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Company is Cheap. Great leveraged way to play the price of Gold. Anything above $2000 an ounce, and CROC will be worth $2.00+ a share IMO.
Good Luck
This is great news ! I'm buying more !finally a penny stock that produces hard assets..gold and lots off it ...
Gonna get bit by a croc tomm. Im buying 40k shares at these prices.
Croc is Cheap here with increasing production. I'm holding and buying more on dips.
Van
$CROCF - Crocodile Gold Production Increases 26% Sequentially to 45,963 Ounces Gold in the Third Quarter of 2012
http://www.crocgold.com/News/News-Releases/News-Release-Details/2012/Crocodile-Gold-Production-Increases-26-Sequentially-to-45963-Ounces-Gold-in-the-Third-Quarter-of-20121131439/default.aspx
$CROCF - Crocodile Gold Obtains Approval to Proceed at Its International Mine
http://www.crocgold.com/News/News-Releases/News-Release-Details/2012/Crocodile-Gold-Obtains-Approval-to-Proceed-at-Its-International-Mine1131359/default.aspx
... "Over the course of the next 3 months, the Company plans to:
Update and resubmit its Mine Management Plan to the Department of Mines and Energy
Complete the detailed mine design,
Seek competitive bids and secure contractual services for the execution of the mining activities,
Update its financial model,
Finalize its 2013 operational budget and seek approval by the Board of Directors." ...
... "At its Northern Territory properties, 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 (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 the Company's profile on SEDAR for the details regarding these mineral resource estimates).
At its Stawell Mine, the Company has 0.292 million ounces of NI 43-101 complaint Indicated resources and 0.145 million ounces of Inferred mineral resources (see the NI 43-101 compliant technical report entitled "NI 43-101 Technical Report, Stawell Gold Mine, Victoria, Australia" prepared for Crocodile Gold Corp by James P Llorca of Mining Plus, and Neil Schunk of CP Mining.
At its Fosterville Mine Crocodile Gold has 0.924 million ounces of NI 43-101 compliant Measured and Indicated resources and 0.477 million ounces of Inferred mineral resources (see the NI 43-101 compliant technical report entitled "NI 43-101 Technical Report Fosterville Gold Mine, Victoria, Australia" prepared for Crocodile Gold Corp. by James P. Llorca of Mining Plus and Neil Schunke of CP Mining dated April 9, 2012, filed under the Company's profile on SEDAR for the details regarding these mineral resource estimates).
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. Crocodile Gold's main focus is on the Cosmo Mine, and 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)." ...
I hope that you are correct for both of us. It seems to have a good pattern established.
Should be a good entry. I expect next QTR numbers to be very much improved, and show that the company has turned a MAJOR corner in production and costs.
http://www.theaureport.com/pub/co/2071
http://www.goldminerpulse.com/c/crk.php
Thank you very much - I greatly appreciate your inputs - I will put CROCF on my buy list.
Just got done buying in..
What I like about these juniors right now, is many have ZERO debt and lots of cash. Plus they trade sub $1.00, but are not garbage like the penny stocks touted on most of IHUB.
I've played plenty in the pinks and BB stocks.......the venture exchange or mining plays are a much better place to trade, and enjoy this run in the metals.
Go back through the PR's, Luxor Capital (hedge fund) bought something like 80% of the shares outright for $.58
Other big institutions bought major blocks from $1.20 - .75. The company has near term issues, but it's cheap here.
These gold prices will allow them to cash flow, so they won't need more Debt while waiting for COSMO mine to come online.
The junior sector is ripe with good buys right now. This is in my top 10, but not top 5.
1. VIT
2. GPD
3. KBX
4 BRD
5. KISKA
6. CROC
7. LSG
8. RVM
9. RBY
10. Pretium
I am becoming interested - do you have a reference for the institutions and hedge fund transactions?
Much obliged if you do
I'm buying dips, but unless the metals pull back hard, I think sub .40 is a good entry. Much cheaper than all the Institutions and Hedgies got theirs
I am watching it. Maybe on board with a price dip next week?
This link will help:
http://www.theaureport.com/pub/co/2071
Bottom line, CROC is being valued like an explorer, rather than a Producer. Granted a high cost producer, but that should start to change as COSMO comes online during next 2 qtrs.
The company has some debt, but it's land package and production will create a Bottom on it's share price moving forward.
I see no reason this cannot break above $1.50 with the price of gold at it's current level.
LONG CROC
I am new here. Just starting to do d.d.. I like what you have to say. Plan on finding out more and possibly joining in.
This company remains under the Radar, and very undervalued. The next qtr. will show that the company has the potential to be HUGELY profitable, and it has turned a corner.
Production is the key, and it's ramping up as we speak.
