show that the growth rate in value added of the industry declined for the second consecutive month in November. Under macroeconomic control, the industrial growth may slow down further in 2008, which in turn will lead (http://metalsplace.com/news/?s=23) to slowdown of metals demand.
Meanwhile, zinc (http://metalsplace.com/news/?s=22) inventory on the Shanghai Futures Exchange was about 54,000 tons by Jan. 4, the highest level since launch of the zinc (http://metalsplace.com/news/?s=22) futures contracts on the exchange. – China Mining

[tricha]

Explorationhttp://www.citigold.com/images/smallimages/34_a_printer.gifPrint (javascript:window.print())
http://www.citigold.com/images/smallimages/www1L-explore-drilling-smal.jpg http://www.citigold.com/images/smallimages/smalldiamonddrill.jpg http://www.citigold.com/images/smallimages/www180607-smal.jpg http://citigold.com/images/smallimages/smallcrossvein.jpgThe Process of Exploration

The flat-dipping geometry of Charters Towers ore bodies is found in only a few places in the world, notably in the deep mines of South Africa and in the Emperor gold mines in Fiji. Citigold Corporation is in gold production with major gold mining infrastructure and has re-activated this major high-grade goldfield.

Citigold is a leading exploration corporation with well established infrastructure and highly skilled mining personnel based in Charters Towers, along with current defined Mineral Resources of 10 million ounces of gold. There is considerable potential for Citigold to expand its gold resources and reserves. This process will require a great deal of hard work and application of the best technology and practices.

Citigold holds exploration permits and other tenure covering in excess of 360 square kilometers at the heart of the goldfield. With some 80 known gold prospects within Citigold’s exploration permits, this presents boundless opportunities for an increase in the company’s future production levels and its overall asset value. In addition to the major mines planned there is enormous potential for additional satellite mines to feed the central plant.

Achieving the greatest results in realising Citigold’s exploration potential requires a dedicated team of leading experts including geologists, geophysicists, geochemists, surveyors, field hands, and drillers as well as external contractors and consultants who apply their skill base at various stages of the project.

Our aim is to further unlock the vast exploration potential of the Charters Towers goldfield for its growing base of shareholders.

Identifying the main prospect areas with the best potential for new gold and mineralisation requires a solid understanding of the formation of gold deposits, the geology, past production and the application of geophysics. The identification process involves extensive geological mapping, geochemical sampling, geophysical surveys, assaying of rock-chip samples, and drilling to enable predictions to be made on the nature, size and shape of potential ore bodies.

Compilation of the various data then enables final resource estimations to be analysed which determines the final delineation of mineral deposits. Evaluation of the economic and financial costs involved in the project then follows and ultimately leads to the final development stage of the gold mines.

UPSIDE - 50 Million ounce (1,600 tonne) Gold Potential

Exploration to date has yielded the current 10 million ounce gold mineral resource. Growing the gold resources and reserves is a core business for Citigold.

Citigold’s exploration and studies to date have led to the conclusion that the overall Charters Towers goldfield, currently held by Citigold, has the exploration potential to contain up to 50 million ounces of gold. This conclusion is well founded and based on the following facts –
1.The goldfield has already yielded 6.6 million ounces of gold;2.Citigold has already defined an additional 10 million ounces of mineral resources from part of the goldfield down to a depth of 1200 metres;3.The structures containing the gold mineralisation are considered to extend to at least 3,000 metres in depth. Significant mining to date has generally remained above 700 metres depth. This makes the area a 16 million ounce field down to 1200m depth.4.At least four additional major parallel structures remain unexplored. The structures have been mapped, are gold mineralised and have previously been partly mined. These parallel structures could contain four times the known mineralisation.
Citigold’s exploration strategy is focused around and adjacent to its mining operations at Charters Towers. This is referred to as “brownfields” exploration, exploring in and around known mineralised areas, rather than exploring “greenfields” or unknown areas. The Company holds over 300 square kilometres of exploration tenements covering approximately 80 prospects that have potential for economic mineralisation

[tricha]

Please turn over...

