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.

Crocodile Gold Corp.
Rob Hopkins
Manager, Investor Relations
[email protected]

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
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial C...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
To Really Work for Enterprises, MultiCloud Adoption Requires Far Better and Inclusive Cloud Monitoring and Cost Management … But How? Overwhelmingly, even as enterprises have adopted cloud computing and are expanding to multi-cloud computing, IT leaders remain concerned about how to monitor, manage and control costs across hybrid and multi-cloud deployments. It’s clear that traditional IT monitoring and management approaches, designed after all for on-premises data centers, are falling short in ...
With privacy often voiced as the primary concern when using cloud based services, SyncriBox was designed to ensure that the software remains completely under the customer's control. Having both the source and destination files remain under the user?s control, there are no privacy or security issues. Since files are synchronized using Syncrify Server, no third party ever sees these files.
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
"We are an integrator of carrier ethernet and bandwidth to get people to connect to the cloud, to the SaaS providers, and the IaaS providers all on ethernet," explained Paul Mako, CEO & CTO of Massive Networks, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
I believe that this may finally be the year that the CIO role ‘crosses the Rubicon,' leaving behind its traditional, IT-focused orientation. But I don't believe that either of the previous predictions of this outcome — fading into oblivion or rising to a business executive level — is correct. Instead, I think this is the year that we will see the role of the CIO transformed into something altogether different.
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
"Calligo is a cloud service provider with data privacy at the heart of what we do. We are a typical Infrastructure as a Service cloud provider but it's been designed around data privacy," explained Julian Box, CEO and co-founder of Calligo, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"NetApp is known as a data management leader but we do a lot more than just data management on-prem with the data centers of our customers. We're also big in the hybrid cloud," explained Wes Talbert, Principal Architect at NetApp, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.