Crocodile Gold Raises 2013 Production Guidance to 200,000-205,000 Ounces Gold

Crocodile Gold Raises 2013 Production Guidance to 200,000-205,000 Ounces Gold 
TORONTO, ONTARIO -- (Marketwired) -- 10/10/13 -- Crocodile Gold Corp.
(TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC)("Crocodile Gold" or the
"Company") is pleased to announce that based on consistent and
sustainable production rates at all three of the Company's mines,
management is raising its production guidance for 2013 to 200,000 to
205,000 ounces. Previous guidance for 2013 had been set at 170,000 to
180,000 ounces gold. 
As disclosed in the Company's press release earlier today, the Cosmo
Gold Mine in the Northern Territory posted record gold production in
the third quarter and the mine has now transitioned to a sustainable
operations under a new revised mine plan focused on quality tonnes
and higher cut-off grades. The Cosmo Gold Mine plan is focused on
delivering immediate cash flow to the Company while also building in
sustainable resource development and exploration to deliver returns
for the future.  
The Fosterville Gold Mine produced more than 25,000 ounces of gold in
the third quarter attributable to higher tonnage, feed grade and good
recoveries. Drilling at the Fosterville Gold Mine in the first half
of 2013 replaced depleted ore in the same period. 
At the Stawell Gold Mine, the evaluation of resources in the upper
levels of the mine has enabled Stawell to continue mining underground
for the remainder of 2013 and into 2014. The Big Hill Project at
Stawell continues to progress through the permitting process and will
be an important growth strategy for both the Company and the local
community.  
"Following an extensive review of all of Crocodile Gold's operations
and modifications to mine plans, I am pleased to report that
management remains focused on profitable production at each operation
while simultaneously exploring and developing the Company's
resources," commented Rodney Lamond, President and CEO. "As outlined
below, a number of strategic initiatives have been initiated to
deliver positive returns to our shareholders." 


 
--  Positive Cash Flow: All of the Company's mines are focused on generating
    positive cash flow after sustaining capital. New revised mine plans
    focusing on the right tonnes at the right grade that are linked to cost
    control programs have been initiated. In addition, the Company is
    looking at ways to generate higher returns by considering options such
    as custom milling agreements for the Union Reefs Mill.
      
--  Cost Control: A number of cost control measures have been implemented
    across the Company's operations to centralize various functions and
    streamline operations. A top priority of Crocodile Gold is to develop a
    culture of value-driven decision making to ensure that all capital
    expenditures deliver positive returns to the Company. Exploration
    budgeting has been reviewed to ensure that the focus is on near-term
    targets that generate confidence in the mine plans and ensure
    sustainable production levels.
      
--  Minimize Share Dilution: Crocodile Gold has committed to making its
    first payment on its convertible unsecured debentures in cash, due on
    October 31, 2013. This reflects the Company's strong cash position and
    confidence in its mine plan, and a desire to minimize dilution to
    shareholders.
      
--  Divesting Non-Core Assets: The Company continues to explore
    opportunities to divest non-core assets and is reviewing its land
    positions at all mines to minimize carrying costs of these assets 

 
Mr. Lamond concluded by stating: "I am very pleased with the
operational performance during the third quarter at all mine sites
and this was achieved as a result of the efforts and contributions of
our employees and support teams. I am confident that with these
achievements and our commitment to implement our strategic
initiatives the Company will be in a position to generate value for
all our stakeholders."  
Management Announcement 
Crocodile Gold would also like to announce the appointment of Jason
Morin as General Manager of the Northern Territory Operations
effective immediately. Mr. Morin was most recently in the role of
General Manager at the Langlois Mine for Nyrstar NV in Quebec,
Canada. 
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. 
Qualified Person 
F. W. Nielsen, P. Geo, V.P. Exploration of 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. 
Follow us on Twitter @crocgold_crk or Facebook
www.facebook.com/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 Company's 2013 production estimates,
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.
Contacts:
Crocodile Gold Corp.
Rob Hopkins
Manager, Investor Relations
416-861-5899
info@crocgold.com
www.crocgold.com
 
 
Press spacebar to pause and continue. Press esc to stop.