OUTSTANDING INVESTMENTS

Special Report

Base and Precious Metal
Share Tips for 2008

Where will the metals go in 2008?
Iron ore is again the focus for many investors, as China negotiates the annual contract with Australian
producers BHP Billiton (BHP:ASX) and Rio Tinto (RIS:ASX) along with Brazilian behemoth CVRD. There are
rumours of a 40% increase in the 2008 contract—on top of a 189% gain in ore prices over the last five
years.
Meanwhile, the same voracious demand that’s driven iron ore prices up is likely to benefit zinc, copper,
aluminium, and other industrial metals. The key risk for Australian base metals stocks is China. With the
Olympics scheduled for August 2008, China will be anxious to show itself off to the world with many stateof-
the art venues for athletes, media, and tourists.
But it’s a demographic trend—the migration of hundreds of millions of Chinese from the farm to the
city—that’s driven the demand for steel, copper, and other metals. Though China’s stock market could correct
dramatically in 2008, its economy should continue to grow at high single digit (or even double digit) rates.
Our tips on how to ride this growth are below.
What about gold?
There is little industrial demand for gold. Instead, gold rises when the U.S. dollar falls. Already sitting at
record lows, it is difficult to predict where the U.S. dollar will go from here. Our view is that the dollar’s long
reign as the currency with which the world does business is ending.
That’s bullish for gold—especially since the end of the global dollar standard will be volatile and
unpredictable. Gold often does well in times of economic uncertainty and inflation.

Citigold (CTO:ASX)

Citigold is an Australian gold stock that plans three new projects in the next two years. Those projects are
all in the Charters Towers gold fields of Queensland, Northern Australia. The company expects each of them
to come on-line in the next three years.
But the big picture is quite simple for Citigold. The company is sitting on 10 million ounces in resources
(these are not “reserves”, because it is not proven yet they can be produced economically). Before the
shut down of Charters Towers in 1917, the gold fields there yielded up to nearly 6.6 million ounces. The
company believes there’s more where that came from.
In fact, the company makes a quite bold statement of its long-term goals. It says it would like to grow the
resources and reserves to over 50 million ounces. That may indeed be possible, given the history of the
area CTO operates in.
But what we like most about the company is that its goal is to grow resources and reserves, not
immediately become a top producer. In a climate of rising production costs and meandering gold prices,

Outstanding Investments Special Report

what’s the hurry?

Production at the Warrior Mine

Production at the company’s Warrior Mine is a key towards financing future exploration and development
out of operating cash flow. Up until now, development and exploration of its various mines has been
financed by new share sales to existing shareholders. The most recent capital raising was a $6 million
round that included a share sale to existing shareholders and a $3 million institutional placement.
With this capital the company is funding the expansion of the Warrior mine, whose production it hopes
will mean it is not necessary to tap shareholders for more capital.
But shareholders have seen the value in the company’s resource base and are willing to provide additional
capital. It’s also good news that the company does not have any long-term debt or convertible notes that
would drain cash flow.
The company should not run out of cash - barring some unforeseen disaster. That means new mine
production should begin to come on-stream in late 2007 or early 2008. From there, the share price is a
function of production and, of course, the rising gold price.
That is where CTO’s biggest upside is. If production expenses can be kept modest, the company should
be able to prove up more of the 300 square kilometres in tenements it owns. This will go a long way to
showing other investors and potential suitors that there is still a lot of gold in the ground at Charters Towers.
What about valuation? Well, the downside - and one of the biggest risks - is the lack of cash on the
balance sheet. Cash is a great insurance policy. A company with cash and without debt is not going to go
bankrupt.
CTO does not have a lot of cash. The lack of cash on the balance sheet leaves you with noncurrent assets
and the inferred resource base. The company reported $156 million in non-current assets last year (property,
plant, equipment.) At a current market capitalisation of $296 million dollars, it’s selling for about 1.9 times
liquidation value.
What about its ability to generate cash flow from production?
The company’s big goal in 2007 is to generate enough cash flow from production at the Warrior mine
to finance operations. We spoke with Matthew Martin from CTO on the phone and he explained the
company’s plans to increase production to around 40,000 ounces a year.
The company’s cost of production per ounce is around A$227. The cost of production on forty thousand
ounces is over $9million. If we use an average gold price of US$670 (conservative by recent standards,
but let’s be conservative) 40k. oz would gross around US$26 million, or AU$30 million.
Minus production costs and other start-up costs, the company reckons it would net around AU$15 million
on forty thousand ounces of annual production from the Warrior mine. This cash would then finance further
production goals at its other tenements. And, of course, there is always the possibility of an institutional
placement or another sale to existing shareholders.
Without a pile of cash, the company essentially becomes a play on a rising gold price. But that is the
case with any junior gold stock. The value of its production goes up with the gold price, as does the value
of the gold in the ground at Charters Towers.
The risk always comes down to something very basic with any junior gold stock: you could lose all your
money. If it’s money you can’t afford to lose, don’t risk it.
But as speculations go, there is a lot to like about Citigold. It’s got the people, it’s got the story, and most
importantly, it appears to have the gold. Since it is not racing into massive production, where costs would
blow out, its resource base essentially becomes a call option on rising gold prices, only it’s a call option that
doesn’t expire.