Worth $1.50 today, trading at $.38
Crocodile Gold Reports Revenue of $56.8 Million on the Sale of 35,665 Ounces of Gold
http://www.crocgold.com/News/News-Releases/News-Release-Details/2012/Crocodile-Gold-Reports-Revenue-of-568-Million-on-the-Sale-of-35665-Ounces-of-Gold1130632/default.aspx
Crocodile Gold Expects to Significantly Increase 2012 Production With the Addition of Fosterville and Stawell Mines
http://www.crocgold.com/News/News-Releases/News-Release-Details/2012/Crocodile-Gold-Expects-to-Significantly-Increase-2012-Production-With-the-Addition-of-Fosterville-and-Stawell-Mines1129388/default.aspx
Crocodile Gold and Aurico Gold Sign Definitive Agreement in Respect of Crocodile Gold's Acquisition of the Fosterville and Stawell Mines from Aurico Gold
http://www.crocgold.com/News/News-Releases/News-Release-Details/2012/Crocodile-Gold-and-Aurico-Gold-Sign-Definitive-Agreement-in-Respect-of-Crocodile-Golds-Acquisition-of-the-Fosterville-and-St/default.aspx
Crocodile Gold Reports Revenue of $108 Million on the Sale of 68,601 Ounces Gold in the Year Ended December 31, 2011
1 hours 22 minutes ago - Marketwire via Comtex
Crocodile Gold Corp. (TSX: CRK)(OTCQX: CROCF)(FRANKFURT: XGC) ("Crocodile Gold" or the "Company") today announces its financial and operating results for the year ended December 31, 2011. All figures are in U.S. dollars, unless stated otherwise.
Crocodile Gold milled 510,268 tonnes and achieved an excellent gold recovery rate of 93.9% at the Union Reefs production facility in the three months ended December 31, 2011. Good progress was made with the development of the Cosmo underground mine with completion of the permanent ventilation raise, escape ladder ways and installation of the main ventilation fans in December 2011.
In the year ended December 31, 2011, the Company produced 68,020 ounces of gold and sold 68,601 ounces of gold at an average cash cost of $1,460 per ounce of gold sold (see non-GAAP Measures below).
In reporting these results, Chantal Lavoie, Chairman, President and Chief Executive Officer, commented: "Crocodile Gold faced considerable challenges throughout 2011, especially earlier in the year. As a result, the Company readjusted its short and medium term operational plans and we currently look back on 2011 as a transitional year. We have now reached an important turning point in the Company's growth with the initiation of the Cosmo ramp-up and the success of our exploration program at Union Reefs."
2011 Highlights
Over the course of 2011, the Company:
-- Milled 1,885,484 tonnes of ore at an average head grade of 1.21 grams
per tonne ("g/t") and a recovery rate of 92.9% to produce 68,020 ounces
of gold.
-- Recorded revenue of $108 million on the sale of 68,601 ounces of gold
for an average realized price of $1,567 per ounce.
-- Recorded a net loss of $33,568,803 or $0.12 per share, and used
$3,202,025 cash in operations. The net loss included impairment charges
of $19,116,232 primarily on Mt. Bundy / Tom's Gully, depletion and
depreciation of $7,813,276 and share-based payments of $4,857,105.
-- Maintained net working capital at December 31, 2011 of $35,860,561,
including cash and cash equivalents of $32,918,809 or $0.11 per share.
-- Completed 1,778 metres of development at the Cosmo underground mine
where, by the end of January 2012, nine development headings were
available.
-- Mined the first development ore from Cosmo in September 2011 (838
tonnes), followed by 4889 tonnes in the three months ended December 31,
2011.
-- Completed 38,918 metres of surface exploration drilling at Union Reefs,
Cosmo, Maud Creek, Yam Creek, Rising Tide, Mt. Bonnie and Iron Blow,
including 14,897 metres of reverse circulation (RC) and 24,021 metres of
diamond drilling. Additionally, 550 metres of underground exploration
drilling was conducted at Cosmo.
Financial Discussion
During the year ended December 31, 2011, Crocodile Gold recorded a net loss of $33,568,803, or $0.12 per share, compared to a net loss of $21,680,285, or $0.11 per share, in the year ended December 31, 2010.
During the fourth quarter of 2011, the Company recorded $19,116,232 in impairment charges primarily as a result of the Company entering into a non-binding agreement for the sale of its Tom's Gully and Mt. Bundy properties.
The mine operating loss in the year ended December 31, 2011 was $1,111,882. On a cash basis, mine operating earnings were $7,263,876, net of depletion and depreciation of $7,813,276 and share-based compensation of $562,482. The cash cost per ounce of gold sold in 2011 was $1,460 per ounce (refer to non-GAAP measures below). This cash cost was about $290 per ounce higher than projected as a result of the lower than expected average head grade from the open pits. Also, costs were affected by a strong Australian Dollar (an increase of $45 per ounce) and higher diesel prices (an increase of $28 per ounce).
The net loss includes exploration expenditures of $2,542,928 for the year ended December 31, 2011, in respect of properties where mineral resources have not yet been identified or the Company has not yet made a development decision. Care and maintenance expenses included were $586,997.
