Citigold Plans North Queensland Expansion
Citigold has signed an agreement with Anhui Geology and Mining Investment in China to jointly explore and develop the area around the Charters Towers mining operation in Queensland, Australia.
Under the agreement, Anhui will invest around $30m over the next five years in exploration works for a 50% interest in Citigold's Charters Towers exploration tenements, which cover 1,200km2.
Citigold said the joint venture excluded a 148km 2mining area, where it had defined a ten-million-ounce resource.
It also excluded the operating Imperial mine, the City mining area, the gold processing plant and associated infrastructure.
Exploration work is expected to commence early in 2011.