Crocodile Gold Reports Drilling Results at Fostervile Gold Mine Extending Gold Mineralization on the Phoenix Structures
Mar 12 14
Crocodile Gold Corp. reported on high-grade intersections from drill holes completed on the Phoenix and Lower Phoenix structures at the Fosterville Gold Mine (FGM) in the State of Victoria, Australia. Highlights of the drilling include: Phoenix Structure Drill Intercepts 12.66 g/t Au over 6.90m (ETW* 5.40m) in hole UDH0501, 6.40 g/t Au over 9.65m (ETW 7.90m) in hole UDH0503, 10.41 g/t Au over 5.30m (ETW 3.80m) in hole UDH0505, 6.00 g/t Au over 15.90m (ETW 11.70m) in hole UDH0750, Lower Phoenix Structure Drill Intercepts, 24.00 g/t Au over 33.80m (ETW 7.00m) in hole UDE110, 32.86 g/t Au over 3.60m (ETW 3.00m) in hole UDH0561, 12.89 g/t Au over 14.35m (ETW 8.00m) in hole UDH0575, 19.15 g/t Au over 6.85m (ETW 6.30m) in hole UDH0617, 16.67 g/t Au over 11.90m (ETW 8.60m) in hole UDH0643 and 122.35 g/t Au over 6.80m (ETW 6.60m) in hole UDH0755.
Crocodile Gold has drilled 225 metres south along strike (down plunge), 275 metres north along strike (up plunge) and 75 metres down dip from the existing Lower Phoenix estimated Mineral Reserve (See Figures 1, 2, 3 & 4). Drill results have provided evidence that significant gold mineralization associated with the Lower Phoenix structure is continuous over a 1 kilometre strike length and an approximate 100 metre down dip length, between Mine Grid northings 6700mN and 7700mN. Drill intercepts that fall outside of the current estimated Mineral Reserve and that, in management's view, present opportunity for Mineral Resource extension are reported in Table 1. Drilling is absent south of 6700mN and there is no drilling north of 7700mN for a distance of 500 metres on the Lower Phoenix structure. Crocodile Gold expects to complete additional drilling in 2014 south of 6700mN and north of 7700mN along the interpreted orientation of the Lower Phoenix structure, where there is potential to define further zones of significant gold mineralization. Crocodile Gold has also continued definition drilling into the Phoenix structure during 2013. Drill results continue to reaffirm good continuity of the known estimated Mineral Resources in this area. There is no drilling on the Phoenix structure south of 6500mN for a distance of 450 metres in strike length. The Company expects to complete additional exploration drilling on the Phoenix structure south of the 6500mN during 2014. Crocodile Gold currently has three underground diamond drill rigs conducting work on various targets at Fosterville Gold Mine. Progressive geological modeling and mining studies on both the Phoenix and the Lower Phoenix mineralized structures have resulted in the development of two independent mining areas, Central and Phoenix. The Central decline will continue to provide access to the existing Phoenix estimated Mineral Reserves and southern estimated Mineral Resource extensions, which are now the subject of upcoming reserve studies. The Phoenix decline development, which commenced in February 2013, will provide access to the Lower Phoenix Mineral Reserve. Anticipated resource extensions north and south of the Lower Phoenix estimated Mineral Reserve will also be accessed from this decline. Ventilation upgrades are ongoing throughout 2014, to service the future operation of the Central and Phoenix mining areas.
Crocodile Gold Corp. Reports Consolidated Production Results for the Fourth Quarter and Full Year of 2013; Provides Production Guidance for the Year 2013
Jan 21 14
Crocodile Gold Corp. reported consolidated production results for the fourth quarter and full year of 2013. For the fourth quarter, the company reported strong operational performance across all three operations led to a record quarterly gold production of 58,267 ounces for the fourth quarter. Consolidated fourth quarter average grade increased 4% to 3.36 g/t Au. Record quarterly gold production from the Cosmo Gold Mine of 22,570 ounces for the fourth quarter. Fosterville Gold Mine increased its underground ore mined during the quarter by 4%.
For the year 2013, consolidated annual gold production increased 26% to 210,696 ounces. Annual gold production from the Cosmo Gold Mine increased 45% to 74,106 ounces, while average grade increased 58% to 3.57 g/t Au. The Fosterville Gold Mine continued its strong performance, producing 98,424 ounces. The Stawell Gold Mine achieved a full year of underground mining with production of 38,166 ounces.
The company provided production guidance for the year 2013. For the year, the company increased production guidance in 2013, Crocodile Gold has established production guidance for 2014 of 200,000 210,000 ounces of gold.
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.