In 2011, Crocodile Gold earned interest income of $3,293,317 on the cash and cash equivalents and restricted cash on hand. Professional, consulting and management fees, and general corporate and administration expenses amounted to $6,103,341 and $1,723,754 respectively in 2011 and included the management and administration of the Company's activities in both Canada and Australia.
Cash Flow
Cash used in operating activities in the year ended December 31, 2011, of $3,202,025, included cash generated by mine operations of $7,263,876, less general and administrative type costs (net of interest income) of $4,211,375, exploration and care and maintenance costs of $3,129,925, and a net decrease in working capital of $3,124,601.
Investing activities used $72,325,759 in the year ended December 31, 2011. This was principally directed to the development of the Cosmo underground mine (approximately $39 million), including the dewatering of the Cosmo pit and establishment of a permanent water treatment facility, an aggressive exploration program (approximately $15 million), and upgrades at the Union Reefs mill (approximately $5 million).
The significant financing activities in 2011 were the prospectus offering that the Company closed in March 2011 that raised (net) $82,187,013 and the financing of two mine vehicles ($3,097,899).
Financial Position
As at December 31, 2011, the Company had net working capital of $35,860,561, which included cash and cash equivalents of $32,918,809.
Outlook
Operations
Production ore at the Company's flagship underground mine, Cosmo, is expected in the first quarter of 2012 with longitudinal mining starting in the upper section of the mine. Management expects Cosmo to reach commercial production in the second half of 2012.
Key capital infrastructure work to be completed in 2012 includes:
-- the extension of the main ventilation system on the western part of the
Cosmo ore body;
-- the extension of the main decline down to the 785 metre level;
-- the establishment of seven new levels and sublevels;
-- surface workshops; and
-- additional ventilation capacity, with the drilling of two ventilation
shafts to the surface and the installation of two large capacity
ventilation fans.
Surface mining activities will include the extraction of ore in the western extension of the Howley pit (West Howley), mining of the Rising Tide ore body located close to the previously mined Brocks Creek mine and mining of the North Point open pit located close to the Princess Louise open pit. Ore from the open pits will form the majority of the mill feed for the Union Reefs mill in the first half of the year. As production from the Cosmo underground mine ramps up this will become the majority of the mill feed in the latter half of the year.
The Company continues to work with the various government agencies and local community leaders to finalize permits for the mining of the International open pit, which is located adjacent to the town of Pine Creek.
Exploration
The Union Reefs project area has been prioritized to define additional sources of high-grade mill feed that can be mined from underground, with the near term priorities being the Prospect and Crosscourse deposits. A 10,000 metre drill program on the Prospect and Crosscourse deposits is due for completion in March 2012. Revised resource statements will be calculated and a scoping study defining the economic viability of the Prospect deposit will be completed in April 2012. If this provides positive economic indications then an exploration ramp would be established with the objective of obtaining a bulk sample and defining the optimal mining method. Permits to establish the ramp have been applied for. The start of ramp development can occur in the fourth quarter of 2012.
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 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 (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 the Company's profile on SEDAR for the details regarding these mineral resource estimates). 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 www.crocgold.com. Follow us on Twitter (@crocgold_crk) or Facebook (www.facebook.com/CrocodileGoldCorp).
Qualified Person
David Keough, F.AusIMM and Bill Nielsen, P. Geo of Crocodile Gold, each a "qualified person" as such term is defined in National Instrument 43-101, have reviewed and approved the technical information and data included in this press release.
Cautionary Notes
Non-GAAP Measures
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 which 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 expense 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 year ended December 31, 2011:
Operating expenses per consolidated statement of operations
and comprehensive income (loss) 101,321,793
By-product silver sales credit (606,582)
Non-cash stock option expense charged to operating expenses (562,482)
---------------
Operating cash costs 100,152,729
---------------
---------------
Divided by ounces of gold sold 68,601
Cash cost per ounce ($ per ounce) 1,460
Forward-Looking Information
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 financial results, 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, 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.
Contacts:
Crocodile Gold Corp.
Rob Hopkins
Manager, Investor Relations
416-861-5899
info@crocgold.com
www.crocgold.com
SOURCE: Crocodile Gold Corp.
mailto:info@crocgold.com
http://www.crocgold.com
Crocodile Gold Announces New Directors
Crocodile Gold Corp. (the "Company") (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC) is pleased to announce that Kevin Conboy and Robert Getz, each being a nominee of Luxor Capital Group, LP ("Luxor") have joined the board of directors of the Company, replacing Bruce Humphrey and Michael Hoffman (see the press release dated February 9, 2012). The board of directors is now comprised of Chantal Lavoie as Chairman, George Faught as independent lead director, Peter Tagliamonte, Kevin Conboy and Robert Getz.
