Crocodile Gold (CRK.TSX) announced the completion of Luxor Capital Group’s bid for a controlling interest in the Company.  Crocodile reported that Armant, LLC, an affiliate of investment funds managed by Luxor Capital Group, LP has announced that approximately 170.6 million common shares of CRK.TSX have been tendered pursuant to the previously announced offer to acquire up to 215.4 million shares at C$0.62 per share.

Highlights:

* When combined with shares already owned or controlled by Luxor Capital, its total represents approximately 70% of the outstanding common shares of Crocodile Gold

* The purchase price represents a premium of $0.28, or approximately 82%, to the closing price of CRK.TSX on December 13, 2011, the last trading day prior to the announcement of the initial offer

* Under the terms of the agreement, Chairman Stan Bharti has resigned and Luxor Capital will designate two individuals to Crocodile Gold’s Board of Directors

Chantal Lavoie, President & CEO:

“The management team remains fully committed to implementing our current strategy, maximizing value for all shareholders and we look forward to growing our relationship with Luxor Capital. Crocodile Gold is grateful for the leadership of Mr. Bharti from the Company’s early stages upon acquisition of its asset package in the Northern Territory of Australia and through challenges faced in the past year.”

Stan Bharti, Outgoing Chairman:

“I am excited for the future of Crocodile Gold’s prospects and the strengthened relationship with Luxor Capital as a cornerstone shareholder.  I look forward to following the Company’s progress.”