Crocodile Gold achieves 2012 production targets with 155,523 ounces
Monday, Jan 21, 2013
Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(
The significant increase in gold production for the fourth quarter was a result of 28% more throughput and a 2% increase in the average gold grade. The total annual production for Crocodile Gold's current operations was 203,772 ounces of gold, taking into account total production at the Fosterville and Stawell Gold Mines since January 1, 2012 (Crocodile Gold acquired these assets on May 4, 2012).
Commenting on these results, Chantal Lavoie, President and CEO of the Company, said, "Our operations delivered a strong fourth quarter, with continuous improvement over the previous quarters, in line with our guidance of 143,000 to 158,000 ounces of gold production for 2012. Looking ahead to 2013, the Company will continue to focus on delivering profitable gold production while continuing to rationalize non-core assets."
The Company is presently finalizing its three and five-year Strategic Business Plan. The Strategic Business Plans aim to prioritize those growth initiatives with the highest return on invested capital. The Company is in the final stages of analyzing each of its growth projects and expects to communicate its longer-term capital allocation strategy, including which projects the Company will advance and when, with the release of fourth quarter earnings.