Mr. Getz is a managing director and a co-founder of Cornerstone Equity Investors, LLC. Mr. Getz has strong experience in public and private debt and equity financings and domestic and international mergers and acquisitions. Mr. Getz has served as a director of several public and private metals and mining companies. He completed a B.A., cum laude, International Relations at Boston University in May 1985, and obtained his MBA, Finance in February 1990 from The Stern School of Business at New York University.
Mr. Conboy was President and Chief Executive Officer of Acordia, Inc., a subsidiary of Wells Fargo based in Chicago. As well, he served as Chief Executive Officer for the NIA Group of Paramus, New Jersey. Mr. Conboy posesses a wealth of experience in the financial markets and has considerable exposure to financial instruments and business transactions. He sits on a number of corporate and charitable boards. Mr. Conboy completed a B.A. from Colorado State University in 1973.
The committees of the Company were also reconstituted following the appointment of the new directors. The Audit Committee is comprised of George Faught (Chair), Kevin Conboy, and Robert Getz. The Compensation Committee is comprised of Kevin Conboy (Chair), George Faught, and Peter Tagliamonte. The Corporate Governance Committee, which now includes Health, Safety and Environment, is comprised of Peter Tagliamonte (Chair), Robert Getz, and Chantal Lavoie.
Crocodile Gold welcomes Messrs. Getz and Conboy to the board of directors, and thanks Messrs. Humphrey and Hoffman for their contributions to the Company to date.
So far, cashing out has worked well for me. We can continue watching and see what the longer term prognosis ends up looking like.
Actually, I decided to cash out and let the Croc ride through this tender offer business without my pennies being in the play.
I think we got some sort of news - check it out to see if its worth the trouble of buying more shares in the AM hours.
Well, what I was afraid of happening has happened. I'm still not tendering for a lousy .62. Vic
I think what might happen here is Luxor will raise the price slightly to .60 or so and grease the directors hands in the fine print to get them to recommend it. Hope I'm wrong and another suitor comes along. In any event I'm not going to sell anywhere below a buck. Vic
I think what might happen here is Luxor will raise the price slightly to .60 or so and grease the directors hands in the fine print to get them to recommend it. Hope I'm wrong and another suitor comes along. In any event I'm not going to sell anywhere below a buck. Vic
I don't think I'm tendering my shares either. Not at this price.
They are trying to steal the company before Cosmo gets going full swing.......once that happen this goes to $3.00 fast.
I expect a major miner to come in and buy this puppy for about $1.20, after the luxor deals fails.
No chance......I suspect the deal will fall apart.....but another buyer will come to the table within 6 months.....at around $1.20
I am not tendering. I don't think Luxor will get the minimum # of shares they are seeking at that price. Vic
Crocodile Gold Board Advises Shareholders to TAKE NO ACTION at This Time as Discussions With Luxor to Improve the Current Off...
Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile Gold" or the "Company") announces that it has mailed its directors' circular (the "Directors' Circular") in response to the offer (the "Luxor Offer") from Armant, LLC, an affiliate of investment funds managed by Luxor Capital Group, LP (Armant, LLC and Luxor Capital Group, LP together with all affiliates, the "Luxor Group") to Crocodile Gold shareholders ( the "Shareholders") to purchase up to 215,386,435 of the outstanding common shares of Crocodile Gold (the "Common Shares") for $0.56 per Common Share. The Directors' Circular has been filed at www.sedar.com under Crocodile Gold's profile.
Crocodile Gold's Board of Directors (the "Board of Directors") is currently negotiating with the Luxor Group regarding the potential improvement of certain terms of the Luxor Offer, including price. The Board is also considering the strategic alternatives available to the Company. As a result, the Directors' Circular asks Shareholders to defer making a decision on tendering their shares to the Luxor Offer until there is further communication from the Board of Directors in a supplemental directors' circular, which will be sent to shareholders at least seven days before the scheduled expiry date of the Luxor Offer.
In response to the Luxor Offer, a special committee of the Board of Directors (the "Special Committee") has been constituted with the mandate to review and consider the Luxor Offer and alternatives to it that would maximize value for Crocodile Gold and Shareholders. The Board of Directors does not believe it is in a position to make a recommendation with respect to the Luxor Offer until these negotiations have been terminated or concluded and the Special Committee and Board of Directors have assessed the Luxor Offer, as it may have been amended or varied as a result of the negotiations. There can be no assurance that the terms of the Luxor Offer will be amended or varied to improve such terms. Moreover, the Board of Directors and management of Crocodile Gold continue to explore other alternatives to the Luxor Offer.
The Luxor Offer is currently open until January 30, 2012, and there is no need for Shareholders to do anything immediately. Crocodile Gold advises Shareholders to TAKE NO ACTION in response to the Luxor Offer at this time.
