Crocodile Gold Announces Option Exercise by Stan Bharti Chairman of Crocodile Gold
2010, 4:30 pm EDT
TORONTO, ONTARIO--(Marketwire - Sept. 21, 2010) - Crocodile Gold Corp. (TSX:CRK - News; OTCQX:CROCF)(FRANKFURT:XGC - News; "Crocodile Gold" or the "Company") today announces that Stan Bharti, Chairman of Crocodile Gold, has exercised 1,000,000 stock options convertible into common shares of Crocodile Gold at an exercise price of $1.19 each.
In releasing this information, Stan Bharti, Chairman of Crocodile Gold commented, "By exercising these stock options and holding the underlying shares I am increasing my personal investment into Crocodile Gold and demonstrating my commitment to the Company. As a long term shareholder, I believe that there is significant value to be realized in our Company. We are trading at a substantial discount to our peers as the current stock price undervalues the resource ounces held by the Company, our current gold production and the projected growth in gold production. Our management team are all shareholders of our Company and we will continue to add to our personal investment as we develop and build Crocodile Gold into a junior gold producer."
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 2,500 km(2). Crocodile Gold is currently mining from the Howley and North Point open pit mines and the Brocks Creek underground mine. Crocodile Gold 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 3.09 million ounces of NI 43-101 compliant measured and indicated resources (42.9 million tonnes at an average grade of 2.3 g/t gold) and 1.94 million ounces of inferred resources (26.7 million tonnes at an average grade of 2.3 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 focus is on the Cosmo/Howley corridor which covers a five kilometre strike length of a 25 kilometre trend.
Qualified Person
David Keough, MAusIMM of Crocodile Gold is a "qualified person" as such term is defined in National Instrument 43-101 and has reviewed and confirmed the technical information and data included in this press release.
