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Company Statement
Citadel is listed on the Australian Securities Exchange in the materials index and is a member of the ASX S&P 300 Index. We are an emerging producer, focused on base metals and gold in the Arabian Shield and is currently drilling two gold projects in the Kingdom of Saudi Arabia.
Our vision is to be an internationally respected, mid-tier minerals company in the ASX 100 Index within the next two years. With a sustainable pipeline of development projects, our focus is to build a strong and diversified mining company with profitable operations. The flagship Jabal Sayid copper and gold project is on track for commissioning in mid 2011.
Our corporate mission is to efficiently explore, develop, mine and acquire high quality mineral assets. This in return will make a materially positive impact to Citadel’s business and reputation and deliver superior returns to stakeholders. We strive to uphold our corporate responsibilities as a publicly listed company and maintain the highest regard for safety, social responsibility, community development and economic and environmental sustainability.
Citadel and our Saudi Company, Bariq Mining are committed to excellence in sustainable development including developing local skills and industry.
Current Operations
JABAL SAYID
The flagship Jabal Sayid copper and gold project is on track for commissioning in mid 2011 producing 240,000t of copper concentrate. The project is one of the lowest cost of capital per tonne of copper producing project which will also produce gold and silver in concentrate.
The project will produce approximately 60,000t of copper in concentrate per year and the average life of mine head grade through the concentrator will be 2.3% copper and approximately 0.4 g/t gold.
MAHD ADH DHAHAB
The Mahd Adh Dhahab Project encompasses the exploration licence areas of Bari, Lahuf and Ram Ram. The project area is located some 300km north-east of Jeddah and 40km south of Citadel’s Jabal Sayid Project. The Bari Project is considered highly prospective for gold and copper porphyry style mineralisation while the Lahuf and Ram Ram projects are highly prospective for epithermal vein-type gold-sulphide deposits similar to that mined at the Mahd Adh Dhahab Mine (6Moz) located some 8km away along strike.
Bari
Located 40km south-east of Mahd Adh Dhahab gold mine and within 80km of Jabal Sayid.
- Prospective for porphyry gold and copper style mineralisation.
- Large cluster of ancient gold workings and auriferous veins covering an area of 8km˛. 180 ancient workings have been identified with significant slag dumps containing an estimated 3,000t of slag from ancient smelting processes.
- Excess of 140 rock chip samples returned gold contents greater than 1 g/t Au with a maximum value of 51.5 g/t Au from Citadel’s recently completed surface sampling program.
- Well defined geophysical and spectral anomalies.
- Currently drilling.
Lahuf
- Located 40km south-west of Jabal Sayid, Lahuf is only 8km from the Mahd Adh Dhahab mine. Lahuf is prospective for precious metal epithermal style mineralisation similar to that hosting the close-by Mahd Adh Dhahab Mine (6Moz’s past production).
- Lahuf has been explored intermittently by the various operators of the nearby Mahd Adh Dhahab gold mine over the past 40 years.
- At the Lahuf prospect, mineral resource estimates in all categories total approximately 1.7Mt at 2.6 g/t Au (142,000 oz of contained gold)
Ram Ram
- Located 25km west of the Mahd Adh Dhahab gold mine.
- Ram Ram is an early stage exploration project with potential for discovery of epithermal type gold-sulphide vein mineralisation similar to that located along strike to the east at Lahuf and Mahd Adh Dhahab.
- The Project is centred around Jabal Ram Ram – a collapsed caldera around which previous explorers have identified anomalous precious metal geochemistry.
- Citadel plans to compile all the previous data, to be followed by field checking, geological mapping and selected sampling of all gossans, quartz veins and alteration zones at Ram Ram.
WADI SHUGEA
The Wadi Shugea Project comprises three exploration licences; Shayban, Shayban Extended and Baydan. These three licences cover approximately 204km˛ of the highly prospective Samran-Shayban volcanic belt. The project area is located approximately 150km north-east of Jeddah and is accessed via the six lane Jeddah – Medina Highway. The Wadi Shugea Project area is considered highly prospective for the discovery of precious and base metal volcanic hosted massive sulphide (VHMS) and gold-sulphide epithermal vein-style deposits.
Wadi Shugea hosts the advanced gold rich Jabal Shayban VHMS deposit and also the base metal rich Jabal Baydan VHMS deposit.
Jabal Shayban
Located 150km north-east of Jeddah.
- Jabal Shayban is prospective for VHMS and precious metal epithermal style deposits.
- The Jabal Shayban deposit comprises a Resource in all categories of approximately 1.8Mt at 2.7 g/t Au, 23.1 g/t Ag and 0.46% Cu (see Mineral Resource Inventory for full details).
- Multiple high grade “stacked” gold zones have been discovered at Shayban since Citadel began exploring this project in 2008.
- Resources remain open down-dip, down plunge and along strike.
- Citadel will be releasing an updated resource in the near future.
- Locally, several promising high quality prospects have been identified and are being assessed by Citadel.
Jabal Baydan
Located 5km south of Jabal Shayban and 150km north-east of Jeddah.
- The project is prospective for base metal rich VHMS and precious metal epithermal deposits.
- Most advanced prospect is the Jabal Baydan deposit which extends over a strike of some 1,250m.
- Previous explorers have defined significant Zn-Au rich massive sulphides within the Jabal Baydan deposit. The deposit remains open down dip and along strike and remains to be classified to a JORC standard.
- The immediate focus at Baydan will be the compilation and confirmation of existing data.