Shareholders may also contact the information agent retained by Crocodile Gold, Phoenix Advisory Partners:
In North America, call Toll Free at 1-800-398-2142
Banks, Brokers or Collect Calls outside North America, call +1-201-806-2222
Email inquiries can be sent to inquiries@phoenixadvisorypartners.com
Well, my broker just informed me that a tender offer for CROC is outstanding and asked me to advise them as to what action I wish to take. SOunds like things are starting to heat up. This will be interesting.
Crocodile Gold Receives Unsolicited Bid by Luxor; Advises Shareholders to Wait for Board Response Circular Before Acting
Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile Gold" or the "Company") acknowledges that Armant, LLC, an affiliate of investment funds managed by Luxor Capital Group, LP ("Luxor"), has now filed its take-over bid circular and formally commenced the previously announced unsolicited offer (the "Offer") to acquire up to 215,386,435 common shares of Crocodile Gold, which, together with the common shares already owned and controlled by funds managed by Luxor, would constitute approximately 85% of the outstanding common shares of the Company. As previously disclosed, the purchase price under the Offer will be C$0.56 per Common Share in cash. The Offer will be open for acceptance until 5:00 p.m., Toronto time, on January 30, 2012. However, the Offer is not a "permitted bid" under the Company's shareholder rights plan (see the Company's press release dated December 19, 2011 for information about the shareholder rights plan).
As previously disclosed, the Board of Directors of the Company (the "Board") has established a Special Committee of independent directors to consider whether the Offer is in the best interest of the Company's shareholders and whether it represents fair value for the common shares of Crocodile Gold; to ensure a proper evaluation of the Offer is carried out; and to ensure that shareholders of the Company receive the maximum value for their common shares. The Board has retained the services of GMP Securities LP as its financial advisor and the Special Committee has retained Cormark Securities Inc. to provide advice as to the fairness of the proposed Offer. The Company, together with its advisors, will consider all possible alternatives to the partial bid by Luxor including any potential competing offers it may receive, in order to maximize shareholder value.
The Board will provide to shareholders a Directors' Circular that will contain important information, including the results of the Board's review and the formal recommendation regarding the Offer. The Directors' Circular will be filed on SEDAR, Crocodile Gold's website and with Canadian securities commissions. Crocodile Gold advises shareholders not to take any action until they have read the Directors' Circular in its entirety once it is made available, and to defer making any determination with respect to the Offer until reading the Director's Circular.
Crocodile Gold Appoints Special Committee of the Board and Financial Advisors in Relation to the Luxor Bid
Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile Gold" or the "Company") wishes to provide an update to its press release of this morning in which it acknowledged the announcement by Luxor Capital Group, LP ("Luxor") on December 13, 2011 of its intention to make an unsolicited partial bid for the common shares of Crocodile Gold. The Company announces that it has formed a special committee of independent directors (the "Special Committee") comprised of George Faught, Peter Tagliamonte and Bruce Humphrey to review the unsolicited partial bid by Luxor.
Upon the formal bid being made, the Special Committee will consider, among other things, whether the bid is in the best interest of the Company's shareholders and whether it represents fair value for the common shares of Crocodile Gold.
The Special Committee's directive is to ensure a proper evaluation of the Luxor proposal is done and to ensure that shareholders of the Company receive the maximum value for their common shares of Crocodile Gold. The Company will consider all possible alternatives to the partial bid, including any competing offers it may receive, to maximize shareholder value. The Company has retained the services of GMP Securities LP ("GMP") as its financial advisor and the Special Committee intends to retain Cormark Securities Inc. ("Cormark") to provide advice as to the fairness of the proposed offer. The Special Committee has not yet received an opinion from Cormark as to the fairness of the proposed Luxor offer and cannot comment on the fairness of the proposed offer at this time.
The Company has received from Luxor a statutory declaration pursuant to section 146 of the Business Corporations Act (Ontario) requiring the Company to furnish Luxor with a shareholder list. Accordingly, Crocodile Gold's shareholders should await the results of the review and recommendation of the Special Committee and the board of directors before making any decisions with respect to the offer from Luxor. After the formal bid document is received from Luxor, Crocodile Gold will issue a directors' circular that will contain important information for shareholders, including the board's recommendation regarding the offer. The Company advises shareholders to not deposit any common shares to the Luxor offer, if and when received, and to not take any other action concerning the offer until shareholders have received and read the directors' circular.
Just caught up with the news. I think Croc would want more than what Luxor is offering, considering what they have in the bank and in the ground.
I bought some last week, I tried back in April, but broke even.
With all the cash they have they can buy up half their stock. If they would just buy some of their own stock back it would do a lot of good for the pps.
Just a matter of how much intestinal fortitude one has while watching the PPS action on CROC.
I continue to Load the boat with CROC down here below .40. Dirt Cheap.....and COSMO will put this back over $1.50 once it gets going full steam in late 2012.
worth the wait.
LONG
Looks like the trend on CROCF has been downward since last August. We'll have to see if it wakes up again when the PM's resume their upward trek.
