Additionally, the Company will concentrate on the development of the Maud Creek, Union Reefs and Pine Creek project areas. In both the Northern Territory and the State of Victoria, drill programs are in place that are designed to expand the resource base of each mine property.
Further details regarding the Company's operations are available on the Company's website at www.crocgold.com and also www.sedar.com where Crocodile Gold's Annual Information Form, audited annual financial statements and managements' discussion and analysis (MD&A) are posted.
About Crocodile Gold
Crocodile Gold is a Canadian gold mining and exploration company with three operating mines in both the Northern Territory and the State of Victoria in 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 exploration 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.
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.
Crocodile Gold believes that investors use certain indicators to assess gold mining companies. The indicators are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards.
"Cash cost per ounce" is a non-GAAP performance measure that could provide an indication of the mining and processing efficiency and effectiveness at the operations. It is determined by dividing the operating expenses, excluding stock-based compensation allocated to operating expenses and net of silver revenue, by the number of ounces of gold sold. There are variations in the method of computation of "cash cost per ounce" as determined by the Company compared with other mining companies. The following is a reconciliation of the cash cost per ounce of gold sold, to the reported operating expenses for the three months ended December 31, September 30, June 30 and March 31, 2012:
Dec 30 Sept 30 June 30 March 31Operating expenses per consolidated statement of operations and comprehensive income (loss) 59,645,459 55,557,277 41,720,288 22,405,959By-product silver sales credit (203,302) (126,723) (105,871) (64,137)Non-cash stock option expense charged to operating expenses - - - (240,861) ------------------------------------------------Operating cash costs 59,442,157 55,430,554 41,614,417 22,100,961 ------------------------------------------------ ------------------------------------------------Divided by ounces of gold sold 59,541 47,121 35,665 10,900Cash cost per ounce ($ per ounce) 998 1,176 1,167 2,028
The PEA is preliminary in nature and is based on a number of assumptions that may be changed in the future as additional information becomes available. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The PEA includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
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 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 licenses, 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 which 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.
Crocodile Gold Corp.
Manager, Investor Relations