Crocodile Gold Reports First Quarter Results
Tuesday, May 15, 2012 10:18 am EST
Crocodile Gold (CRK.TSX) announced financial and operating results for the three months ended March 31, 2012. The Canadian-based gold producer also recently entered into a definitive agreement with AuRico Gold Inc. whereby it acquired the Stawell and Fosterville mines located in Victoria State, Australia through the acquisition of all the issued and outstanding shares of Navco from AuRico, which was subsequently completed on May 4th.
Highlights:
* Milled 371,439 tonnes of ore at an average head grade of 0.99 grams per tonne (g/t) and a recovery rate of 92% to produce 10,759 ounces of gold
* Recorded revenue of $18.5 million on the sale of 10,900 ounces of gold for an average realized price of $1,698 per ounce
* Completed 930 meters of development at the Cosmo underground mine where, in February 2012, the first stope slot raise was fired, and ore production commenced from stopes in Zone A
Chantal Lavoie, President and CEO of Crocodile Gold:
“The recently completed acquisition of the Fosterville and Stawell gold mines should also provide an opportunity to bring quality ounce production into our mine plan for the remainder of the year.”
David Keough, Chief Operating Officer:
“The commencement of stope ore production from Cosmo’s Zone A is another significant milestone for the Company. Zone A is a lower grade ore zone, however this zone is being mined as a trial stoping area to optimize drilling and blasting parameters, establishing over-break and dilution factors and operational practices. We expect that this will be invaluable experience for the underground production teams prior to commencing ore production in the higher grade Eastern Lode.”