These guys consistently over promise and under deliver. Market obviously doesn't like this. Question is will this ever be a buy? Will they ever truly get their cash costs down? At this point in time, I think the market will believe they are for real only after reporting 2 solid quarters in a row, whenever, if ever, that may be. Vic
Crocodile Gold Reports Revenue of $30 Million on the Sale of 17,900 Ounces Gold in the Third Quarter of 2011
Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile Gold" or the "Company") today announces its financial and operating results for the third quarter of 2011 and nine months ended September 30, 2011. All figures are in U.S. dollars, unless stated otherwise.
Crocodile Gold produced record quarterly tonnage and achieved excellent gold recovery rates at the Union Reefs production facility in the three months ended September 30, 2011. Good progress was made at Cosmo with the completion of pit dewatering and the continued progress of the underground development, but further efforts will be required to complete the infrastructure plans. With modifications to the Cosmo schedule and much lower than expected head grades from the open pits, the Company now expects to mine 66,000 ounces to 69,000 ounces of gold at a cash cost of $1,400 to $1,500 per ounce in 2011.
In reporting these results, Chantal Lavoie, President and Chief Executive Officer of Crocodile Gold commented: "I am happy with the progress of the Company since joining Crocodile Gold, particularly at Cosmo. Unfortunately, in October, unexpected geotechnical conditions associated with the excavation of the top 20 metres of the main ventilation shaft forced us to re-assess how this critical phase of the development work would be completed, therefore delaying the ramp-up of Cosmo by approximately 6 weeks. The changes are necessary to properly set up the infrastructure so that we can ensure an efficient ramp-up of Cosmo, which is key to our long-term strategy. The decision to delay ramp-up was a difficult one because it affects our 2011 production, however, I am confident that the modifications we are making will set up Cosmo, and the Company, so that both will be successful in 2012 and beyond. On the exploration front, the drilling at Cosmo and Union Reefs underground has returned excellent results, confirming our expectation and, in the case of Union Reefs, the short to mid-term potential to bring high quality ounces to our production profile."
In the three months ended September 30, 2011 the Company:
-- Recorded revenue of $30,595,899 on the sale of 17,900 ounces of gold for
an average realized price of $1,714 per ounce-up from revenue of
$30,206,274 in the second quarter of 2011.
-- Milled a record total of 559,447 tonnes of ore at an average grade of
1.09 g/t and a recovery rate of 92.8% to produce 18,186 ounces of gold.
-- Recorded a net loss of $6,078,437 or $0.02 per share.
-- Maintained net working capital of $50,936,471, including cash and cash
equivalents of $49,200,630 or $0.16 per share.
-- Completed 589 metres of development at the Cosmo underground mine, in
addition to the 543 metres in the previous six months, with a third
mining level now accessed.
-- Mined first development ore from Cosmo including 838 tonnes at 2.80 g/t.
-- Completed 18,660 metres of surface drilling at Union Reefs, Cosmo, Maud
Creek, Yam Creek, Rising Tide and Iron Blow, including 7,787 metres of
reverse circulation (RC) and 10,873 metres of diamond drilling.
(....much more info in actual news release)
CROCF NEWS!!
Crocodile Gold Extracts First Development Ore from Cosmo Underground Mine on Schedule and Budget
print
Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile Gold" or
the "Company") is pleased to announce that it has extracted the first
underground ore from the Cosmo underground mine on schedule and on budget. This
initial ore was extracted from the 1055 level access during ore development
drives as part of the planned mine development. It was processed at the
company's Union Reefs processing facility.
Crocodile Gold has successfully reached the goal of extracting and processing
development ore from the Cosmo underground in the third quarter and management
is confident that the company will continue to meet development and production
goals. Plans are now being put in place to ramp-up ore production through the
fourth quarter of 2011 and should reach the full production run rate in the
second half of 2012. The Company also reports that the associated capital works
and underground development projects are proceeding according to plan and within
budget estimates.
During the current development at Cosmo:
-- Underground development totaled over 1,500 lateral metres;
-- 99% of the open pit has been dewatered;
-- Three mining levels have been accessed;
-- Surface and underground infrastructure construction saw the completion
of the mine planning office complex, medical and security center, change
houses, core shed, workshop, and surface electrical reticulation.
Joe Ranford, Crocodile Gold's General Manager of Northern Territory Operations
commented: "I am pleased that we have achieved the first significant milestone
for this project with extraction and processing of the first development ore.
The underground team is focused on continuing the outstanding development
performance it has achieved and we plan on completing the main decline to lower
levels, setting up the mine's main ore stopes and reaching targeted ore
production levels on schedule".
The priority will now be to drive the main decline access to the bottom of the
first mining block and establishing the primary ventilation system with
secondary egress. Working with its consultants, Crocodile Gold is continuing to
optimize the design for the Cosmo underground mine to ensure the early delivery
of high quality ore tonnage and grade to the mill, while maximizing recovery of
the ore.
