TORONTO, ONTARIO--(Marketwire -05/15/12)- Crocodile Gold Corp. (CRK.TO)(CROCF.PK)(XGC.F) ("Crocodile Gold" or the "Company") is pleased to announce that technical reports with respect to the Fosterville and Stawell mines recently acquired from AuRico Gold Inc. have been completed and have been posted under the Company's profile on SEDAR effective May 14, 2012.
The Stawell and Fosterville mines, located in the State of Victoria, Australia, are now material assets of the Company and their acquisition has triggered a requirement to file National Instrument 43-101- compliant technical reports on both assets. Separate reports have been prepared for each mine property.
The reports were written by Mining Plus Pty Ltd an Australian based mining consulting group who have a history of working at both the Stawell and Fosterville properties.
As announced on May 4th, the Company completed the acquisition of the two mines through the acquisition of all of the shares of Northgate Australian Ventures Corporation Pty Ltd from AuRico Gold Inc. Crocodile Gold's rationale for acquiring these properties includes the addition of two producing mines to Crocodile Gold's portfolio, which should increase the 2012 expected production by approximately 155,000 - 175,000 ounces or about 200%.
About Crocodile Gold
Crocodile Gold is a Canadian company with operating gold mines in the Northern Territory of Australia with a land package of 3,170 square kilometres. Crocodile Gold is currently mining an open pit at its Rising Tide deposit and is also developing the Cosmo underground mine. Permitting of the International open pit mine also continues. Ore is processed at the Union Reefs Mill with a capacity of 2.4 million tonnes per year.
At its Northern Territory properties the Company has 3.175 million ounces of NI 43-101 reported Measured and Indicated mineral resources and 2.14 million ounces of Inferred mineral resources. These resources are inclusive of mineral reserves. At its Stawell and Fosterville properties, the Company has an additional 3.732 million ounces of NI 43-101 reported Measured and Indicated mineral resources and 0.622 million ounces of Inferred mineral resources. These are exclusive of mineral reserves which total 0.472 million ounces.
The Company has an extensive exploration program in place in the Northern Territory and is exploring on several key properties on its expansive land package. Crocodile Gold's main focus is on the Cosmo Mine, the Union Reefs and Maud Creek project areas. In the State of Victoria, the Company has exploration programs in place designed to expand the resource base of each mine property.
F. William Nielsen, P Geo. V.P. Exploration for 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.
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 production projections, 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.
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