OUTSTANDING A position in CTO now gives you a junior gold company sitting on about AU$5.5 billion worth of gold
at a gold price of US$600, although turning that $5.5 billion resource into earnings will take time. Those
figures are based on a conservative estimate of recoverable gold at Charters Towers and a low U.S. gold
price. If the resources can be upgraded to reserves and the U.S. dollar price of gold rises incrementally,
then the lifetime value of the mine will rise too.

Key Facts

Market Capitalization AU$296 million

Share Price AU$0.395

Business Description Small, low cost gold junior with large reserves and excellent
potential for large-scale production in

Share Price Triggers • Higher gold price
• Resource and reserve upgrades
• Higher production in the mid-term

Company Web Page: http://www.citigold.com/

RECENT DEVELOPMENTS

Citigold’s (CTO:ASX) recently refined gold output, at the time of writing, more than doubled. Production
totalled 1887 ounces, a 118% increase month-on-month. This is an example of the kind of activity you can
expect from Citigold once it begins defining its reserves and resources.

[JBmurc]

If CTO do increase reserves alot they would certainly be a takeover target 20m oz + will get majors NCM LGL attention

They can have my shares for $2 ea

[tricha]

http://sa.iguana2.com/cache/70e424f7624e94334930b24fd54d700b/ASX-CTO-490721.pdf

[tricha]

If CTO do increase reserves alot they would certainly be a takeover target 20m oz + will get majors NCM LGL attention

They can have my shares for $2 ea

Yep $2.00 sounds about right at the current gold price, but if the gold price explodes upwards .................... ???????

Out today, same story but directors and management hold 15% of the company, so take over is not going to be a walk over. :D

http://sa.iguana2.com/cache/8df45d42df2f989006909e5e5eb1cfba/ASX-CTO-491981.pdf

[JBmurc]

