Welcome!

News Feed Item

Crocodile Gold Exceeds Increased Production Guidance With 210,696 Ounces Produced in 2013

Increases 4th Quarter Production to Over 58,000 Ounces

TORONTO, ONTARIO -- (Marketwired) -- 01/22/14 -- Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile Gold" or the "Company") reports on its 2013 annual and fourth quarter production results. Full financial details for fiscal 2013 planned for release in mid-March.

2013 Annual Production Highlights


--  Consolidated annual gold production increased 26% to 210,696 ounces. 
--  Annual gold production from the Cosmo Gold Mine increased 45% to 74,106
    ounces, while average grade increased 58% to 3.57 g/t Au. 
--  The Fosterville Gold Mine continued its strong performance, producing
    98,424 ounces. 
--  The Stawell Gold Mine achieved a full year of underground mining with
    production of 38,166 ounces

Fourth Quarter Production Highlights


--  Strong operational performance across all three operations led to a
    record quarterly gold production of 58,267 ounces for the fourth
    quarter. 
--  Consolidated fourth quarter average grade increased 4% to 3.36 g/t Au. 
--  Record quarterly gold production from the Cosmo Gold Mine of 22,570
    ounces for the fourth quarter. 
--  Fosterville Gold Mine increased its underground ore mined during the
    quarter by 4% 
--  Stawell continues to exceed expectations with a 21% increase in ounces
    produced over Q3.

Rodney Lamond, President and CEO of Crocodile Gold, commented: "I am very pleased to announce that Crocodile Gold has exceeded our increased gold production guidance for the year with over 210,000 ounces produced in 2013 while also achieving our cost reduction goals. This demonstrates the focus and commitment of all our employees to take our Company to a new level. Crocodile Gold has reacted quickly to the weakening gold market by cutting corporate expenditures, establishing diligent capital allocation strategies and by reviewing productivity and operating costs. Further work will be required as we continue to closely monitor the changing gold market, however, we believe we have built confidence in our three operations and will continue to invest in the necessary sustaining capital to ensure our goals and objectives are achievable and sustainable."

2014 Production Guidance

Building on the achievement of its increased production guidance in 2013, Crocodile Gold has established production guidance for 2014 of 200,000 - 210,000 ounces of gold.

Operational Summary


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                            Q1 2013   Q2 2013   Q3 2013   Q4 2013     Total 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cosmo Mine                                                                  
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Ore Milled (t)              152,128   175,708   188,758   202,743   719,337 
----------------------------------------------------------------------------
g/t Au                         3.12      3.50      3.83      3.74      3.57 
----------------------------------------------------------------------------
Recovery                       86.4%     89.5%     91.8%     89.9%     89.6%
----------------------------------------------------------------------------
oz                           13,169    17,706    21,316    21,915    74,106 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Fosterville Gold Mine                                                       
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Ore Milled (t)              190,026   197,769   204,231   200,140   792,166 
----------------------------------------------------------------------------
g/t Au                         4.74      4.32      4.44      4.63      4.53 
----------------------------------------------------------------------------
Recovery                       81.4%     85.5%     86.7%     87.4%     85.3%
----------------------------------------------------------------------------
oz                           23,556    23,470    25,359    26,039    98,424 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Stawell Gold Mine                                                           
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Ore Milled (t)              213,132   238,344   222,322   215,062   888,860 
----------------------------------------------------------------------------
g/t Au                         2.06      1.20      1.62      1.81      1.66 
----------------------------------------------------------------------------
Recovery                       86.5%     76.5%     73.5%     82.3%     79.5%
----------------------------------------------------------------------------
oz                           12,228     7,085     8,531    10,322    38,166 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Totals                       48,953    48,261    55,206    58,276   210,696 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Cosmo Gold Mine

The Cosmo Gold Mine improved on its third quarter performance during the fourth quarter with underground ore production at 200,211 tonnes at an average grade of 3.93 g/t Au. The Union Reefs mill facility processed 202,743 tonnes at an average grade of 3.74 g/t Au and at a recovery rate of 89.8%, resulting in gold production of 21,316 ounces for the quarter. A slight decrease in recovery rates was attributed to certain sections of development ore. The Cosmo Mine achieved an average development rate of 549 meters in the quarter, in line with operational requirements while continuing to minimize capital expenditure.

Fosterville Gold Mine

The Fosterville Gold Mine had a strong finish to the year for both mining and processing. Underground ore production was 219,713 tonnes during the fourth quarter at an average grade of 4.82 g/t Au, setting a new quarterly record for underground ore mined. Fosterville processed 200,140 tonnes of ore at a grade of 4.63 g/t Au with a recovery rate of 87.4%, resulting in gold production of 26,039 ounces in Q4. Mine development continued at an average advance rate of 609 metres per month during the quarter. Exploration is continuing on the Phoenix and Central ore bodies with encouraging results and it is anticipated that additional resources identified will continue to extend the mine life of Fosterville.

Stawell Gold Mine

The Stawell Gold Mine continues to focus on the upper levels of the mine, accessing remnant mining areas. During the quarter Stawell mined 157,708 tonnes of underground ore at an average grade of 2.39 g/t Au. There continues to be a focus on prolonging underground mining activities at Stawell and it is anticipated that underground operations will continue in the first half of 2014. The underground ore mined was supplemented with surface oxide material for a total of 215,602 tonnes processed at an average grade of 1.81 g/t Au. Stawell achieved a recovery rate of 82.3% which, coupled with the slight increase in feed grade, resulted in an increased gold production to 10,322 ounces for the quarter. Stawell set a new annual record for tonnes of ore processed during a calendar year with 888,860 tonnes.

The Big Hill Project continues to move through the permitting process with governmental submissions being made in the first half of 2014. Geotechnical drilling and various technical studies were completed during the quarter, which will form part of the submissions. The Big Hill Project continues to be Crocodile Gold's highest priority growth project.

Cash Balance and Working Capital Position

At the end of 2013, Crocodile Gold had a preliminary cash balance of $27.5M and working capital of approximately $15M. The 2013 annual financial statements will be released in March 2014.

As a result of the continued volatility in the price of gold, management is assessing the carrying value of its mine properties and property, plant and equipment as the recoverable amount at lower prices may exceed the carrying amount of those assets, which would result in an impairment charge. This assessment is currently ongoing and will be finalized as part of the Company's 2013 annual financial statements.

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 facebook.com/CrocodileGoldCorp.

Qualified Person

F. W. Nielsen, P. Geo, a technical consultant to 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Imagine having the ability to leverage all of your current technology and to be able to compose it into one resource pool. Now imagine, as your business grows, not having to deploy a complete new appliance to scale your infrastructure. Also imagine a true multi-cloud capability that allows live migration without any modification between cloud environments regardless of whether that cloud is your private cloud or your public AWS, Azure or Google instance. Now think of a world that is not locked i...
Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls "Bimodal IT," where business struggle to apply modern tools and practices to traditional monolithic applications. But these existing assets can be modernized and made more efficient without havin...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and attent...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...