Crocodile Gold Reports on Its Maud Creek Deposit
Development Options Study Concludes That Maud Creek Should Proceed to Pre-Feasibility
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 12/20/11 -- Crocodile Gold Corp. (TSX: CRK)(OTCQX: CROCF)(FRANKFURT: XGC) ("Crocodile Gold" or the "Company") is pleased to announce that it has completed a Mine and Development Options Study ("the Study") to ascertain the optimum financial development scenario for its Maud Creek Deposit.
The Study concluded (using A$1400 oz Au gold price) that the deposit can support a financially viable and robust gold project. The Maud Creek Deposit has a 43-101 compliant Indicated Mineral Resources of 9,288,000 tonnes at 3.1 g/t Au and Inferred Mineral Resources of 1,072,000 tonnes at 2.4 g/t Au.
The Maud Creek Deposit is a sulphide Mineral Resource located approximately 110 kilometres southeast of the Company's Union Reefs processing facility. The deposit is accessible by asphalt road and is 100% owned by Crocodile Gold. The deposit was discovered in 1987 and the oxide portion of the deposit was successfully and economically mined and processed at the Union Reefs processing facility in 2000.
Key Study findings include:
Based on the positive results the Company will be working towards advancing the project via a Pre- Feasibility Study where further detailed studies will be conducted.
In the latter part of 2011 Crocodile Gold's exploration group undertook a diamond drill program to confirm the current resource model and possibly expand the resource base. This program has just recently been completed and assay results are pending. They will be reported at a later date.
About Crocodile Gold
Crocodile Gold is a Canadian company with operating gold mines in the Northern Territory of Australia with a land package of over 3,300 km2. Crocodile Gold is currently mining a number of open pits in the Howley Corridor. The Company is also developing the Cosmo underground mine. Ore is processed at the Union Reefs Mill with a capacity of 2.4 million tonne per year. Crocodile Gold has 3.175 million ounces of NI 43-101 compliant Measured and Indicated mineral resources and 2.14 million ounces of Inferred mineral resources. The Company has an extensive exploration program in place and is drilling on several key properties on its expansive land package. Crocodile Gold's main focus is on the Cosmo Mine, the Union Reefs and Maud Creek project areas.
For additional information, please visit our website . Follow us on Twitter ((at)crocgold_crk) or Facebook ().
Qualified Person
Bill Nielsen, P. Geo of Crocodile Gold Inc 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.
Cautionary Note
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 management's assessment of Crocodile Gold's future plans, operations 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, as 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.
Contacts:
Crocodile Gold Corp.
Rob Hopkins
Manager, Investor Relations
416-861-5899
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Datum: 20.12.2011 - 12:30 Uhr
Sprache: Deutsch
News-ID 98626
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TORONTO, ONTARIO
Kategorie:
Mining & Metals
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