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TORONTO, ONTARIO -- (Marketwire) -- 01/18/13 -- Crocodile Gold Corp. (TSX: CRK)(OTCQX: CROCF)(FRANKFURT: XGC) ("Crocodile Gold" or the "Company") is pleased to announce production of 62,147 ounces of gold in the fourth quarter of 2012, an increase of 35% over the third quarter of 2012. During the year ended December 31, 2012, the Company produced 155,523 ounces of gold.
---------------------------------------------------------------------------- First Second Third Fourth 2012 2012 Quarter Quarter Quarter Quarter Production Performance 2012 2012(1) 2012 2012 (1) (2)----------------------------------------------------------------------------Ore Processed (t) 371,439 471,056 508,655 651,378 2,002,528 2,553,790----------------------------------------------------------------------------Average Grade (g/t Au) 0.99 2.82 3.31 3.40 2.79 2.91----------------------------------------------------------------------------Mill Recovery (%) 92.5% 87.2% 85.6% 88.0% 88.0% 86.7%----------------------------------------------------------------------------Gold oz Produced 10,932 36,481 45,963 62,147 155,523 203,772---------------------------------------------------------------------------- Note 1: Includes production from Fosterville and Stawell post May 4th acquisition date Note 2: Shown as reference and including Fosterville and Stawell production since January 1st, 2012. YTD results through December 31, 2012 This table is compiled from unaudited production figures. Audited results can have slight variations and will be released as part of the Company's Annual Reporting----------------------------------------------------------------------------
The significant increase in gold production for the fourth quarter was a result of 28% more throughput and a 2% increase in the average gold grade. The total annual production for Crocodile Gold's current operations was 203,772 ounces of gold, taking into account total production at the Fosterville and Stawell Gold Mines since January 1, 2012 (Crocodile Gold acquired these assets on May 4, 2012).
Commenting on these results, Chantal Lavoie, President and CEO of the Company, said, "Our operations delivered a strong fourth quarter, with continuous improvement over the previous quarters, in line with our guidance of 143,000 to 158,000 ounces of gold production for 2012. Looking ahead to 2013, the Company will continue to focus on delivering profitable gold production while continuing to rationalize non-core assets."
Operational Update-State of Victoria
-- The Fosterville Gold Mine (FGM) continued to access ore from the Harrier and Phoenix zones, with contributions from surface mining of small satellite ore zones. FGM mined an average of 70,800 tonnes a month, resulting in gold production of 26,650 ounces for the fourth quarter.-- The Stawell Gold Mine (SGM) mined an average of 70,000 tonnes a month, producing a total of 22,669 ounces for the quarter. SGM continues to execute its transition plan that will see underground activities being completed in 2013. Capital development was completed in September with fourth quarter mining activities focused on production with minimal ore development and no further capital expenditure.
