ANNOUNCEMENT

Express-Link Bond Conversion

30 December 2013: Brisbane, Australia - Citigold Corporation Limited (Citigold or Company) (ASX:CTO, FSE:CHP) advises it has received notice from Express-Link Management Ltd (Express-Link) converting 10 convertible bonds into fully paid ordinary shares in Citigold. The conversion of the 10 bonds entitles Express-Link to 142,857,141 fully paid ordinary shares.

Citigold sees this as a further strengthening of the business relationship, with Express-Link advising that it remains committed to backing Citigold's development of the Charters Towers Gold project. Express-Link has confirmed that it is a long term shareholder and will not be selling any of the stock once converted.

This conversion has several advantages for the Company including debt reduction and reduced interest costs.

Express-Link's initial shareholding will make it the second largest holder with 9.55%. A

substantial shareholder notice will be lodged. An Appendix 3B is attached.

For further information contact:

Matthew Martin

Chief Executive Officer

Citigold Corporation Limited : telephone +61 7 3834 0000

Or visit the Company's 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.

Citigold Corporation Limited - Page 1 of 8

Appendix 3B

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and

documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

CITIGOLD CORPORATION LIMITED

ABN

30 060 397 177

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).


1 +Class of +securities issued or to be issued
Fully paid Ordinary Shares

2 Number of +securities issued or to be issued (if known) or maximum number which may be issued
One hundred and forty two million eight hundred and fifty seven thousand one hundred and forty one (142,857,141) shares

3 Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid

+securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)

Conversion of 10 Bonds with a face value of $1 million each into ordinary shares at 7 cents per Share.

Citigold Corporation Limited - Page 2 of 8


4 Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?
If the additional securities do not rank equally, please state: