TORONTO, ONTARIO — (Marketwire) — 01/18/13 — Crocodile Gold Corp. (TSX: CRK)(OTCQX: CROCF)(FRANKFURT: XGC) („Crocodile Gold“ or the „Company“) is pleased to announce production of 62,147 ounces of gold in the fourth quarter of 2012, an increase of 35% over the third quarter of 2012. During the year ended December 31, 2012, the Company produced 155,523 ounces of gold.
The significant increase in gold production for the fourth quarter was a result of 28% more throughput and a 2% increase in the average gold grade. The total annual production for Crocodile Gold-s current operations was 203,772 ounces of gold, taking into account total production at the Fosterville and Stawell Gold Mines since January 1, 2012 (Crocodile Gold acquired these assets on May 4, 2012).
Commenting on these results, Chantal Lavoie, President and CEO of the Company, said, „Our operations delivered a strong fourth quarter, with continuous improvement over the previous quarters, in line with our guidance of 143,000 to 158,000 ounces of gold production for 2012. Looking ahead to 2013, the Company will continue to focus on delivering profitable gold production while continuing to rationalize non-core assets.“
Operational Update-State of Victoria
Operational Update-Northern Territory
Exploration and Advanced Projects – Update
Additional details of the fourth quarter will be provided in the Management Discussion and Analysis report, which will be released in conjunction with the Company-s annual financial statements by the end of March.
The Company is presently finalizing its three and five-year Strategic Business Plan. The Strategic Business Plans aim to prioritize those growth initiatives with the highest return on invested capital. The Company is in the final stages of analyzing each of its growth projects and expects to communicate its longer-term capital allocation strategy, including which projects the Company will advance and when, with the release of fourth quarter earnings.
About Crocodile Gold
Crocodile Gold is a Canadian company with operations in the Northern Territory of Australia and operating mines in the State of Victoria with a land package of over 4,000 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. 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. (see the NI 43-101 compliant technical report entitled „Report on the Mineral Resources and Mineral Reserves of the northern Territory Gold and Base Metals Properties for Crocodile Gold Corp.“ by Fleur Muller, Mark Edwards and Heath Gerritsen dated April 4, 2011, filed under the Company-s profile on SEDAR for the details regarding these mineral resource estimates).
At the State of Victoria properties, the Company has an additional 1.216 million ounces of NI 43-101 reported measured and indicated mineral resources (15.26 million tonnes at an average grade of 2.48 g/t gold) and 0.622 million ounces of inferred mineral resources (6.0 million tonnes at an average grade of 3.22 g/t gold) (see the NI 43-101 compliant technical reports entitled „NI 43-101 Technical Report, Stawell Gold Mine, Victoria, Australia“ and „NI 43-101 Technical Report Fosterville Gold Mine, Victoria, Australia“ prepared for Crocodile Gold Corp by James P Llorca of Mining Plus, and Neil Schunk of CP Mining dated April 9, 2012. filed under the Company-s profile on SEDAR for the details regarding these mineral resource estimates). These resource estimates 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, Pine Creek 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.
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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 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.
Contacts: Crocodile Gold Corp. Rob Hopkins Manager, Investor Relations 416-861-5899
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