Thursday, June 28, 2012


LionGold: To lift trading halt at 2.45pm. Co has taken a strategic stake of 11.2% in ASX listed gold production co, Citigold Corp (CTO), and becomes the single largest sh/h. The stake was acquired at A$0.08 per share for 125.0m shares for approx $12.9m. CTO owns the Charters Towers Gold Project in North Eastern Australia. The project has JORC-compliant resources of 11m oz of gold at 14g/t and reserves of 620k oz of gold. It comprises over 1.5k sq km in comprising 56 granted mineral hldgs and 2 applications. CTO also has a 36% sh/h in Gateway Mining Ltd who holds a substantial portfolio of projects incld Gidgee in Western Aus, Cowra in NSW, within the Mt Isa region of Queensland. CTO has a market capitalization of approximately A$66.8m

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