MUSINGS FROM AN AUSTRALIAN
Tony Locantro
14 February 2008

http://www.gold-eagle.com/gold_digest_08/locantro021308.html

The following is part of that article

GOLD AND SPEC STOCKS

* The speculative market in Australia has undergone two mini-crashes in six months. The first was during August 15-16 2007, and the second occurred in January 2008. Our market fell 7% on the 22nd of January. Brokers in my office met the close with applause reflecting just how resilient our market really is. (Similar to a plane landing in Turkey)
* The financial press here deserve applause and some presenters an Oscar. The words, "Crash, collapse, panic, global," were overused every morning. Even on one occasion they were calling for a collapse when the Dow had turned around and rallied. (The finance reporter forgot to tell the news Director the market had recovered).
* Usually there is one sector of the speculative market running. In the past it has been childcare centres, retractable syringes, uranium, iron ore, and to a lesser extent rare earths and exotic commodities. The market is looking for one sector to stand out and I would expect the money would flow rapidly. With this is in mind I have positioned my clients in a number of geothermal juniors whilst maintaining the focus on finding value regardless of the commodity or industry. I am surprised that more companies have not embraced the Platinum Group Elements (PGE).
* Margin lending problems with one provider in particular have seen a considerable increase in margin calls that has assisted in destroying the market caps of a number of juniors.
* The majority of speculators in the Australian market must still think that the POG is $380 US (instead of over $900). Our gold stocks have performed dismally, and until we another massive intersection (16m @ 482 g/t worked earlier last year) or M&A activity our gold stocks are sitting ducks for the US and Canadian majors. I am starting to get tired of clients phoning me and saying, "Our gold stocks are doing bugger all". With this weakness comes opportunity and I have again built a large position in an emerging producer now priced for absolute failure.
* My gold company selection criteria looks at management, quality of the deposit then the Enterprise Value (EV) in comparison to their peers. EV is ounces in the ground/market capitalisation. Companies may have a low EV but be in an area of political and environmental risk, so all factors need to be addressed.
* Apart from the atrocious share prices, the Australian Gold Industry is in turmoil. We have recently seen a number of small-mid caps go into voluntary administration and some are now struggling to raise capital to survive. With rising labour costs, a lack of virgin discoveries there is now an opportunity for a brave company to lead our gold industry out of the quicksand. One MD has recently commented to me that he is being offered RC drilling rigs that were previously fully booked out, because companies are now conserving cash rather than drilling holes.
* There are cases where base metal producers and those in Feasibility are priced lower than some explorers with a fancy logo and a West Perth address. My clients know who they are but are afraid to buy because there is always the chance they will be cheaper tomorrow. Managing Directors must now fear hostile takeover bids as the majors have the infrastructure to snap them up cheaply.
* A junior oil explorer that reported a dry hole and only had a 20% interest was sold down to ½ the value of its cash in the bank and at the time of writing had still failed to recover. Herd mentality is alive and well, hey people why fear lower share prices when you can go ahead and create your own!
* I have watched people panic on the screen for a number of years and it still cracks me up how they all sell in similar fashion to watching swimmers from an old movie dive into the pool in sync. Discount brokers now have electronic stop losses and now you can have a full on share price collapse because someone sold $2,000 worth of stock.
* I took my kids to the Perth mint a few weeks go and they loved it. Seeing gold being poured and viewing nuggets brings back the romance and makes you appreciate your shareholdings just that little more. Perhaps an outbreak of "gold fever" is not that far away.

THE BOTTOM LINE

The Australian speculative market is the cheapest I have ever seen. The last time I saw value that could compare to the current climate was back in March 2005. There are companies that I know have the potential to increase 3 to even 5X in value on their existing asset bases, yet the market is not interested. This market reminds me of Perth real estate where you could buy a house on a double block, 4km from the CBD for $165,000 only 6-7 years ago. The same land would now fetch $1m and would still rates as a developers dream.

I am not talking about the bandwagon companies that have no prospects and rely on the greater fool theory either. You can buy management teams, fantastic deposits that will be developed by someone for ridiculous prices. Throughout my broking career (nine years + three of teaching myself the market) there are always success stories that emerge into mining companies of substance.

[stevo1]

Good to see CTO have the motor back in the crushing mill, resuming crushing and have not been affected by the big wet ,should see shareprice increase from here as production ramps up

[stevo1]

Sp is starting to increase on better volume and as goldprice heads towards 1000 US pesos

[stevo1]

Has anyone got any idea why CTO is copping a hammering over the last few days?Are they exposed through Opes? SP seems to be getting punished beyond the $917 US peso price of gold

[macduffy]

Has anyone got any idea why CTO is copping a hammering over the last few days?Are they exposed through Opes? SP seems to be getting punished beyond the $917 US peso price of gold


Any ideas on this one, tricha ?
I've been tempted by CTO but put off by reports that the Charters Towers deposits are difficult to mine.

:)

[tricha]

Any ideas on this one, tricha ?
I've been tempted by CTO but put off by reports that the Charters Towers deposits are difficult to mine.

:)

They have about 10 million shares to sell Mac Duffy, so I topped up today at 33 cents.
Might have been more prudent to wait another day or two with this happening

Bid/Ask893.80-894.60



ANNOUNCEMENT

Recent ASX Trading

1 April 2008: Brisbane, Australia – Citigold Corporation Limited (Citigold)
(ASX:CTO, DIFX:CTO, FSE:CHP) advises that it has become aware
shareholders may have Citigold stock involved with Opes Prime.
Opes Prime is a stockbroking and asset management firm that is now
controlled by its bankers. These bankers have called in their loans to Opes
Prime. It is evident that they are currently selling shares in companies,
including Citigold, that were lodged against loans as security for share
purchases to cover Opes Prime’s debts.
To what extent this selling will go on is unknown to Citigold. However it is
believed to be about 2% of the Citigold’s issued capital.
Directors and management are not involved in this matter.
This is not related to Citigold’s operations.
For further information contact :

Mark Lynch

Managing Director

Matthew Martin

Company Secretary
Citigold Corporation Limited : telephone +61 7 3870 8000
Or visit the Company's web site at : www.citigold.com (http://www.citigold.com)

Also the 1st announcement

http://www.stocknessmonster.com/news-item?S=CTO&E=ASX&N=500080

[stevo1]

That explains it.Good time to buy?Approx 4.5mill shares sold in last couple of days.What price to buy at?

