Crocodile Gold Files Technical Reports for Fosterville and Cosmo Gold Mines and Provides Annual General Meeting Information
TORONTO, ONTARIO--(Marketwired - May 27, 2014) - Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile Gold" or the "Company) has filed technical reports prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") for the Fosterville Gold Mine and the Cosmo Gold Mine. These filings are in support of the May 21, 2014 news release which outlined the updates to the estimated Mineral Reserves and Mineral Resources of the operating mines.
The Technical Reports are available on SEDAR at www.sedar.com and on Crocodile Gold's website at www.crocgold.com.
Highlights from the Technical Reports included:
- Fosterville Gold Mine had a positve 30% increase in total estimated Measured and Indicated Mineral Resources of 16.6 million tonnes at 3.87 g/t Au for 2.1 million ounces of gold and had an 84% increase in Inferred Mineral Resources of 6.4 million tonnes at 3.78 g/t Au for 777,000 ounces of gold.
- Cosmo Gold Mine had a positive increase of 69% in the Measured Mineral Resources category and a total increase of 4% in the total Measured and Indicated Mineral Resources categories of 4.5 million tonnes at 3.43 g/t Au for 500,000 ounces of gold.
At Fosterville, drilling in 2013 was focused on near term targets in the Central and Harrier Areas and resulted in the successful delineation of zones of mineralization that have led to growth in total Measured and Indicated Mineral Resources to over 2 million ounces of gold. This increase in Mineral Resources has extended the current Life of Mine plan and an infill drilling program is planned for 2014 to further increase the Mineral Reserves at Fosterville.
At Cosmo, the Mineral Resources reported are contained within both the Eastern and Western Lodes of the deposit. Drilling in 2013 was focused on near-term targets and was successful in increasing the Mineral Resources to 500,000 ounces of gold in the Measured and Indicated categories, while the mine also produced 57,500 ounces since June 2013. These positive changes to the resources demonstrate a better understanding of the mineralized structures and a 2014 exploration drilling programs will focus on the down plunge extent of the deposit to potentially expand mineral resources.
A full summary of the Mineral Reserve and Resource update is included in Tables 1 through 5 at the end of this release.
Annual General Meeting Information
Crocodile Gold will be holding its Annual General Meeting on June 5th at 10:00am ET at the Sheraton Centre Toronto Hotel in the Kent Room.
The Company will be webcasting the AGM and has provided a link for interested parties to register for the event on the Crocodile Gold home page. Please visit www.crocgold.com/investors/events for more details.
Notes/Technical Disclosure/Disclaimers
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Environmental, permitting, legal, title, taxation, socio political, marketing, or other relevant issues may materially affect the estimates of Mineral Resources.
The quantity and grade of reported Inferred Mineral Resources in the above estimations are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category.
The reports supporting the Mineral Resource and Reserve outlined in this press release will be filed concurrently under the titles: REPORT ON THE MINERAL RESOURCES & MINERAL RESERVES OF THE FOSTERVILLE GOLD MINE VICTORIA, AUSTRALIA dated December 31, 2013 and prepared by Troy Fuller, MAIG, and Geology Manager, Fosterville Gold Mine; Simon Hitchman, FAusIMM, Exploration Manager, Victoria and Murray Smith, MAusIMM and Principal Mining Consultant of Mining Plus Pty LTD. REPORT ON THE MINERAL RESOURCES & MINERAL RESERVES OF THE COSMO DEEPS GOLD PROJECT In the Northern Territory, Australia dated December 31, 2013 and prepared by Craig Pridmore, MAusIMM, and Geology Manager of Crocodile Gold Corp. and Murray Smith, MAusIMM, and Principal Mining Consultant of Mining Plus Pty LTD.
Qualified Person
F. W. Nielsen, P.Geo, Technical Consultant to Crocodile Gold, is a "qualified person" as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this press release.
About Crocodile Gold
Crocodile Gold is a Canadian gold mining and exploration company with three operating mines in the Northern Territory and the State of Victoria, Australia. The Company has a combined land package in excess of 4,000 sq. km. The objective of Crocodile Gold is to continue production from its three operating mines, Cosmo, Stawell and Fosterville, while also advancing development programs to further organic growth. For additional information, please visit our website www.crocgold.com.
Follow us on Twitter @crocgold_crk or Facebook facebook.com/CrocodileGoldCorp.
Cautionary Note
Certain information set forth in this press release contains "forward-looking statements", and "forward-looking information under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include the Company's expectations for future performance based on current drill results and past production, expected gold prices, and mineral resource and mineral reserve estimates, and are based on Crocodile Gold's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Crocodile Gold's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: liabilities inherent in mine development and production; geological, mining and processing technical problems; Crocodile Gold's inability to obtain required mine licences, mine permits and regulatory approvals required in connection with mining and mineral processing operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events that could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions; the demand for and availability of rail, port and other transportation services; the ability to secure adequate financing and management's ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Crocodile Gold undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
To view the tables associated with this press release, please visit the following link: http://media3.marketwire.com/docs/948428Tables.pdf.