As part of upcoming development plans, Crocodile Gold plans to complete the
following:
-- The installation of a permanent dewatering system at the bottom of the
pit (including water treatment capacity);
-- Completion of a fourth mining level;
-- Completion of the ventilation system;
-- Re-furbishing and upgrading of the Cosmo accommodation village,
including the delivery and installation of additional accommodation
blocks.
Further to these positive outcomes, underground ore definition diamond drilling
will continue with a second high capacity underground diamond drill due to
commence drilling shortly. Holes drilled on the 1035 and 1025 levels (Table 1)
are confirming the known resource with ore widths and grades as expected from
previous modelling. Highlights from the underground definition drilling include
intersections of 16 meters at 10.7 g/t, 8.3 meters at 6.52 g/t, 9 meters at 5.26
grams per tonne and 13.7 meters at 3.15 g/t.
Table 1
----------------------------------------------------------------------------
approx. true
From To Width width Grade
Hole _ID Location (m) (m) (m) (m) (g/t Au)
----------------------------------------------------------------------------
CE102507 Cosmo UG 87.9 98 10.1 7.6 3.66
----------------------------------------------------------------------------
inc 95 97 2 1.5 6.31
----------------------------------------------------------------------------
104.8 109 4.2 3.2 3.00
----------------------------------------------------------------------------
CE102508 Cosmo UG 96 104 8 5.6 2.63
----------------------------------------------------------------------------
inc 100 103 3 2.1 5.49
----------------------------------------------------------------------------
108.7 124.7 16 11.2 10.70
----------------------------------------------------------------------------
CE103501 Cosmo UG 31 39.3 8.3 8.3 6.52
----------------------------------------------------------------------------
CE103502 Cosmo UG 31.7 39.3 7.6 6.8 3.44
----------------------------------------------------------------------------
CE103503 Cosmo UG 36.7 45 8.3 6.6 2.60
----------------------------------------------------------------------------
inc 36.7 39 2.3 1.8 5.53
----------------------------------------------------------------------------
CE103504 Cosmo UG 42 47 5 3.5 3.10
----------------------------------------------------------------------------
inc 44 46 2 1.4 5.18
----------------------------------------------------------------------------
CE103505 Cosmo UG 34 41 7 6.0 5.99
----------------------------------------------------------------------------
CE103506 Cosmo UG 29 34 5 4.3 4.53
----------------------------------------------------------------------------
CE103507 Cosmo UG 25 28 3 2.7 2.34
----------------------------------------------------------------------------
31 37 6 5.4 3.87
----------------------------------------------------------------------------
inc 33 35 2 1.8 5.50
----------------------------------------------------------------------------
CE103508 Cosmo UG 37 46.2 9.2 7.4 5.26
----------------------------------------------------------------------------
CE103509 Cosmo UG 47.3 61 13.7 9.6 3.15
----------------------------------------------------------------------------
inc 51 54 3 2.1 5.29
----------------------------------------------------------------------------
inc 58 61 3 2.1 5.51
----------------------------------------------------------------------------
CE103510 Cosmo UG 35.7 38 2.3 1.4 2.71
----------------------------------------------------------------------------
56 64 8 4.8 6.34
----------------------------------------------------------------------------
71 73.5 2.5 1.5 2.66
----------------------------------------------------------------------------
CE103511 Cosmo UG 27 29.8 2.8 2.0 2.10
----------------------------------------------------------------------------
42 44 2 1.4 2.19
----------------------------------------------------------------------------
CE103512 Cosmo UG 27 29 2 1.8 2.34
----------------------------------------------------------------------------
32 34 2 1.8 3.88
----------------------------------------------------------------------------
41 43 2 1.8 6.24
----------------------------------------------------------------------------
Additionally, recent results from the 1055 level Zone A (Table 2) are
encouraging as these holes targeted an area with little information from
previous drilling campaigns (Figure 4). Zone A provides a potential increase in
reserves outside the existing mine plan, in a readily accessible position from
current development.