[macduffy]

Thanks for that, tricha.
To the extent that CTO shares, and others, were pledged as security to buy big parcels of CTO shares, does this indicate that smart money somewhere liked CTO's prospects? If so, CTO might be seen as attractive at these prices.
On the other hand, this smart money has turned out to be not so smart. The problem is, we don't know where the borrowers' margins went awry. Was it with the SP of CTO, amongst others, or was it that CTO shares got caught up because margin calls on other stocks caused Opes Prime to get into trouble?

Sorry for that rambling thought but if anyone can follow it, any ideas?

:)

[macduffy]

Thanks for that, tricha.
To the extent that CTO shares, and others, were pledged as security to buy big parcels of CTO shares, does this indicate that smart money somewhere liked CTO's prospects? If so, CTO might be seen as attractive at these prices.
On the other hand, this smart money has turned out to be not so smart. The problem is, we don't know where the borrowers' margins went awry. Was it with the SP of CTO, amongst others, or was it that CTO shares got caught up because margin calls on other stocks caused Opes Prime to get into trouble?

Sorry for that rambling thought but if anyone can follow it, any ideas?

:)


Please ignore all of that!

I've just seen a list of 700 stocks said to be caught up in the Opes Prime business.

:(

[stevo1]

Wow gold at $882 shares on sale courtesy ANZ M/L Opes .Gold pundits have support level for pullback in gold at $850 ($830 some of them). mmmm

[stevo1]

Selling caused by Opes has finished( Ann to ASX from CTO)

[macduffy]

CTO announces that they have raised $3.375m by a placement of 13.3m shares at 28c with free 1 for 10 options attached (strike price 37c ).
Placement is in place of " usual first half share purchase plan issue."

[stevo1]

Cto disappointing with SP performance

[Dr_Who]

Whats the valuation on CTO? Any research to read?

[macduffy]

Whats the valuation on CTO? Any research to read?


Brokers' reports on CTO website

www.citigold.com

Latest is from Kareg Corp, New York, dated 5 March 08. Written for US investors and quite a comprehensive review of Australian gold industry. SP was then 41c and Kareg had a target of $1-00 " within the next 18 months".

Best info is in company's March quarter report, dated 28 April. Increased production but some " challenges". Interesting in that the report stated " Cash balance remains strong at almost $2m and over $1m in receivables that were received in early April." Nevertheless, company has found it necessary to raise more cash via a placement within a month of issuing the quarterly!

I did a fair bit of research on CTO a few months ago and, although its an attractive proposition and is said to have the richest gold deposits in Australia, Charters Towers deposits have a reputation in some quarters for being difficult to mine. In the end, I gave it up as too hard ( for me!)

DYOR I would be interested in others' views.

:)

[JBmurc]

ANNOUNCEMENT
Dubai Group to acquire up to 18% of Citigold
21 September 2008: Brisbane, Australia – Citigold Corporation Limited (Citigold)
(ASX:CTO, DIFX:CTO, FSE:CHP) is pleased to announce a capital raising deal with
Dubai Group to underpin the expansion of its Charters Towers gold mining
operations.
Dubai Group, the leading diversified financial services company of Dubai Holding,
through its subsidiary Dubai Ventures Group Limited, intends to acquire up to an
18% stake in Citigold for A$ 35 million.
The capital raising will raise up to A$35 million through a staged securities
placement to Dubai Group. Initially a placement of 50 million shares at A$ 0.20 per
share (A$10 Million) will be carried out followed by a Convertible Loan at a 9% p.a.
interest rate that is convertible into shares of the Company at A$ 0.26 per share
within a 2.5 year term (A$15 Million), and options to acquire Citigold shares
exercisable at A$ 0.26 per share within 2.5 years (A$10 Million).
Commenting on the deal, Abdulhakeem Kamkar, CEO of Dubai Ventures Group
stated, “This transaction reflects our long-term view on gold and Citigold’s ability to
enhance shareholder value by ramping up
production to 250,000 ounces per annum by 2011.
We are delighted to add Citigold to our portfolio
and complete our first deal in Australia.”
“Gold, like oil, continues to play a significant role in
the global economy as a fundamental backbone of
the financial services sector and a key safe haven
commodity. We believe Citigold provides us an
opportunity to tap into a potentially lucrative niche
segment in the commodities sector, which we look
forward to exploring together.”
Through this capital raising Citigold has reached
an important milestone in terms of securing long
term funding for the development of the Charters
Towers goldfield. This capital injection is expected
to add significant strength to its production
capabilities and thereby boost gold production in
future years

