Crocodile Gold Triples Its Gold Production to 36,117 Ounces in the
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Jul 12, 2012 11:42AM
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TORONTO, ONTARIO--(Marketwire - July 12, 2012) - Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile Gold" or the "Company") is pleased to announce it produced 36,117 ounces of gold in the second quarter of 2012 and 46,876 ounces year to date in the period ending June 30, 2012.
First Quarter 2012 |
Second Quarter 2012 (1) |
YTD Production (1) |
YTD Performance (2) |
|
Ore Processed (t) | 371,439 | 463,176 | 834,615 | 1,393,756 |
Average Grade (g/t Au) | 0.99 | 2.83 | 2.01 | 2.51 |
Mill Recovery (%) | 92.0% | 87.4% | 89.5% | 86.6% |
Gold oz Produced | 10,759 | 36,117 | 46,876 | 94,770 |
Note 1: Includes production from Fosterville and Stawell post May 4th acquisition Note 2: Shown as reference and including Fosterville and Stawell production since January 1st 2012. YTD results through June 30, 2012. This table is compiled from unaudited production figures. Audited results can have slight variations and will be released as part of the Company's Quarterly Reporting. |
With the completion of the acquisition of the Fosterville ("FGM") and Stawell ("SGM") gold mines on May 4th, the Company significantly increased its gold production, more than tripling its production in the second quarter compared to the company's first quarter 2012 performance. For year over year comparison purposes, when the FGM and SGM mines are included as if they were owned by Crocodile on January 1, 2012, the Company's pro-forma gold production performance year to date through June 30, 2012 was approximately 95,000 ounces.
Commenting on these results, Chantal Lavoie, President and CEO of the Company said, "This year's second quarter has been transformational for our Company with the acquisition of the Fosterville and Stawell mines, the completion of the $75 million debt facility with Credit Suisse AG and the continued progress at our Cosmo project in the Northern Territory. At the operational level, best practices are already being shared and implemented and we have seen positive results at all the sites."
Operational Update-State of Victoria
Operational Update-Northern Territory
Exploration and Advanced Projects - Update
Additional details of the second quarter will be provided in the Management Discussion and Analysis report, which will be released in conjunction with the Company's financial statements in mid-August.
About Crocodile Gold
Crocodile Gold is a Canadian company with operating gold mines in the Northern Territory of Australia and in the State of Victoria with a land package of over 3,900 square kilometres. Crocodile Gold is currently mining at the Fosterville and Stawell mines in the State of Victoria. In the Northern Territory, the Company continues to develop its Cosmo underground mine and is permitting the International open pit mine. The Northern Territory ore production is processed at the Union Reefs Mill with a capacity of 2.4 million tonnes per year.
At its Northern Territory properties, the Company has 3.175 million ounces of NI 43-101 reported Measured and Indicated mineral resources and 2.14 million ounces of Inferred mineral resources. These resources are inclusive of mineral reserves. At the State of Victoria properties, the Company has an additional 3.732 million ounces of NI 43-101 reported Measured and Indicated mineral resources and 0.622 million ounces of Inferred mineral resources. These are exclusive of mineral reserves which total 0.472 million ounces.
Crocodile Gold has an extensive exploration program in place in the Northern Territory and is exploring on several key properties on its expansive land package. Crocodile Gold's main focus is on the Cosmo Mine, the Union Reefs and Maud Creek project areas. In the State of Victoria, the Company has exploration programs in place designed to expand the resource base of each mine property.
For additional information, please visit our website www.crocgold.com. Follow us on Twitter (@crocgold_crk) or Facebook (www.facebook.com/CrocodileGoldCorp).
Qualified Person
David Keough F.AusIMM of Crocodile Gold Inc is a "qualified person" as such term is defined in National Instrument 43-101 and has reviewed and approved the scientific technical information and data included in this press release.
Cautionary Note
Certain information set forth in this press release contains "forward-looking statements", and "forward-looking information under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include the Company's expectations for future performance based on current drill results and past production, expected gold prices, and mineral resource estimates, and are based on Crocodile Gold's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Crocodile Gold's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: liabilities inherent in mine development and production; geological, mining and processing technical problems; Crocodile Gold's inability to obtain required mine licenses, mine permits and regulatory approvals required in connection with mining and mineral processing operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions; the demand for and availability of rail, port and other transportation services; the ability to secure adequate financing and management's ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Crocodile Gold undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.