Crocodile Gold (CRK.TSX) reported its 2012 production outlook and discussed major plans for the year ahead.  The Canadian-based gold mining company provided production guidance of 75,000-85,000 ounces at a cash cost of $1,100-$1,300 per ounce.  Crocodile Gold noted that more than 70% of total production is expected to come from its Cosmo Mine in the Northern Territory of Australia.

The Company also recently reached an agreement with Armant, LLC – an affiliate of investment funds managed by Luxor Capital Group, LP– to amend its previously announced offer to acquire up to 215,386,435 common shares of CRK.TSX by raising the purchase price to C$0.62 from C$0.56 per share.

Highlights:

* Crocodile Gold expects Cosmo to reach commercial production in the second half of 2012

* Key capital infrastructure work in the year ahead will include the extension of the main ventilation system on the western part of the Cosmo orebody, the extension on the main decline down to the 785 meter level, and the establishment of seven new levels and sublevels

* The first ore has been mined from two newly developed open pits from the Burnside/Howley Area: Howley West and Rising Tide

Stan Bharti, Executive Chairman of Crocodile Gold:

“After careful consideration and evaluation, Crocodile Gold’s board of directors believes the improved Luxor offer is in the best interests of the company and fair to shareholders.  The Board of Directors is pleased to have the Luxor Group as a cornerstone shareholder, with a vested interest in the future success of Crocodile Gold.”

Chantal Lavoie, Crocodile Gold CEO:

“We are very pleased with the progress at Cosmo. Cosmo has now reached the threshold of sustainable development ore production. The site operational team is clearly focused on ramping up production over the next six months to achieve targeted production levels.”