SYS-CON MEDIA Authors: Xenia von Wedel, Peter Silva, Glenn Rossman, Ava Smith, Elizabeth White

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
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, p...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Verizon Enterprise Solutions is simplifying the cloud-purchasing experience for its clients, with the launch of Verizon Cloud Marketplace, a key foundational component of the company's robust ecosystem of enterprise-class technologies. The online storefront will initially feature pre-built cloud-based services from AppDynamics, Hitachi Data Systems, Juniper Networks, PfSense and Tervela. Available globally to enterprises using Verizon Cloud, Verizon Cloud Marketplace provides a one-stop shop fo...
Leysin American School is an exclusive, private boarding school located in Leysin, Switzerland. Leysin selected an OpenStack-powered, private cloud as a service to manage multiple applications and provide development environments for students across the institution. Seeking to meet rigid data sovereignty and data integrity requirements while offering flexible, on-demand cloud resources to users, Leysin identified OpenStack as the clear choice to round out the school's cloud strategy. Additional...
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
We are all here because we are sold on the transformative promise of The Cloud. But what good is all of this ephemeral, on-demand infrastructure if your usage doesn't actually improve the agility and speed of your business? How must Operations adapt in order to avoid stifling your Cloud initiative? In his session at DevOps Summit, Damon Edwards, co-founder and managing partner of the DTO Solutions, will highlight the successful organizational, process, and tooling patterns of high-performing c...
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
Software-driven innovation is becoming a primary approach to how businesses create and deliver new value to customers. A survey of 400 business and IT executives by the IBM Institute for Business Value showed businesses that are more effective at software delivery are also more profitable than their peers nearly 70 percent of the time (1). DevOps provides a way for businesses to remain competitive, applying lean and agile principles to software development to speed the delivery of software that ...
Docker offers a new, lightweight approach to application portability. Applications are shipped using a common container format and managed with a high-level API. Their processes run within isolated namespaces that abstract the operating environment independently of the distribution, versions, network setup, and other details of this environment. This "containerization" has often been nicknamed "the new virtualization." But containers are more than lightweight virtual machines. Beyond their small...
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's

An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
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 Internet of @ThingsExpo, James Kirkland, Chief Ar...