Crocodile Gold Increases Third Quarter Gold Production by Over 14% to
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Oct 10, 2013 10:27PM
Edit this title from the Fast Facts Section
TORONTO, ONTARIO--(Marketwired - Oct. 10, 2013) - Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC)("Crocodile Gold" or the "Company") produced 55,206 ounces of gold in the third quarter of 2013, a 14.4% increase over second quarter production of 48,261 ounces. Related revenue and cost per ounce details will be included in the Q3 2013 financial results which will be released in mid-November.
Production Highlights for the Third Quarter:
Consolidated Production Summary | ||||
Q3 2013 | YTD 2013 | Q3 2012 | YTD 2012 | |
Ore Milled (t) | 614,025 | 1,781,132 | 508,655 | 1,351,150 |
g/t Au | 3.24 | 3.12 | 3.31 | 2.50 |
Recovery | 83.5% | 83.8% | 85.6 | 88.1 |
oz | 55,206 | 152,318 | 45,963 | 93,376 |
While the Company continues to review all mining plans and expenditures in light of the challenging gold market, Crocodile Gold is pleased to report that once again all assets have performed solidly in the past quarter, demonstrating a 14.4% increase in gold production from Q2. Strong performance from all mines contributed to the increase with the Cosmo Mine in particular showing increases in throughput, grade and recovery.
Rodney Lamond, President and CEO of Crocodile Gold, commented: "Despite ongoing market challenges, Crocodile Gold has achieved a strong quarter of production while we continue to implement strategic initiatives to deliver positive returns to shareholders. I would like to acknowledge the hard work of Crocodile Gold personnel in ensuring our operations are focused on profitable and sustainable production in a safe working environment for all Crocodile gold employees and contractors."
Operational Updates
Q3 2013 | Q2 2013 | Q1 2013 | Total | |
Cosmo Gold Mine | ||||
Ore Milled (t) | 188,758 | 175,708 | 152,128 | 516,594 |
g/t Au | 3.83 | 3.50 | 3.12 | 3.51 |
Recovery | 91.8% | 89.5% | 86.4% | 89.4% |
oz | 21,316 | 17,706 | 13,169 | 52,089 |
Fosterville Gold Mine | ||||
Ore Milled (t) | 204,231 | 197,769 | 190,026 | 592,026 |
g/t Au | 4.44 | 4.32 | 4.74 | 4.50 |
Recovery | 86.7% | 85.5% | 81.4% | 84.6% |
oz | 25,359 | 23,470 | 23,556 | 72,385 |
Stawell Gold Mine | ||||
Ore Milled (t) | 222,322 | 238,344 | 213,132 | 673,798 |
g/t Au | 1.62 | 1.20 | 2.06 | 1.61 |
Recovery | 73.5% | 76.5% | 86.5% | 78.7% |
oz | 8,531 | 7,085 | 12,228 | 27,844 |
Totals | 55,206 | 48,261 | 48,953 | 152,318 |
Cosmo Gold Mine
Fosterville Gold Mine
Stawell Gold Mine
About Crocodile Gold
Crocodile Gold is a Canadian gold mining and exploration company with three operating mines in the Northern Territory and the State of Victoria, Australia. The Company has a combined land package in excess of 4,000 sq. km. The objective of Crocodile Gold is to continue production from its three operating mines, Cosmo, Stawell and Fosterville, while also exploring and developing the Company's resources to ensure sustainable production in the future. For additional information, please visit our website www.crocgold.com.
Follow us on Twitter @crocgold_crk or Facebook www.facebook.com/CrocodileGoldCorp.
Qualified Person
F. W. Nielsen, P. Geo, V.P. Exploration of Crocodile Gold Corp. is a "qualified person" as such term is defined in National Instrument 43-101 and has reviewed and approved the 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 licences, 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 that 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.
Crocodile Gold Corp.
Rob Hopkins
Manager, Investor Relations
416-861-5899
[email protected]
www.crocgold.com