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02.06.2010
Crocodile Gold Declares Commercial Production at Union Reefs Mill June 1, 2010 and Begins Portal Development at Cosmo Ahead of Schedule
Crocodile Gold Declares Commercial Production at Union Reefs Mill June 1, 2010 and Begins Portal Development at Cosmo Ahead of Schedule
May 31, 2010 – Crocodile Gold Corp. (TSX:CRK) (OTCQX:CROCF) (Frankfurt:XGC) (“Crocodile Gold” or the “Company”) is pleased to announce it has declared commercial production effective June 1, 2010 at its Union Reefs mill in the Northern Territory of Australia as target throughput, grades and recoveries are now being met on a consistent basis (refer to Figure 1 below for location map). In addition, Crocodile Gold has commenced the portal excavation ahead of schedule for the new Cosmo underground mine in the Northern Territory of Australia. Production is expected to begin from the Cosmo underground mine in mid-2011.
In releasing this information, Crocodile Gold’s Chief Operating Officer, David Keough, commented, “Declaring commercial production marks a significant milestone for Crocodile Gold and this could not have been achieved without the hard work and dedication of our employees and contractors. We have come a long way since taking control of the assets in November 2009. We have successfully commissioned the Union Reefs mill, brought three mines into production and continue to have encouraging exploration results from our ongoing drill program. Over the coming months we plan to continue development at the Cosmo and Tom’s Gully underground mines and expect a steady flow of exploration results. We remain on track to produce 100,000 ounces of gold in 2010 increasing to 200,000 ounces in 2011.”
“We are also pleased to report that we have reached this milestone at Cosmo ahead of schedule. This marks the beginning of development on one of our most exciting gold projects that will be a key contributor to our planned 2011 production of 200,000 ounces and our production profile going forward. One of our goals when acquiring the assets in 2009 was to begin underground development at Cosmo by July 1, 2010 and we have now accomplished this. We continue to see the significant potential that exists at the Cosmo/Howley area and continue to find encouraging drill results.”
Development work at Cosmo is expected to continue until initial production commences scheduled for mid-2011. Due to its higher grade, production from Cosmo is expected to assist in lowering the Company’s overall operating costs.
About Crocodile Gold
Crocodile Gold is a Canadian company with the Howley and North Point open pit mines and the Brocks Creek underground mine in the Northern Territory of Australia. Crocodile Gold announced its first gold pour in December 2009 at its Union Reefs mill, started development work at the Tom’s Gully underground mine for expected production in Q4 2010 and has commenced underground development at Cosmo with full production expected by mid-2011. Crocodile Gold has two mills, including the 2.4 mtpy Union Reefs mill and the 240,000 tpy Tom’s Gully mill. Crocodile Gold has 3.09 million ounces of NI 43-101 compliant measured and indicated resources (42.9 million tonnes at an average grade of 2.3 g/t gold) and 1.94 million ounces of inferred resources (26.7 million tonnes at an average grade of 2.3 g/t gold) (see Annual Information Form dated March 31, 2010 and Crocodile Gold press releases dated September 8, 2009 and January 25, 2010). The Company has an aggressive exploration program in place and is drilling on several key properties on its land package of over 2,500km2.
Qualified Person
Alfred John Gillman of Odessa Resources Pty Ltd and Heath Gerritsen of Crocodile Gold are each a “qualified person” as such term is defined in National Instrument 43-101 and has reviewed and confirmed the technical information and data included in this press release.
For further information, please contact:
Michael Hoffman
President and CEO
Crocodile Gold Corp.
Tel: 416-861-2964
Ashleigh Clelland
Manager, Investor Relations
Crocodile Gold Corp.
Tel: 416-861-5899
info@crocgold.com
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 management’s assessment of Crocodile Gold’s future plans, operations 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 licenses, 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 which 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, as 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.
Figure 1: Crocodile Gold Northern Territory Location Map
http://media3.marketwire.com/docs/crk0531_fig_1.pdf
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May 31, 2010 – Crocodile Gold Corp. (TSX:CRK) (OTCQX:CROCF) (Frankfurt:XGC) (“Crocodile Gold” or the “Company”) is pleased to announce it has declared commercial production effective June 1, 2010 at its Union Reefs mill in the Northern Territory of Australia as target throughput, grades and recoveries are now being met on a consistent basis (refer to Figure 1 below for location map). In addition, Crocodile Gold has commenced the portal excavation ahead of schedule for the new Cosmo underground mine in the Northern Territory of Australia. Production is expected to begin from the Cosmo underground mine in mid-2011.
In releasing this information, Crocodile Gold’s Chief Operating Officer, David Keough, commented, “Declaring commercial production marks a significant milestone for Crocodile Gold and this could not have been achieved without the hard work and dedication of our employees and contractors. We have come a long way since taking control of the assets in November 2009. We have successfully commissioned the Union Reefs mill, brought three mines into production and continue to have encouraging exploration results from our ongoing drill program. Over the coming months we plan to continue development at the Cosmo and Tom’s Gully underground mines and expect a steady flow of exploration results. We remain on track to produce 100,000 ounces of gold in 2010 increasing to 200,000 ounces in 2011.”
“We are also pleased to report that we have reached this milestone at Cosmo ahead of schedule. This marks the beginning of development on one of our most exciting gold projects that will be a key contributor to our planned 2011 production of 200,000 ounces and our production profile going forward. One of our goals when acquiring the assets in 2009 was to begin underground development at Cosmo by July 1, 2010 and we have now accomplished this. We continue to see the significant potential that exists at the Cosmo/Howley area and continue to find encouraging drill results.”
Development work at Cosmo is expected to continue until initial production commences scheduled for mid-2011. Due to its higher grade, production from Cosmo is expected to assist in lowering the Company’s overall operating costs.
About Crocodile Gold
Crocodile Gold is a Canadian company with the Howley and North Point open pit mines and the Brocks Creek underground mine in the Northern Territory of Australia. Crocodile Gold announced its first gold pour in December 2009 at its Union Reefs mill, started development work at the Tom’s Gully underground mine for expected production in Q4 2010 and has commenced underground development at Cosmo with full production expected by mid-2011. Crocodile Gold has two mills, including the 2.4 mtpy Union Reefs mill and the 240,000 tpy Tom’s Gully mill. Crocodile Gold has 3.09 million ounces of NI 43-101 compliant measured and indicated resources (42.9 million tonnes at an average grade of 2.3 g/t gold) and 1.94 million ounces of inferred resources (26.7 million tonnes at an average grade of 2.3 g/t gold) (see Annual Information Form dated March 31, 2010 and Crocodile Gold press releases dated September 8, 2009 and January 25, 2010). The Company has an aggressive exploration program in place and is drilling on several key properties on its land package of over 2,500km2.
Qualified Person
Alfred John Gillman of Odessa Resources Pty Ltd and Heath Gerritsen of Crocodile Gold are each a “qualified person” as such term is defined in National Instrument 43-101 and has reviewed and confirmed the technical information and data included in this press release.
For further information, please contact:
Michael Hoffman
President and CEO
Crocodile Gold Corp.
Tel: 416-861-2964
Ashleigh Clelland
Manager, Investor Relations
Crocodile Gold Corp.
Tel: 416-861-5899
info@crocgold.com
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 management’s assessment of Crocodile Gold’s future plans, operations 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 licenses, 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 which 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, as 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.
Figure 1: Crocodile Gold Northern Territory Location Map
http://media3.marketwire.com/docs/crk0531_fig_1.pdf
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA2270411002">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA2270411002</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.