[shasta]

ANNOUNCEMENT
Dubai Group to acquire up to 18% of Citigold
21 September 2008: Brisbane, Australia – Citigold Corporation Limited (Citigold)
(ASX:CTO, DIFX:CTO, FSE:CHP) is pleased to announce a capital raising deal with
Dubai Group to underpin the expansion of its Charters Towers gold mining
operations.
Dubai Group, the leading diversified financial services company of Dubai Holding,
through its subsidiary Dubai Ventures Group Limited, intends to acquire up to an
18% stake in Citigold for A$ 35 million.
The capital raising will raise up to A$35 million through a staged securities
placement to Dubai Group. Initially a placement of 50 million shares at A$ 0.20 per
share (A$10 Million) will be carried out followed by a Convertible Loan at a 9% p.a.
interest rate that is convertible into shares of the Company at A$ 0.26 per share
within a 2.5 year term (A$15 Million), and options to acquire Citigold shares
exercisable at A$ 0.26 per share within 2.5 years (A$10 Million).
Commenting on the deal, Abdulhakeem Kamkar, CEO of Dubai Ventures Group
stated, “This transaction reflects our long-term view on gold and Citigold’s ability to
enhance shareholder value by ramping up
production to 250,000 ounces per annum by 2011.
We are delighted to add Citigold to our portfolio
and complete our first deal in Australia.”
“Gold, like oil, continues to play a significant role in
the global economy as a fundamental backbone of
the financial services sector and a key safe haven
commodity. We believe Citigold provides us an
opportunity to tap into a potentially lucrative niche
segment in the commodities sector, which we look
forward to exploring together.”
Through this capital raising Citigold has reached
an important milestone in terms of securing long
term funding for the development of the Charters
Towers goldfield. This capital injection is expected
to add significant strength to its production
capabilities and thereby boost gold production in
future years

CTO - Deep Hole Success at Charters Towers

http://www.stocknessmonster.com/news-item?S=CTO&E=ASX&N=528470

[JBmurc]

Came very close to buying back into CTO at 18c not long back I see it's at 31c atm gutted:(

[yogi-in-oz]

:)

Hi folks,

CTO ... according to the astroanalysis, this one should be booming,
in May/June 2009 and again in early January 2010 ..... !~!

Happy New Year 2009 ... :)

have a great day

paul

:)

=====

[JBmurc]

Well one of the most undervalued Jnr goldies ramping up to 100,000oz+ in the mid term
looks to be a major seller keeping the price low will try an get some before they runout of shares should be well over 30c atm

[stevo1]

Well one of the most undervalued Jnr goldies ramping up to 100,000oz+ in the mid term
looks to be a major seller keeping the price low will try an get some before they run out of shares should be well over 30c atm

JB CTO has over promised and under delivered for quite some time .I still hold in anticipation of delivery(and the belief they are under valued) but if POG still keeps rising and they don't perform -will cull them .The current fall in SP may be due to the big wet in nth Queensland, I have NFI but goes against POG.They need to deliver the 100,000 ozs soon.

[tricha]

JB CTO has over promised and under delivered for quite some time .I still hold in anticipation of delivery(and the belief they are under valued) but if POG still keeps rising and they don't perform -will cull them .The current fall in SP may be due to the big wet in nth Queensland, I have NFI but goes against POG.They need to deliver the 100,000 ozs soon.

This is one scum bag company, has promised the world and delivered not much.
In fact the management have had their heads in the trough, just recently I might add.

