TORONTO, ONTARIO -- (Marketwire) -- 02/04/13 -- Crocodile Gold Corp. (TSX: CRK)(OTCQX: CROCF)(FRANKFURT: XGC) ("Crocodile Gold" or the "Company") announces that it has filed the National Instrument 43-101 compliant technical report entitled "Preliminary Economic Assessment on the Big Hill Development Project, Stawell Gold Mine, Victoria Australia" in support of the January 31, 2012 news release, which outlined the positive economic results of the project.
The Economic Highlights of the project included:
-- Net Present Value of A$40.0M using a gold price of A$1,400/ounces and a discount rate of 10%;-- Production of 2.3 million tonnes at an average grade of 1.65 g/t Au, recovering over 108,000 ounces of gold;-- Project duration of four to five years, including a planned rehabilitation program;-- Stripping ratio of 3.2 to 1;-- Upfront capital requirement of A$17MM;-- The creation of 80-100 jobs for the Stawell Region.
The Technical Report is available on SEDAR at www.sedar.com and on Crocodile Gold's website at www.crocgold.com.
The PEA conforms to the CIM Definition Standards on Mineral Resources and Mineral Reserves referred to in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The qualified persons (each a "QP") who supervised the preparation of PEA are: Mark Van Leuven BEng in Mining Engineering, MBA (Technology Management), FAusIMM(CP), Principal Mining Engineer for Mining One consultants of, Melbourne, Victoria and, Stuart Hutchin BSc, Applied Geology, MAIG, MAusIMM, Geology Manager for Mining One consultants of, Melbourne, Victoria, Australia. Both QP's are independent of the issuer as defined by NI 43-101.
F. W. Nielsen P.Geo, V.P. Exploration of Crocodile Gold Corp 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 company with three operating mines in Australia and a significant and prospective land package in the Northern Territory and the State of Victoria. Crocodile Gold is currently mining at the Fosterville and Stawell mines in the State of Victoria. In the Northern Territory, the Company continues to develop its Cosmo underground mine. The Northern Territory ore production is processed at the Union Reefs Mill with a capacity of 2.4 million tonnes per year.
At its Northern Territory properties, the Company has 3.175 million ounces of NI 43-101 reported Measured and Indicated mineral resources and 2.14 million ounces of Inferred mineral resources. These resources are inclusive of mineral reserves. (see the NI 43-101 compliant technical report entitled "Report on the Mineral Resources and Mineral Reserves of the northern Territory Gold and Base Metals Properties for Crocodile Gold Corp." by Fleur Muller, Mark Edwards and Heath Gerritsen dated April 4, 2011, filed under the Company's profile on SEDAR for the details regarding these mineral resource estimates).