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Citigold sells Black Jack gold plant for A$12M, enters toll treatment deal

Citigold Corp. Ltd. sold its Black Jack gold processing plant in Queensland to Maroon Gold Pty. Ltd. for A$12 million.

The plant will be used to process ore from the region as a centralized toll processor, including Citigold's ore, and the company has agreed to a toll treatment contract with Maroon for processing its ore from the Charters Towers mines.

The company said Dec. 8 that it has retained all of its gold mineral deposits, including its wholly owned Charters Towers underground mines of Central and Warrior/Imperial. Citigold noted that it had no defined mineral resources at Black Jack, and the sale will have no impact on the company's production goals.

The company will use the sale proceeds mainly to repay the secured lender Fortune Gems and Jewellery DMCC, and the balance for working capital.

In a separate deal, Citigold granted Jewellery DMCC a 1% royalty on gold sold from its operations for the next five years.