Gold fever, but probably good for a trade or two, if u get your timing right.;)

[stevo1]

This is one scum bag company, has promised the world and delivered not much.
In fact the management have had their heads in the trough, just recently I might add.

Gold fever, but probably good for a trade or two, if u get your timing right.;)

Tricha pretty good looking ann on drill result
http://www.asx.com.au/asxpdf/20090409/pdf/31h0652pzzmhw9.pdf

[yogi-in-oz]

:)

Hi folks,

CTO ... has pulled back to a significant low in May
each year, since 2004 ..... :)

In May 2005 a double bottom was confirmed with the
May 2004 lows, just before rallying from 10-to-58 cents.

Right now, CTO is also making a double bottom, around
.165 cents, with increased volumes evident, in 2009.

With two significant and positive time cycles expected
to be triggered over the next couple of weeks, CTO
seems to be technically prime for lift-off ... !~!

Updated CTO chart, attached below.

have a great weekend

paul

:)

=====

[JBmurc]

CTO breaking though the 25-50 day EMA close to closing though the 75
Talk round CTO has been removed from being able to short so sellers having to cover now..

Mr. Mark Lynch, CEO of Citigold, stated: “I am comfortable that the 2009
calendar year operation and production forecast will be achieved and that the
company will be in cash flow surplus by the December 2009 Quarter

If CTO keep their word CTO should continue to trend alot higher in 2010

[tricha]

I thought 18c might have held but it folded

You could be right Yogi, might find some support between here and 15c, there is a lot of negativity surrounding this stock, most of it warranted.

Still every Dog has its day.

OBV still Trending down.

Hmm, pity Phaedrus diis not dissclose, he would be caught out, like y AA and Strat :rolleyes: TA is ..........................................

[shasta]

Hmm, pity Phaedrus diis not dissclose, he would be caught out, like y AA and Strat :rolleyes: TA is ..........................................

Looks like this old dog has had a flea bath...:D

Tricha - Look at the massive spike in volume = smart money getting in

http://www.directbroking.co.nz/cgi-bin/sparkle.dll/superchart?template=dblsuperchart&session=0&instrument=CTO&exchange=ASX&period=6M&adj=yes&vs=LINE&ct=CANDLE&compi=&ma1=30&ma2=90&bb=&ind=MACD&ra=2

[tricha]

Looks like this old dog has had a flea bath...:D

Tricha - Look at the massive spike in volume = smart money getting in



Hmm - smart money or more likely, some fund manager that can not see the trees from the wood, like me who got smitten by the whole story, but all it is really is a bottomless pit.
Another harsh lession learned.

[STRAT]

caught out, like y AA and Strat :rolleyes: TA is ..........................................Gudday Tricha,
Im always lookin to improve. One way is to look at where one went wrong.
Would you kindly let me know where exactly I was caught out?

Ive decided to take being called a gutless wonder on the chin and by the way the CTO chart looks hot for a trade ;)
.
Here is why I think so
significant rise in OBV
Closed up 4 days in a row with increased volume.
passed strait through the 60DMA
RSI from 43 to 73
TCI at all time low

[tricha]

Gudday Tricha,
Im always lookin to improve. One way is to look at where one went wrong.
Would you kindly let me know where exactly I was caught out?

Ive decided to take being called a gutless wonder on the chin and by the way the CTO chart looks hot for a trade ;)
.
Here is why I think so
significant rise in OBV
Closed up 4 days in a row with increased volume.
passed strait through the 60DMA
RSI from 43 to 73
TCI at all time low

I thought u were giving me the finger Strat, never mind, lets move on.

Originally Posted by STRAT http://www.sharetrader.co.nz/images/buttons/viewpost.gif (http://www.sharetrader.co.nz/showthread.php?p=260168#post260168)
Lookin in the rear view mirror.
Thought you had no time for that kind of rubbish? :D

re the previous post. Ive found ridicule to not be a great motivator so I will go with the finger ;)



Strat - "I kinda did that Tricha.", you should have put it up Strat, for all to see, thats what Phaedrus is dead scared about, he does not mind bagging me, for my mistakes, but he has never been honest himself, where we can see how good, he really is or isn't.
I guess I could call him the untouchable. :rolleyes: If he put up, he might be left naked. :eek:

And talking about mistakes, I did it again on Friday :confused:

[STRAT]

Hi Tricha.
I can see you could take it that way but thats not what I meant.

