www.citigold.com
Citigold Corporation is an Australian gold mining company producing from Australia's highest grade gold deposit at Charters Towers in north eastern Australia.
Citigold Corporation to withdraw from NASDAQ Dubai
Australian gold mining company Citigold Corporation (ASX:CTO) is set to voluntarily withdraw its securities from secondary listing on the NASDAQ Dubai exchange.
After careful consideration Citigold's board of directors has decided to withdraw its shares from the NASDAQ Dubai because of the low turnover on that exchange and the associated compliance costs of maintaining the listing.
Company Secretary Matthew Martin said the move was a further part of the performance focus of Citigold’s Board and management on areas that can produce benefits for its shareholders.
"In 2007 when the Company listed in Dubai there was an expectation of an expanding exchange that has not materialised now having less then 20 equity listings," Mr Martin said.
"This change will have no effect on Citigold’s primary listing on the Australian Securities Exchange, under the ASX code CTO or the quotation on the Frankfurt stock exchange in Germany. "
Citigold has provided notice that it will withdraw from the exchange within 60 calendar days after the date of the notice in accordance with the procedures of listing rule 40.3 of the NASDAQ Dubai Listing Rules. The company’s quotation on the Frankfurt exchange does not incur any listing fees or regulatory compliance costs.
Citigold holds 100% of the bonanza grade Charters Towers goldfield in northern Australia where a Mineral Resource of 10,000,000 ounces of gold at an average grade of 14 g/t gold, to strict JORC reporting standards, has been defined and documented.
This gold deposit is currently the largest high grade gold resource in Australia.
