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Citigold to acquire assets in India's Kolar goldfield

Citigold Corp.Ltd. said April 11 that it intends to acquire the assets of , includingmining leases, land and a plant, in the Kolar goldfield of India.

The company signed a memorandum of understanding to partner withPan India Network Infravest Ltd., part of the Essel Group conglomerate, to acquire the assets from theIndian government.

According to the company, there is an opportunity to obtain earlygold production from the assets by re-treating about 32 million tonnes of tailing,open pit mining and production from shallow underground workings down to 600 meters.