ANNOUNCEMENT  

Citigold  US$5  million  Alliance  with  Fortune  of  Dubai    

21   April   2015:   Brisbane,   Australia   -   Citigold   Corporation   Limited   ("Citigold"   or  "Company")(ASX:CTO)   is   pleased   to   advise   that   it   has   reached   agreement   with  Fortune   Gems   and   Jewellry   DMCC   (Fortune)   for   the   future   refining   of   its   Charters  Towers   gold   dore'   bars   production   for   5   years   and   a   US$5   million   loan   to   Citigold  repayable  in  gold.  

The   US$5   million   equates   to   about   A$6.4   million.   The   funds   will   be   used   for   general  
working   capital   including   early   repayment   of   the   existing   CGN   Finance   Pty   Ltd  
secured   Note   and   to   assist   planning   to   bring   forward   the   move   back   into   gold  
production.   This   agreement   is   separate   from   and   in   harmony   with   the   previously  
announced   KIG   joint   venture   agreement   due   for   completion   in   June   2015   and  
activation  of  the  JV  thereafter.    

Fortune  are  gold  traders  with  substantial  Indian  refining  facility  arrangements.    India  
based  global  finance  advisors  Herringer  International  Corp  arranged  this  gold  linked  
debt  transaction.    

In   addition   to   the   future   refining   of   gold   dore'   bars   Citigold   has   agreed   to   pay   a   1%  
marketing  fee  to  Fortune  on  its  share  of  gold  production  over  a  3  year  period.    

The  Note  and  security  terms  are:    

• Structure  -  Secured  Redeemable  Notes.  
• Fortune  payments  to  Citigold  -    
i. US$3  million  (~A$3.9  million)  on  or  before  21  April  2015    
ii. US$2  million  (~A$2.5  million)  on  or  before  21  May  2015.  
• Security  -  Mortgage  over  gold  processing  plant.    
• Term  -  6  months.  
• Interest  rate  -  Nil.  

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• Notes  to  be  Issued  -  50,000.  
• Note  Issue  price  -  US$100  each.  
• Redemption  price  -  US$130  each.  
• Redemption  payable  in  gold  to  equivalent  value.  

The  first  payment  to  Citigold  has  been  received.  
This   is   another   step   towards   the   resumption   of   low   cost   gold   production.   One   of   the  important   goals   is   to   ensure   that   gold   production   productivity   is   maximized   as  Citigold   expands   its   high-­‐‑grade   underground   mine   at   Charter   Towers   by   using   the  latest  technologies  and  efficiencies.  We  plan  to  compete  for  the  world's  lowest  quartile  "all  in"  gold  production  costs.    

For  further  information  contact:    

Mark  Lynch

Executive  Chairman  

Citigold  Corporation  Limited:  telephone  +61  7  3834  0000    

Or  visit  the  Company'ʹs  web  site  at:     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.

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