|By Marketwired .||
|January 18, 2013 07:00 AM EST||
TORONTO, ONTARIO -- (Marketwire) -- 01/18/13 -- Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile Gold" or the "Company") is pleased to announce production of 62,147 ounces of gold in the fourth quarter of 2012, an increase of 35% over the third quarter of 2012. During the year ended December 31, 2012, the Company produced 155,523 ounces of gold.
---------------------------------------------------------------------------- First Second Third Fourth 2012 2012 Quarter Quarter Quarter Quarter Production Performance 2012 2012(1) 2012 2012 (1) (2) ---------------------------------------------------------------------------- Ore Processed (t) 371,439 471,056 508,655 651,378 2,002,528 2,553,790 ---------------------------------------------------------------------------- Average Grade (g/t Au) 0.99 2.82 3.31 3.40 2.79 2.91 ---------------------------------------------------------------------------- Mill Recovery (%) 92.5% 87.2% 85.6% 88.0% 88.0% 86.7% ---------------------------------------------------------------------------- Gold oz Produced 10,932 36,481 45,963 62,147 155,523 203,772 ---------------------------------------------------------------------------- Note 1: Includes production from Fosterville and Stawell post May 4th acquisition date Note 2: Shown as reference and including Fosterville and Stawell production since January 1st, 2012. YTD results through December 31, 2012 This table is compiled from unaudited production figures. Audited results can have slight variations and will be released as part of the Company's Annual Reporting ----------------------------------------------------------------------------
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."
Operational Update-State of Victoria
-- The Fosterville Gold Mine (FGM) continued to access ore from the Harrier and Phoenix zones, with contributions from surface mining of small satellite ore zones. FGM mined an average of 70,800 tonnes a month, resulting in gold production of 26,650 ounces for the fourth quarter. -- The Stawell Gold Mine (SGM) mined an average of 70,000 tonnes a month, producing a total of 22,669 ounces for the quarter. SGM continues to execute its transition plan that will see underground activities being completed in 2013. Capital development was completed in September with fourth quarter mining activities focused on production with minimal ore development and no further capital expenditure.
Operational Update-Northern Territory
-- At the Cosmo Mine, development and production ramp-up continued with an average of 575 meters of development per month. Stoping activities continued to increase during the quarter. Cosmo produced an average of 35,000 tonnes a month through the quarter and achieved over 48,000 tonnes of ore production in December. Mill production was supplemented by lower grade stockpiles available from various projects in the Company's Northern Territory holdings. In total, an average of 73,000 tonnes per month was treated at the Union Reefs mill, producing 12,829 ounces for the quarter. -- In late December, commercial proposals were received for the mining of the International open pit deposit. After review of the proposals, which are more expensive than previously estimated, the Company believes it must reassess whether the project meets its internal return hurdle or if capital is better spent on other of the Company's growth projects in 2013. As such, mining will not commence on International until the Company finalizes its three-year plan and determines its optimal use of capital in 2013.
Exploration and Advanced Projects - Update
-- In the Northern Territory, the Exploration team worked on a review of various properties and has prepared drill programs for 2013. Revised resource and reserve calculations for a number of deposits have been initiated with a plan to produce updated estimates by the end of Q1 2013. -- At Union Reefs, compilation of the 2012 drilling program results was completed and is being incorporated into a revised resource estimate. Desktop study work was completed and a decision on the next phase of work will be communicated upon the Company finalizing its three-year plan. -- At Maud Creek, a revised resource estimate is in the process of being calculated. Desktop study work was undertaken in 2012 and was essentially completed by year end. A decision on the next phase of the project will be communicated upon the Company finalizing its three-year plan. -- Building off exploration success announced by the Company in the third quarter of 2012, FGM began drill programs in the Harrier and Phoenix ore bodies with the aim of extending known reserves. -- At SGM, as the mine continues to ramp down the underground mining environment in 2013, the Company has undertaken a detailed review of the known deposit extension on the existing mining lease with the potential to extend SGM's mine life. The Company expects to make decisions concerning such projects shortly and will be communicated upon the Company finalizing its three-year plan.
Additional details of the fourth quarter will be provided in the Management Discussion and Analysis report, which will be released in conjunction with the Company's annual financial statements by the end of March.
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.
About Crocodile Gold
Crocodile Gold is a Canadian company with operations in the Northern Territory of Australia and operating mines in the State of Victoria with a land package of over 4,000 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. The Northern Territory ore production is processed at the Union Reefs Mill with 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 and 2.14 million ounces of Inferred mineral resources. These resources are inclusive of mineral reserves. (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 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 (6.0 million tonnes at an average grade of 3.22 g/t gold) (see the NI 43-101 compliant technical reports entitled "NI 43-101 Technical Report, Stawell Gold Mine, Victoria, Australia" and "NI 43-101 Technical Report Fosterville Gold Mine, Victoria, Australia" prepared for Crocodile Gold Corp by James P Llorca of Mining Plus, and Neil Schunk of CP Mining dated April 9, 2012. filed under the Company's profile on SEDAR for the details regarding these mineral resource estimates). These resource estimates are exclusive of mineral reserves which total 0.472 million ounces.
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, the Union Reefs, Pine Creek 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.
F. W. Nielsen P.Geo, V.P. Exploration of Crocodile Gold Corp 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 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 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.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Aug. 29, 2016 07:00 PM EDT Reads: 1,974
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
Aug. 29, 2016 06:15 PM EDT Reads: 274
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Aug. 29, 2016 05:03 PM EDT Reads: 205
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Aug. 29, 2016 02:15 PM EDT Reads: 3,738
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Aug. 29, 2016 02:00 PM EDT Reads: 2,476
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Aug. 29, 2016 12:45 PM EDT Reads: 2,024
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Aug. 29, 2016 12:15 PM EDT Reads: 824
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Aug. 29, 2016 12:00 PM EDT Reads: 3,193
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Aug. 29, 2016 08:00 AM EDT Reads: 946
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Aug. 29, 2016 07:30 AM EDT Reads: 820
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Aug. 29, 2016 02:15 AM EDT Reads: 1,842
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Aug. 29, 2016 01:45 AM EDT Reads: 2,202
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Aug. 29, 2016 01:15 AM EDT Reads: 3,034
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Aug. 29, 2016 12:00 AM EDT Reads: 1,924
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 28, 2016 10:30 PM EDT Reads: 4,077
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Aug. 28, 2016 06:30 PM EDT Reads: 1,653
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Aug. 27, 2016 08:45 PM EDT Reads: 2,433
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Aug. 27, 2016 12:45 PM EDT Reads: 2,405
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Aug. 27, 2016 02:30 AM EDT Reads: 2,097
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
Aug. 25, 2016 05:15 PM EDT Reads: 925