15 March 2017: Brisbane, Australia - Citigold Corporation Limited ("Citigold" or "Company") (ASX:CTO) is pleased to provide the Half Year Financial Report for the period ending 31 December 2016.
Citigold Corporation Limited is an Australian based gold mining, development and exploration company developing and operating Australia's highest grade major goldfield at Charters Towers, Queensland.
The loss after tax for the Group during the half-year was $4,274,690 (2015 $5,666,590 loss).
Activities during the period were directed toward finding a strategic partner to assist developing the Group's Charters Towers Gold Project and advancing that project.
Continued planning for the development of the Charters Towers Project centered on the Central Mine being an ultra-low cost producer of gold.
Capital raisings of $647,000 occurred during the 6 months for working capital, which confirms the continued support of investors and shareholders of the Company.
Post balance date Citigold announced that it has entered into a binding "Gold Sale Agreement" for a sale of up to 100,000 ounces of gold, with the gold sold deliverable over the next 5 years. This sale of gold, if fully drawn by the purchaser, is expected to over time bring in circa
$100 million to Citigold at prevailing gold prices.
Other additional major complementary project funding discussions continued with potential interested strategic partners.
The Queensland Department of Environment and Heritage (DEHP) has approved the new 5 year Plan of Operations advising it is effective to 31 October 2021.
Mineral Resources and Ore Reserves remain unchanged during the period with Probable Ore Reserves of 620,000 ounces of gold (2.5 million tonnes at 7.7 grams per tonne gold) and Inferred Mineral Resources of 11 million ounces of gold (25 million tonnes at 14 grams of gold per tonne). For full details see Technical Report 2012*
As previously announced, Citigold has changed it's registered and corporate office in order to reduce corporate administration costs and this is part of the Company's future outsourced contractor based business model.
For full details please read the following Half Year Report.
Mark Lynch - Executive Chairman
Or visit the Company's website - www.citigold.com
Cautionary Note: This release may contain forward-looking statements that are based upon management's expectations and beliefs in regards to future events. These statements are subjected to risk and uncertainties that might be out of the control of Citigold Corporation Limited and may cause actual results to differ from the release. Citigold Corporation Limited takes no responsibility to make changes to these statements to reflect change of events or circumstances after the release.
C I T I G O L D CORPORATION LIMITED HALF YEARLY REPORT 31 DECEMBER 2016Table of Contents
Directors' report 2 - 5
Summary of Tenements 6
Auditors' independence declaration 15
Consolidated statement of profit or loss and comprehensive income 16
Consolidated statement of financial position 17
Consolidated statement of changes in equity 18
Consolidated statement of cash flow 19
Notes to the financial statements 20-22
Directors' declaration 23
Independent review report 24-26
Corporate Directory
CORPORATE OFFICE & PRINCIPAL PLACE OF BUSINESS
Citigold Corporation Limited ABN 30 060 397 177
Suite 23, 86 Brookes Street,
[PO Box 1133]
Fortitude Valley, QLD, 4006, Australia Telephone: +61 7 3839 4041 Email: brisbane@citigold.com
Web: www.citigold.com
REGISTERED OFFICE
30 Nagle Street
Charters Towers, QLD, 4820, Australia
CHARTERS TOWERS MINE SITE
Clermont Highway, PO Box 10, Charters Towers, QLD, 4820, Australia
DIRECTORS
Mark Lynch (Executive Chairman) John Foley (Non-Executive Director)
Arun Panchariya (Non-Executive Director) Dr Sibasis Acharya (Non-Executive Director)
COMPANY SECRETARY
Niall Nand
EXCHANGE LISTING
Australia (ASX) Code 'CTO'
SHARE REGISTRY
Computershare Investor Services 117 Victoria Street,
West End, QLD 4000 Telephone: 1300 850 505
AUDITOR
KS Black & Co ABN 48 117 620 556
6 / 350 Kent Street
Sydney NSW 2000
BANK
Westpac Banking Corporation Limited
Citigold Corporation Limited Consolidated Group - 31 December 2016 Page 1 of 26
DIRECTORS' REPORT
The Directors of Citigold Corporation Limited submit herewith the financial report for the half year ended 31 December 2016. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:
The names of the directors of the company during or since the half year are:
Mr M Lynch (Executive Chairman) Mr J Foley (Non-Executive Director)
Mr A Panchariya (Non-Executive Director) Dr S Acharya (Non-Executive Director)
Company Secretary:
Mr N Nand
REVIEW OF OPERATIONS
Citigold Corporation Limited is an Australian based gold mining, development and exploration company developing and operating Australia's highest grade major goldfield at Charters Towers, Queensland.
The loss after tax for the Group during the half-year was $4,274,690 (2015 $5,666,590 loss).
Activities during the period were directed toward finding a strategic partner to assist developing the Group's Charters Towers Gold Project and advancing that project.
Continued planning for the development of the Charters Towers Project centered on the Central Mine being an ultra-low cost producer of gold.
Capital raisings of $647,000 occurred during the 6 months for working capital, which confirms the continued support of investors and shareholders of the Company.
Post balance date Citigold announced that it has entered into a binding "Gold Sale Agreement" for a sale of up to 100,000 ounces of gold, with the gold sold deliverable over the next 5 years. This sale of gold, if fully drawn by the purchaser, is expected to over time bring in circa $100 million to Citigold at prevailing gold prices.
Other additional major complementary project funding discussions continued with potential interested strategic partners.
The Queensland Department of Environment and Heritage (DEHP) has approved the new 5 year Plan of Operations advising it is effective to 31 October 2021.
Mineral Resources and Ore Reserves remain unchanged during the period with Probable Ore Reserves of 620,000 ounces of gold (2.5 million tonnes at 7.7 grams per tonne gold) and Inferred Mineral Resources of 11 million ounces of gold (25 million tonnes at 14 grams of gold per tonne). For full details see Technical Report 2012*
As previously announced, Citigold has changed it's registered and corporate office in order to reduce corporate administration costs and this is part of the Company's future outsourced contractor based business model.
Citigold Corporation Limited Consolidated Group - 31 December 2016 Page 2 of 26
Citigold Corporation Limited published this content on 16 March 2017 and is solely responsible for the information contained herein.
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