Click here to close now.




















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
Palerra, the cloud security automation company, announced enhanced support for Amazon AWS, allowing IT security and DevOps teams to automate activity and configuration monitoring, anomaly detection, and orchestrated remediation, thereby meeting compliance mandates within complex infrastructure deployments. "Monitoring and threat detection for AWS is a non-trivial task. While Amazon's flexible environment facilitates successful DevOps implementations, it adds another layer, which can become a ...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.