Crocodile Gold Corp. Reports Unaudited Consolidated Financial and Production Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Production Guidance for 2013
Nov 12 13
Crocodile Gold Corp. reported unaudited consolidated financial and production results for the third quarter and nine months ended September 30, 2013. Crocodile Gold produced 55,206 ounces of gold from its three operating mines in the third quarter of 2013, a 14% increase over the 48,261 ounces from the second quarter, resulting in revenues of $78,201,622. Production is up significantly over the corresponding three and nine months of 2012, which only included Fosterville and Stawell from May 4, 2012 and where ounces had yet to be realized from Cosmo. Increasing gold production in 2013 from the Cosmo Mine is offsetting the reduced ounces from Stawell as it winds down its underground operations. Operating cash costs have decreased to $924 per ounce, down from $1,101 in the second quarter of 2013 as a result of higher and sustainable ounce production at Cosmo, productivity gains at Fosterville and a continued focus on cost reduction across all operations. Consequently, while the company's realized gold price decreased to $1,325 per ounce, Crocodile Gold generated $18,341,776 of cash from operations for the three months ended September 30, 2013, up significantly from $11,028,760 in the second quarter, despite a lower realized gold price, due to strong production and lower cash costs.
The company posted net income in the third quarter of 2013 of $3,319,678 or $0.01 per share compared to a net loss in the corresponding period of 2012 of $55,998,228 or $0.14 per share, and up significantly from the Second Quarter 2013 net loss of $90,402,788 or $0.22 per share. The previous quarter was impacted by a significant impairment charge of $151,626,275 recognized as at June 30, 2013, which in turn impacted the third quarter through lower depreciation expense. The corresponding period in 2012 was impacted by losses relating to the revaluation of the derivative liabilities and contingent liability in light of significantly higher gold prices. For the quarter, revenue was $78,201,622 against $78,721,463 for the same period of last year. Mine operating earnings was $8,585,292 against $7,028,408 for the same period of last year.
For the nine months, revenue was $227,547,959 against $154,160,170 for the same period of last year. Mine operating earnings was $1,940,222 against $7,207,153 for the same period of last year. Net loss was $69,461,540 against $83,513,209 for the same period of last year. Loss per share was $0.17 against $0.22 for the same period of last year. Cash from operating activities was $46,930,178 against $19,496,746 for the same period of last year.
Based on consistent and sustainable production rates at all three of the company's mines, Crocodile Gold increased its production guidance for 2013 to 200,000 - 205,000 ounces from previous guidance of 170,000 - 180,000 ounces gold.
Crocodile Gold Corp. Announces Production Results for the Third Quarter of Fiscal 2013
Oct 10 13
Crocodile Gold Corp. announced production results for the third quarter of fiscal 2013. For the quarter, the company announced that it produced 55,206 ounces of gold, a 14.4% increase over second quarter production of 48,261 ounces. Ore milled was 614,025 tonnes compared to 508,655 tonnes for the same period a year ago.
Crocodile Gold Corp. Raises Production Guidance for the Year 2013 ; Reports Production Results for the Third Quarter of 2013
Oct 10 13
Crocodile Gold Corp. announced 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.
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.