CRK.to reduces Q3 production estimate:
* Sees Q3 production of more than 25,000 oz of gold (down from 30,000)
* Says Cosmo mine development continues ahead of schedule
(Reuters) - Canada's Crocodile Gold Corp (CRK.TO), whose mines are located in the Northern Territory of Australia, on Wednesday lowered its third-quarter gold production outlook.
For the quarter, it now expects to produce more than 25,000 ounces of gold, versus its prior forecast of over 30,000 ounces.
The company, however, said it may be able to speed up development at one or more of the deposits in the Union Reefs area and begin production as early as the fourth quarter.
Production in the Union Reefs area has historically yielded over 800,000 ounces of gold, the company said in a statement.
It added that development of the Cosmo underground mine in western Australia continues to be ahead of schedule.
Once in full production, Cosmo, the company's flagship operation, is expected to contribute over 100,000 ounces of gold annually to its production.
In July, Crocodile Gold said it was on track to produce 100,000 ounces of gold in 2010, increasing to 200,000 ounces in 2011. [ID:nSGE6650GL]
Crocodile Gold said planned production for Cosmo is still expected to commence in mid-2011.
Crocodile Gold shares, which have lost nearly half of their value year to date, were up 2 Canadian cents at C$1.06 Wednesday early morning on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Anne Pallivathuckal)
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