- Citadel proposes to integrate deposits like Baydan within the overall Shayban operations.
HAIL
The Hail Project comprises the two exploration licences Idhkiri West and Al Qunnawat South. The project lies 650km between north to north-east of Jeddah and covers a combined area of 160km˛. The Hail Project area is considered prospective for gold and copper porphyry-style mineralisation. Ancient mining has occurred across the project area with rock chip sampling from these sites returning up to 46.6 g/t gold. Modern time exploration conducted by previous explorers defined a WSW-ENE trending 14km geochemical anomaly extending across the project area.
Idhkiri West
650km between north to north-east of Jeddah, 250km north-east of Medina and 35km east of Hulayfah.
- Idkhiri West is an early stage exploration project and is prospective for copper and gold porphyry style mineralisation.
- The main prospect of Idhkiri is defined by an extensive high grade (+3 g/t gold) surface anomaly extending 1200m x 250m.
- Widespread ancient workings recorded within the project area.
- Citadel plans to compile all the previous exploration data, followed by an initial program of field checking, mapping and sampling, mainly in the locations identified by ancient gold workings.
Qunnawat South
650km north-northeast of Jeddah, 250km northeast of Medina and 35km east of Hulayfah.
- Qunnawat South is an early stage gold exploration project that is prospective for copper and gold porphyry style mineralisation.
- The Qunnawat South prospects form a gold and minor base-metal geochemical anomaly extending over a distance of about 14km.
- Citadel plans to compile all the previous exploration data, followed by an initial programme of field checking, mapping and sampling, mainly in the locations identified by ancient gold workings.
MURAYJIB
The Murayjib Project is comprised of the single 100km˛ Murayjib-Bil’iwy Exploration Licence. The project area is located 450km north of Jeddah and 90km between north to north-east of the port city of Yanbu. The project area is accessed via well formed highways from Yanbu. The Murayjib Project covers an area of ancient gold mines which include the recorded workings at Murayjib, Murayjib South, Bil’iwy, Umm Hashayim, Ifshaygh and Umm Hufrah. These ancient mines are aligned north-south over a 20km strike. Throughout the project area gold, occurs in quartz veins, hydrothermally altered wall rocks proximal to veins and as numerous alluvial/colluvial deposits. The project is considered prospective for mesothermal vein-style gold deposits
WADI KAMAL
The Wadi Kamal Project encompasses a single Exploration Licence of approximately 100km˛ and is located 330km north of Jeddah and 30km north from the major port city of Yanbu. The Wadi Kamal layered mafic intrusion is considered prospective for nickel-copper and platinum group minerals. The Wadi Kamal Project covers the southern portion of a mafic layered igneous complex that outcrops over an area of about 500km˛.
Geographical Spread
Saudi Arabia
Board of Directors and Key Management
| Board Of Directors | |
| Andrew Peter Thomson | Non-Executive Director and Chairman |
| Inés Scotland | Managing Director and Chief Executive Officer |
| Fletcher Christeson Quinn | Non-Executive Director |
| David Gerard Michael Regan | Non-Executive Director |
| Ralph Nicholas Stagg | Non-Executive Director |
| Peter Robert Lester | Executive Director |
| Management Team | |
| Jeff Sells | Chief Financial Officer |
| Sue-Ann Higgins | Company Secretary and General Counsel |
| Graham Pratt | Bariq Mining, Vice President and General Manager, Saudi Arabia |
| Brett Butlin | General Manager Geology |
| Geoff Booth | Resource Manager |
| Ben Stockdale | Marketing Manager |
| Kevin Smith | Finance Manager |
| David Brookes | Technical Services Manager |
| Ivor Whitefield | Jabal Sayid Project Director |
Company AddressLevel 12, 350 Collins Street
|
Additional Address/Key ContactVilla 261 |
Major Shareholders
| SHAREHOLDER | NO OF SHARES | % |
| RAIR HOLDINGS WLL | 345,000,000 | 24.141 |
| CENTRAL MINING CO INVESTMENT LTD | 224,236,513 | 15.691 |
| NATIONAL NOMINEES LIMITED | 201,117,246 | 14.073 |
| J P MORGAN NOMINEES AUSTRALIA LIMITED | 120,827,300 | 8.455 |
| TRANSAMINVEST | SA 72,641,018 | 5.083 |
| HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED | 40,914,440 | 2.863 |
| EXPERTA TRUSTEES JERSEY LIMITED | 37,000,000 | 2.589 |
| ANZ NOMINEES LIMITED | 31,676,754 | 2.217 |
| COGENT NOMINEES PTY LIMITED | 21,686,090 | 1.517 |
| NOVUS CAPITAL NOMINEES PTY LIMITED | 15,035,000 | 1.052 |
Related News
25/08/09 - Citadel Resources Invites Comparisons With Early Oxiana, As It Moves Towards A Development Decision In Saudi Arabia18/03/09 - Early Stage Gold Production From Citadel’s Jabal Sayid Copper-Gold Mine Could Substantially Contribute To Development Costs
20/08/08 - Citadel Resources Stakes Some Big Claims In Saudi Arabia, Proving That There’s Life After Oxiana For Owen Hegarty
Most Recent Statement
11/02/10 - Jabal Sayid Project Update18/01/10 - Citadel`s December Quarterly
14/12/09 - Jabal Sayid Positive Definitive Feasibility Study
09/11/09 - Jabal Sayid Project (Exploitation) Mining Licence Update
28/10/09 - Quarterly Results
24/08/09 - Bank Mandate Executed for Jabal Sayid Project