Welcome!

News Feed Item

Crocodile Gold Produces 54,024 Ounces of Gold in Q2 2014, a 12% Increase Over Q2 2013

- Crocodile Gold has produced 107,607 ounces of gold in the first half of 2014.

TORONTO, ONTARIO -- (Marketwired) -- 07/14/14 -- Crocodile Gold Corp. (TSX:CRK)(TSX:CRK.DB)(TSX:CRK.WT)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile Gold" or the "Company") is reporting its production results for the second quarter of 2014. Related financial details for the second quarter are planned for release in August. In Q2 2014, the Company achieved consolidated gold production of 54,024 ounces from 651,105 tonnes of ore with an average grade of 3.05 g/t Au and recoveries of 83.4%.

Consolidated Operational Summary


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                        Q2 2014       Q1 2014      YTD 2014 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Ore Milled (t)                          651,105       678,821     1,329,926 
----------------------------------------------------------------------------
Average Recovery (%)                       83.4%         83.2%         83.3%
----------------------------------------------------------------------------
Average Grade (g/t Au)                     3.05          2.92          2.99 
----------------------------------------------------------------------------
Ounces Produced (oz)                     54,024        53,583       107,607 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Rodney Lamond, President and CEO of Crocodile Gold, commented: "I am very pleased with the strong operating results during the first half of 2014. A renewed focus on achieving our objectives has produced consistent production results and has demonstrated confidence in our revised mine operating plans. With the strong second quarter results, our 2014 production total is 107,607 ounces. We now expect to be at the top end of our full-year 2014 production guidance of 200,000 to 210,000 ounces." Mr. Lamond continued: "I am especially pleased with the strong performance of the Cosmo Mine in achieving improved operating results. The successful transition to the new mining contractor and efforts to improve gold recoveries resulted in gold production of 21,845 ounces. The Fosterville and Stawell Gold Mines also continue to maintain consistent results. The current gold production volumes have allowed the Company to invest in the capital infrastructure programs needed to further improve productivities and reduce costs. Our commitment to ongoing explorations programs at each of the operations is designed to increase mineral resources and build sustainability for the operations into the future."

Cosmo Gold Mine

Following from the successful transition to a new mining contractor at the end of the first quarter of 2014, the Cosmo Gold Mine posted strong physical results in the second quarter. Cosmo recorded underground ore production of 209,310 tonnes at an average grade of 3.70 g/t Au, up significantly from the first quarter of 2014. Ore milled in the second quarter was 213,815 tonnes at an average grade of 3.69 g/t Au and recovery rate of 86.3% for gold production of 21,845 ounces. Recovery rates at Cosmo have continued to improve over the course of Q2 with June's recoveries exceeding 92%. Mill grade increased in Q2 as the processing of lower grade oxide stockpiles for reclamation purposes was completed in Q1, with exclusively higher grade underground ore being processed in Q2. Development during the quarter advanced at an average rate of 324 metres per month.

Fosterville Gold Mine

The Fosterville Gold Mine continues the year with consistent underground ore production of 201,459 tonnes at an average grade of 4.09 g/t Au. Fosterville processed 202,927 tonnes of ore at a grade of 3.95 g/t Au with a recovery rate of 85.7% resulting in gold production of 22,198 ounces, which is more in line with planned production levels. Mine development continued at an average advance rate of 630 metres per month, particularly focused on advancing the Phoenix Decline to access higher-grade levels of the Lower Phoenix lens.

Stawell Gold Mine

The Stawell Gold Mine continues to operate by focusing on the identification and development of remnant resources in the upper levels of the mine, and supplementing underground ore with stockpiled oxide materials. Stawell is investing limited exploration expenditures in order to maintain the viability of the operations while also looking for additional zones of mineralization to sustain underground operations into future quarters. In Q2 2014, Stawell mined 137,849 tonnes of underground ore from the upper levels of the mine at an average grade of 2.62 g/t Au. The mill processed a total of 234,363 tonnes at an average grade of 1.69 g/t Au and recoveries of 78.8% which resulted in gold production of 9,956 ounces for the quarter.

Crocodile Gold continues to progress the Big Hill Enhanced Development Project (the "Project") at Stawell. In June 2014, the Company released a positive Feasibility Study with a pre-tax IRR of 125% and NPV of A$38.5 million based on a discount rate of 8%. Full details of the Feasibility Study can be found in the Company's press release dated June 4, 2014 or in the Technical Report titled "Technical Report - Big Hill Enhanced Development Project At Stawell Gold Mine" dated June 2014 and prepared by Dean Basile, B.Eng. in Mining Engineering, GDipAppF&I, MAusIMM CP(Min), RPEQ, Manager Mining for Mining One consultants of Melbourne, Victoria and Stuart Hutchin BSc, Applied Geology, MAIG, MAusIMM, Geology Manager for Mining One consultants of Melbourne, Victoria, Australia. The Technical Report can be found at SEDAR and the Company's website at www.crocgold.com.

The Feasibility Study followed the release of the Environmental Effects Statement (EES) for the Big Hill Project in March, which will form the basis for the Ministerial assessment of the Project expected later in 2014. The EES was made available for public review and comment. The Project has now entered into formal Panel Hearings with government department representatives; at the completion of the hearings, the Panel will issue its recommendations to the Minister, expected in Q3 2014.

Cash Balance and Working Capital Position

At the end of the second quarter of 2014, Crocodile Gold had a preliminary cash balance of $34.2 million and working capital of approximately $21.0 million. Full financial details and associated all-in sustaining and operations cash cost details will be released in August 2014.

About Crocodile Gold

Crocodile Gold is a Canadian gold mining and exploration company with three operating mines in Australia, in the State of Victoria and the Northern Territory. The Company also has a combined land package in excess of 4,000 sq. km. Crocodile Gold is focused on sustainable production from its three operating mines, Cosmo, Stawell and Fosterville, while also exploring and developing the Company's assets to ensure continued production in the future. For additional information, please visit our website www.crocgold.com.

Follow us on Twitter @crocgold_crk or on Facebook at www.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; and/or 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
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.