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Crocodile Gold (CRK.TSX) announced that it achieved a 47% improvement in development meters at its Cosmo underground mine in January 2012 on a month-over-month basis. The Company developed 90 meters of ore last month, producing 10,900 tonnes grading 3.0 grams per tonne of gold, an underground development record.
Highlights:
* Crocodile Gold produced 3,300 ounces in January, which coincides with the Company’s full-year guidance
* The Company expects development meters and underground production at Cosmo to remain at a similar level in February
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* At the Union Reefs area – also in Australia – a 10,000 meter drill program during the first half of 2012 is concentrating on defining the area below and between the Crosscourse and Prospect deposits
Chantal Lavoie, Crocodile Gold’s President and CEO:
“2012 promises to be a very exciting year for the Company on numerous fronts. Cosmo development is ramping up as planned, gold production for the first month of 2012 is in line with guidance for the year, our exploration activities in the Union Reefs area continue to show great promise and our strategic initiatives continue to progress very well.”
David Keough, Crocodile Gold’s Chief Operating Officer:
“The ore processed at the Company’s Union Reefs Mill was 20% above the tonnes processed in January 2011, which reflects measures taken to minimize processing downtime associated with the wet season as well as a lower than normal start to the Monsoons which occur yearly from November to May.”