I was just funning with ya about rear view mirror gazing cause you are always going on about it when you ridicule TA and I was suggesting all the chartists were giving you the finger in as much that no one had replied to your request for a chart.

By "Ive found ridicule to not be a great motivator" I meant this is the reason why no chartist has replied to your request.
"so I will go with the finger ;)"
was my reply to your post
"Giving me the finger or no guts ;)"
meaning as apposed to no guts

and all in fun

Right,
now thats sorted the chart was posted about a page after you asked for it on the same thread

[yogi-in-oz]

:)

Hi folks,

CTO ... has pulled back to a significant low in May
each year, since 2004 ..... :)

In May 2005 a double bottom was confirmed with the
May 2004 lows, just before rallying from 10-to-58 cents.

Right now, CTO is also making a double bottom, around
.165 cents, with increased volumes evident, in 2009.

With two significant and positive time cycles expected
to be triggered over the next couple of weeks, CTO
seems to be technically prime for lift-off ... !~!

Updated CTO chart, attached below.

have a great weekend

paul

:)

=====

:)

Hi folks,

..... it sure looks like CTO made, yet another significant low
(and double bottom) in May 2009 ..... also, it has not closed
below .165, since the post above and with the current close
at 21 cents, the chart sure looks like a decent double-bottom
is in place ... :)

That's a low, that will likely produce an initial target, at around
.33 cents and a longer term targets of 48 and 66 cents ... will
post further time targets, later.

Updated CTO chart, attached below.

have a great weekend

paul

:)

=====

[JBmurc]

Glad to have had a nice trade on CTO paid 16.5c sold 20.5c

[tricha]

Gudday Tricha,
Im always lookin to improve. One way is to look at where one went wrong.
Would you kindly let me know where exactly I was caught out?

Ive decided to take being called a gutless wonder on the chin and by the way the CTO chart looks hot for a trade ;)
.
Here is why I think so
significant rise in OBV
Closed up 4 days in a row with increased volume.
passed strait through the 60DMA
RSI from 43 to 73
TCI at all time low

It's hot or right Strat, that's why Phaedrus 9 (the untouchable) does not make calls, if u go back over their history, FA tells u this dog is riddled in fleas and management is still the same.

[tricha]

Glad to have had a nice trade on CTO paid 16.5c sold 20.5c

U did extremely WELL JB. Great trade.:)

This cash raising should keep them in business for another 6 months, what a suckers spin, Citigold on track, if it is, it will be the 1st time for 10 years that they have delivered.

17thCapital Raising Oversubscribed (http://www.stocknessmonster.com/news-item?S=CTO&E=ASX&N=553943)5thZSP: SandP Announces June SP/ASX Index Rebalance (http://www.stocknessmonster.com/news-item?S=ZSP&E=ASX&N=552928)May 200921stCitigold on Track with Production Forecasts (http://www.stocknessmonster.com/news-item?S=CTO&E=ASX&N=551454)14thShare Purchase Plan (http://www.stocknessmonster.com/news-item?S=CTO&E=ASX&N=550643)14thShare Purchase Plan Offer Documents (http://www.stocknessmonster.com/news-item?S=CTO&E=ASX&N=550644)

[macduffy]

A lot of water under the CTO bridge since the last posting and as usual the company has continued to disappoint and underperform.

Any interest now that the SP is at 13.5c and production targets have been downsized?

Disc: Not holding.

[yogi-in-oz]

:)

Hi folks,

CTO ..... looking for a positive time cycle to come into play,
around 15-16022011 ..... :)

have a great week

paul

:)

=====

[denpal]

You could be right Yogi as I notice a nice reverse H&S on the weekly. It looks ready to go. I don't like the company having said that!

[yogi-in-oz]

:)

Hi denpal,

CTO ..... there's a lot of negative sentiment in the market and a lot
of traders, that would agree with you, right now ... so, maybe it will
be a good contrarian trade ... (???)

have a great week

paul

:)

=====

[stevo1]

Absolute dog ,as stated here by others .Poor management and very average future with POG at this time if they cant make good profits unlikely to in the future.
Very good(NOT) way to watch your money evaporate .Fundamentaly awful but that dosent mean that TA people wont profit from getting in and out.