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TORONTO, ONTARIO -- (Marketwire) -- 01/30/13 -- Crocodile Gold Corp. (TSX: CRK)(OTCQX: CROCF)(FRANKFURT: XGC) ("Crocodile Gold" or the "Company") is releasing its preliminary unaudited financial and operating results for the three months ended December 31, 2012. All figures are in U.S. dollars, unless stated otherwise.
Q4 - 2012 Financial Highlights
---------------------------------------------------------------------------- Year ending Q4 2012 Q3 2012 Q2 2012 Q1 2012 Dec 31, 2012----------------------------------------------------------------------------Revenue $101,770,213 $78,721,463 $56,861,530 $ 18,577,177 $255,930,383----------------------------------------------------------------------------Mine operating earnings (loss) $ 12,410,636 $ 7,028,408 $ 5,949,787 $ (5,771,042) $ 19,617,789----------------------------------------------------------------------------Ounces Produced 62,147 45,963 36,481 10,932 155,523----------------------------------------------------------------------------Average Sale Price $ 1,709 $ 1,664 $ 1,591 $ 1,698 $ 1,670----------------------------------------------------------------------------Cash Cost Per Ounce(i) $ 998 $ 1,176 $ 1,167 $ 2,028 $ 1,167----------------------------------------------------------------------------Operating Cash Flow $ 39,143,792 $32,511,747 $ 4,853,865 $(17,868,866) $ 58,640,538----------------------------------------------------------------------------(i) Refer to non-GAAP measures below
Commenting on these results, Chantal Lavoie, President and CEO of the Company said, "The fourth quarter results continue to support Crocodile Gold's growth objectives. I am pleased to announce that the Company has achieved its production guidance with 155,000 ounces produced in 2012 and cash costs in line with forecasted figures. I believe that we have now built a stable base upon which to profitably grow gold production. We expect production in 2013 to exceed 2012 levels by 10%-15% as Cosmo enters into commercial production in the first quarter of 2013 and as we move other new projects forward."
Financial Discussion
Crocodile Gold has posted revenues of $101,770,213 for the fourth quarter of 2012 on gold sales of 59,541 ounces, a sequential increase of 26% over the third quarter gold sales of 47,121 ounces.
The mine operating earnings in the fourth quarter were $12,410,636 compared to $7,028,408 for the third quarter, an increase of 77%. The cash cost per ounce of gold sold in the fourth quarter was $998 per ounce sold, compared to $1,176 per ounce sold in the third quarter. Cash costs have been positively impacted by strong gold sales and contained operating costs with average annual cash costs of $1,167.
Cash generated from operations for the fourth quarter was $39,143,792, up 20% from $32,511,747 in the previous quarter. The increase in cash from operations was driven by strong gold production, a robust gold price environment and diligent cost management.
