Crocodile Gold Corp. Reports Consolidated Production Results for the Second Quarter and Six Months of 2014
Jul 14 14
Crocodile Gold Corp. reported consolidated production results for the second quarter and six months of 2014. For the quarter, the company achieved consolidated gold production of 54,024 ounces from 651,105 tonnes of ore with an average grade of 3.05 g/t Au and recoveries of 83.4%.
For the six months, the company achieved consolidated gold production of 107,607 ounces from 1,329,926 tonnes of ore with an average grade of 2.99 g/t Au and recoveries of 83.3%.
Crocodile Gold Corp. Announces Feasibility Study Results for the Big Hill Project
Jun 4 14
Crocodile Gold Corp. announced the results of the Feasibility Study for the Big Hill Enhanced Development Project (the 'Project'), located adjacent to the Stawell Gold Mine (SGM), in the State of Victoria, Australia. The Feasibility Study has been completed in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves referred to in the National Instrument 43-101. The Feasibility Study confirms the technical and economic viability of the Project and highlights the measures taken to achieve levels of compliance beyond that of conventional open pit mining because of the proximity to the Stawell community. Self-imposed modified practices have been adopted to mitigate environmental and social impacts, even if not economically optimal. The Project is currently the subject of an Environmental Effects Statement and Ministerial Assessment. These modified work practices have been adopted in consideration for favorable permitting and works approval. Substantial work has been done to confirm operational costs, technical support and social impacts. Based on a forecast gold price of AUD 1,415 per ounce, the Feasibility Study pre-tax NPV (8%) is AUD 39M with an IRR of 125% The most positive characteristic of the Project is its high operating margin-economic sensitivity analyses demonstrate the Project NPV to be resilient to downward movement in gold price and potential upward movement in costs. The total pre-production capital cost is estimated at AUD 11.99 million and include costs associated with site establishment, relocation of existing infrastructure and environmental impact mitigation. The total capital cost for the Big Hill Enhanced Development Project is estimated at AUD 19.6 million which includes rehabilitation and end land use amenity consideration. Mine fleet requirements will be pursued through either leasing or dry hire arrangement. Environmental Bonds will reflect incremental payment at key stages of the project and will also reflect bond reduction on completion of progressive rehabilitative works. The mineral resource model used in the Feasibility Study is current as at March 2014. Drill spacing over the considered resource area is largely 20m x 25m, with drilling inclusive of additional RC and diamond drilling programs from 2008, 2012 and 2013. The estimate incorporates an updated geological interpretation, update of the resource estimate, review and update of historical void models, utilization of a pit shell (constrained) at AUD 1,425 gold price and an in situ cut off for reporting of 0.35g/t Au. The Indicated Mineral Resources are inclusive of those Minera l Resources modified to produce the Ore Reserves. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources were estimated using a gold price of AUD 1,425/oz and cut-off grade of 0.35g/t Au. The pit optimization and design were developed considering, detailed slope parameter analysis, potential infrastructure interaction, safe operating widths for the proposed equipment, business objectives, rehabilitation commitments, previous mining activities (both open pit and underground), minimization of dust and noise impact on the surrounding community and rehabilitative commitments. Overall, the gold recovery from testing averaged 91.7%, with recovery consistent with depth, level of weathering of the rock and mine section.