Table 2
----------------------------------------------------------------------------
approx. true
From To Width width Grade
Hole _ID Location (m) (m) (m) (m) (g/t Au)
----------------------------------------------------------------------------
CE1055001 Cosmo UG 56 61 5 4.5 2.67
----------------------------------------------------------------------------
CE1055002 Cosmo UG 54 56 2 2 4.44
----------------------------------------------------------------------------
CE1055003 Cosmo UG NSI
----------------------------------------------------------------------------
CE1055004 Cosmo UG 59 61 2 1.6 4.73
----------------------------------------------------------------------------
CE1055005 Cosmo UG 22 25 3 2.1 2.27
----------------------------------------------------------------------------
CE1055006 Cosmo UG (iii)
----------------------------------------------------------------------------
CE1055007 Cosmo UG (iii)
----------------------------------------------------------------------------
CE1055008 Cosmo UG (iii)
----------------------------------------------------------------------------
CE1055010 Cosmo UG 28 31 3 2.7 2.06
----------------------------------------------------------------------------
52 55 3 2.7 2.05
----------------------------------------------------------------------------
CE1055011 Cosmo UG 26 28 2 1.6 2.00
----------------------------------------------------------------------------
CE1055012 Cosmo UG 12 14 2 1.8 2.01
----------------------------------------------------------------------------
22 25 3 2.7 2.27
----------------------------------------------------------------------------
CE1055013 Cosmo UG (iii)
----------------------------------------------------------------------------
CE1055014 Cosmo UG (iii)
----------------------------------------------------------------------------
CE1055015 Cosmo UG (iii)
----------------------------------------------------------------------------
CE1055018 Cosmo UG 56 63 7 5.6 5.08
----------------------------------------------------------------------------
Earlier this year, Leighton Contractors Resource Division was awarded a three
year contract for the mining and development of the Cosmo underground mine
starting in March 2011. The experience and capacity of this major Australian
contracting firm is apparent with the excellent development rates achieved to
date.
About Crocodile Gold
Crocodile Gold is a Canadian company with operating gold mines in the Northern
Territory of Australia and a land package of over 2,700 km2. Crocodile Gold is
currently mining from the Howley open pit mine. The Company commenced mining in
November 2009 and announced its first gold pour in December 2009 at its Union
Reefs Mill. The Company is currently developing the Cosmo underground mine. Ore
is currently processed at the 2.4 million tonne per year Union Reefs Mill.
Crocodile Gold has 3.175 million ounces of NI 43-101 compliant 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 Annual Information Form dated
March 31, 2010 and Crocodile Gold press releases dated September 8, 2009 and
January 25, 2010). The Company has an exploration program in place and is
drilling on several key properties on its expansive land package. Crocodile
Gold's main drilling focus is currently on the Cosmo/Howley corridor and the
Union Reef project area. Additional drilling will take place in the near future
on its base/precious metal assets as well as the Maud Creek deposit.
Qualified Person
Craig Pridmore, P. Geo of Crocodile Gold Australia Operations 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.
Notes relating to Tables 1 and 2:
1. Drill samples were assayed at Northern Australian Laboratories (NAL).
2. Assay results are based on 50g fire assays.
3. All intersections from diamond samples are NQ Full core and NQ half-
core.
4. Diamond sample intervals are determined using lithological controls or
1.0m whichever is larger.
5. Mean grades have been calculated on a minimum of 2.0m interval, 0.7 g/t
lower cut-off and maximum 3m internal dilution. The Minimum interval
grade is 2g/t with no upper cut grade applied.
6. All intersections are down-hole intervals.
7. All deviations have been verified by down-hole camera or down-hole Gyro.
8. QA/QC ("Quality Assurance Quality Control") for these holes has been
checked and verified through blind standards, lab repeats and barren
flushes. QA/QC results are within expected limits.
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.
To view Figures associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/crk_Figure1.pdf.
Yes, very impressive.
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Crocodile Gold Corporation
65 Queen Street West
Suite 825, P.O. Box 75
Toronto, Ontario
Canada M5H 2M5
TSX:CRK OTCQX(US):CROCF Frankfurt:XGC
Crocodile Gold Corporation - About Us
Crocodile Gold is a Canadian company with operating gold mines in the Northern Territory of Australia and a land package of over 2,700 square kilometres.
Crocodile Gold is currently producing from the from the Howley open pit mine and the Brocks Creek underground mine, with production to shortly begin at the Princess Louise open pit mine. The Company is currently developing the Cosmo underground mine.
Crocodile Gold has 3.4 million ounces of NI 43-101 compliant measured and indicated resources and 2.1 million ounces of inferred resources on its expansive land package. Crocodile Gold's main focus is on the Cosmo/Howley corridor which contains a substantial amount of the Company's resources within a five kilometre strike length of a 25 kilometre trend.
The board and management of Crocodile Gold are experienced mine operators and developers with experience from some of the world's largest, most successful gold companies with a proven ability to develop and grow production for the benefit of shareholders.
Crocodile Gold Corporation - Mining Properties
http://www.crocgold.com/Operations/Location/default.aspx
Crocodile Gold Corporation - Regional Geology
http://www.crocgold.com/Operations/RegionalGeology/default.aspx
Crocodile Gold Corporation - Management
Crocodile Gold Corporation - Board of Directors
Crocodile Gold Corporation - Stock Share Structure
http://www.crocgold.com/Investors/Share-Structure/default.aspx
Share Structure (at Jan 19, 2011) | |
---|---|
Common Shares Issued & Outstanding | 228,770,061 |
Warrants | 22,924,116 |
Options | 12,733,454 |
Fully Diluted | 264,427,631 |
Crocodile Gold Corporation - Updated News and Press Releases
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