Welcome!

News Feed Item

Crocodile Gold Announces Agreement on the Sale of Non-Core Assets in the Northern Territory

TORONTO, ONTARIO -- (Marketwired) -- 08/28/14 -- Crocodile Gold Corp. (TSX: CRK)(TSX: CRK.DB)(TSX: CRK.WT)(OTCQX: CROCF)(FRANKFURT: XGC) ("Crocodile Gold" or the "Company") has entered into a sale agreement with Phoenix Copper Limited (ASX: PNX) ("Phoenix Copper") to sell 100% of the Iron Blow and Mount Bonnie massive sulphide deposits (see Figure 1) for a 2% royalty in respect of any gold and silver production from the related tenements. Crocodile Gold will retain an option to buy back a 30% interest in the Iron Blow and Mount Bonnie properties within six months of Phoenix Copper completing a Feasibility Study, by paying three times the accumulated exploration expenditures on these tenements.

Crocodile Gold has also entered into an Option (Farm-In) agreement (the "Agreement") with Phoenix Copper, which allows Phoenix Copper the ability to earn up to a 90% interest in the nearby Burnside, Moline (see Figure 1) and Maud Creek base metal and gold exploration projects (see Figure 2) through a commitment to spend a total of $4 million in exploration expenditures over the next four years. Under the Agreement, Crocodile Gold will retain the option to acquire 90% of any gold and silver deposit discoveries on any of the properties by paying Phoenix Copper three times the accumulated expenditure related to that deposit. This exploration agreement allows Phoenix Copper to explore for gold and base metals around the Maud Creek Mineral Resource while Crocodile Gold retains 100% ownership of the Maud Creek deposit and surrounding prospects on Mineral Licence ML30260 (Figure 2).

Mineral Licence ML30260 (previously MLN1978) is approximately 1,106 Ha in size and includes the Maud Creek Mineral Resource and Reserve. This deposit contains an Indicated Mineral Resource of 7.7 Mt @ 3.50 g/t Au for 871,000 ounces of gold and an Inferred Mineral Resource of 4.2 Mt @ 2.55 g/t Au for 343,600 ounces of gold (please see notes to Maud Creek Mineral Resource).

In addition, the Agreement provides for further consideration of $500,000 payable to Crocodile Gold (in cash or shares) in the event that Phoenix Copper completes a Bankable Feasibility Study on any base metals deposits.

The Agreement is subject to certain conditions including the parties entering into certain deeds of assignment and assumption with relevant third parties in relation to existing third party agreements. The conditions must be satisfied or waived on or before November 15th, 2014.

Update on Custom Milling (Toll Treatment) Agreement with Thor Mining PLC.

Crocodile Gold is additionally announcing that it has withdrawn from the memorandum of understanding with Thor Mining PLC ("Thor"), originally signed April 10, 2013, to provide custom milling and processing of ore provided by Thor. Crocodile Gold will continue to pursue other custom milling opportunities with partners in the Northern Territory as part of its strategy to fully utilize its 2.4 million TPA mill at Union Reefs.

Notes to Maud Creek Mineral Resource


1.  The Mineral Reserve is as of December 31, 2012 and is reported in the
    document titled Report on the Mineral Resource & Mineral Reserves of the
    Maud Creek Gold Project.
2.  All Mineral Reserves have been estimated in accordance with the JORC
    code and have been reconciled to CIM standards as prescribed by the NI
    43-101.
3.  Mineral Reserves were estimated using the following mining and economic
    factors:
    a.  A 13% dilution factor and 110% recovery was applied to the caving
        under fill method
    b.  A 5% dilution factor and 90% recovery was applied to sub level open
        stoping
    c.  A gold price of AUD$1,450/oz
    d.  An overall processing recovery of 88%
4.  The cut-off grade for Mineral Reserves has been estimated at 4 g/t Au.

Notes/Technical Disclosure/Disclaimers

Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimates of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio political, marketing, or other relevant issues.

The quantity and grade of reported inferred resources in the above estimations are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

Qualified Person

The Technical Report titled Report on the Mineral Resource & Mineral Reserves of the Maud Creek Gold Project, dated December 31, 2012 conforms to the CIM Definition Standards on Mineral Resources and Mineral Reserves referred to in NI 43-101. The qualified persons (each a "QP") who supervised the preparation of Technical Reports are: Mark Edwards, MAusIMM (CP), General Manager of Exploration and Business Development for Crocodile Gold Corp. and Phil Bremner, FAusIMM, consultant from Mining One Pty of Melbourne, Victoria, Australia. Phil Bremner is independent of the issuer as defined by NI 43-101.

Mark Edwards, General Manager, Exploration and Business Development for Crocodile Gold 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.

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 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, Fosterville, and Stawell, while also exploring and developing the Company's resources to ensure sustainable production in the future.

For additional information, pleases visit our website www.crocgold.com or follow us on Twitter @crocgold_crk or on Facebook at CrocodileGoldCorp.

Cautionary Notes

Forward Looking Information

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 completion of this transaction and mineral resource and mineral reserve statements, 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.

To view Figures 1 and 2, please visit the following link: http://media3.marketwire.com/docs/crk0828figures.pdf.

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
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Data-as-a-Service is the complete package for the transformation of raw data into meaningful data assets and the delivery of those data assets. In her session at 18th Cloud Expo, Lakshmi Randall, an industry expert, analyst and strategist, will address: What is DaaS (Data-as-a-Service)? Challenges addressed by DaaS Vendors that are enabling DaaS Architecture options for DaaS
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...
SYS-CON Events announced today that FalconStor Software® Inc., a 15-year innovator of software-defined storage solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. FalconStor Software®, Inc. (NASDAQ: FALC) is a leading software-defined storage company offering a converged, hardware-agnostic, software-defined storage and data services platform. Its flagship solution FreeStor®, utilizes a horizonta...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...