30 April 2009: Brisbane, Australia - Citigold Corporation Limited (Citigold) (ASX:CTO, NASDAQ Dubai:CTO, FSE:CHP), an Australian gold mining company producing gold from its 100% owned 10 million oz. gold resource goldfield at Charters Towers in north eastern Australia, announced the successful placement of new shares to raise A$5.76 million from local and international institutional and high net worth investors.

The placement in April 2009 was for 26,935,382 ordinary shares, plus 6,135,382 and 760,000 unlisted options exercisable by 30 April 2011 at A$0.27 and A$0.23 respectively and an additional 3,740,410 free bonus shares issued immediately.

The funds raised will be used to underpin the continued infrastructure development of the Charters Towers goldfield and as working capital.  These capital works are aimed at growing gold production from the current 10,000 oz. per annum to 60,000 oz. per annum by the end of 2009.

Citigold’s Managing Director, Mr. Mark Lynch, said: “The new funds raised will assist us reach the longer term goal of the Charters Towers gold project – which is annual gold production of 300,000 ounces. The management team’s confidence in the overall goal is now stronger than ever.”

Robert W. McMillen, Chairman of MAC Capital, said, “Gold is certainly on the radar screen of investors throughout the world – its favour as a financial safe-haven in these uncertain economic times is matched only by this precious metal’s lustre. Our work with Citigold has helped diversify the shareholder base of the Company and spread the shares into the hands of more investors who can trade the stock on three global exchanges – the Australian Stock Exchange, Frankfurt Stock Exchange and of course NASDAQ Dubai.”

Dubai-based Investment Bank, MAC Capital Limited, was appointed as placement agent for Citigold for this new issue of shares.

To view the full release or for more information please www.citigold.com