TORONTO, ONTARIO--(Marketwire - Oct. 1, 2012) - Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile Gold" or the "Company") announces that Stephen Woodhead, Chief Financial Officer, has informed the Board of Directors that he will be leaving the Company to spend some time in South Africa with his family. Mr. Woodhead has agreed to support Crocodile Gold through a transition period by acting as a consultant to the Company.
Effective today (October 1st 2012), Mr. Rob Dufour will assume the role of interim Chief Financial Officer over the transition period. Mr. Dufour has been with the Company since July 2012 as Director, Finance directly reporting to the Chief Financial Officer.
Mr. Dufour is a Chartered Accountant (CA) with over 10 years of finance and accounting experience. He started his career with the Toronto office of PriceWaterhouseCoopers. Later he joined Northgate Minerals Corporation as Corporate Controller and subsequently was promoted to Group Financial Controller for Northgate Australian Venture Corporation (NAVCO), which was more recently acquired by Crocodile Gold Corporation.
Chantal Lavoie, President and Chief Executive Officer stated, "On behalf of the Board and management, I would like to thank Stephen for his significant contribution to the development of Crocodile Gold. We sincerely wish Stephen every success in his future endeavors."
About Crocodile Gold
Crocodile Gold is a Canadian company with operating gold mines in the Northern Territory of Australia and in the State of Victoria with a land package of over 3,900 square kilometres. 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 and is continuing with the permitting processes for the International open pit mine. The Northern Territory ore production is processed at the Union Reefs Mill, which has 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 (51.85 million tonnes at an average grade of 1.9 g/t gold) and 2.14 million ounces of Inferred mineral resources (36.35 million tonnes at an average grade of 1.8 g/t gold); 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 Crocodile Gold's profile on SEDAR. These resources are inclusive of mineral reserves. At the State of Victoria properties, the Company has an additional 1.216 million ounces of NI 43-101 reported Measured and Indicated mineral resources (15.26 million tonnes at an average grade of 2.48 g/t gold) and 0.622 million ounces of Inferred mineral resources (6.00 million tonnes at an average grade of 3.22 g/t gold). These are exclusive of mineral reserves, which total 0.472 million ounces (3.38 million tonnes at an average grade of 4.34 g/t gold).
Crocodile Gold has an extensive exploration program in place in the Northern Territory and is exploring on several key properties on its expansive land package. With production commencing at the Cosmo Mine, Crocodile Gold's main exploration focus is at the Union Reefs and Maud Creek project areas. In the State of Victoria, the Company has exploration programs in place designed to expand the resource base of each mine property. For additional information, please visit our website www.crocgold.com. Follow us on Twitter (@crocgold_crk) or Facebook (www.facebook.com/CrocodileGoldCorp).
Bill Neilsen, P.Geo, Vice President, Exploration of Crocodile Gold 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.
Certain information set forth in this press release contains "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include the impact of the resignation and interim appointment on the Company, 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.