Crocodile Gold Continues to Intersect High Grade Mineralised Structures Adjacent to Union Reef Mill With 5 Metres at 13.1 g/t of Gold and 4 Metres at 11.2 g/t of Gold
TORONTO, ONTARIO -- (Marketwire) -- 04/14/11 -- Crocodile Gold Corp. (TSX: CRK)(OTCQX: CROCF)(FRANKFURT: XGC) ('Crocodile Gold' or the 'Company') is pleased to announce continued high grade intersections from the infill drilling exploration program completed between the Prospect and Crosscourse historic open pits in the Union Reef's project area (refer to Figure 1 below). The drill holes targeted high grade mineralised structures identified in 2010 (see press release dated October, 14 2010), and initially drilled in February 2011 (see press release dated February 22, 2011) located adjacent to the Union Reef's Mill.
Highlights of these drill results include:
-- 11.2 g/t Au over 4 metres including 21.8 g/t Au over 2 metres in hole
URNRC41;
-- 13.1 g/t Au over 5 metres including 30.5 g/t Au over 2 metres in hole
URNRC44.
Mike Hoffman, President and CEO of Crocodile Gold commented: 'These continued high grade drill results from the Union Reef's project area adjacent to our mill, demonstrate the potential of a new higher grade ore deposit that, with further drilling, could be an additional source of lower cost production in the near future.'
In releasing this information, Bill Nielsen, Vice President Exploration of Crocodile Gold commented: 'With these ongoing encouraging results and the geological understanding gained late in 2010, additional drill rigs are being mobilised to Union Reef's to accelerate the definition of these high grade structures. We expect further results over the coming months. The results to date continue to meet our expectations'.
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Hole ID Grid Coordinates Survey Data Interval Grade
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Local Local From To Interval True Width
Easting Northing Azimuth Dip (m) (m) (m) (m) (g/t Au)
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URRGC11 4750 7070 90 -60 No significant intercept
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URRGC12 4770 7070 90 -60 14 19 5 3.4 2.47
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and 24 26 2 1.3 1.06
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URRGC13 4790 7070 90 -60 No significant intercept
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URNRC41 4750 7135 80 -60 58 62 4 2.8 11.17
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Including 58 60 2 1.4 21.8
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URNRC42 4747 7135 80 -75 No significant intercept
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URNRC43 4800 7160 80 -60 10 12 2 1.1 1.74
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URNRC44 4797 7160 80 -75 29 34 5 1.8 13.15
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Including 31 33 2 0.8 30.55
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and 51 53 2 0.8 0.89
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URNRC47 4857 7149 80 -60 No significant intercept
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URNRC51 5045 7030 270 -60 25 33 8 4.5 2.25
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and 59 65 6 3.2 0.89
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URNRC54 5065 6970 270 -60 35 37 2 1.1 1.02
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URNRC55 5072 6950 270 -60 No intercept significant
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URNRC56 5065 6930 270 -60 No intercept significant
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URNRC57 4950 7150 90 -60 21 23 2 1.1 1.95
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and 37 39 2 1.1 1.37
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These drill results highlight the continuation of high grade mineralization of the Prospect deposit (holes URNRC41 and 44) on the Union Mineralized Line which can be seen in Figure 3 below. Holes URNRC51, 54 and 57 highlight the potential for mineralization close to surface north of the Crosscourse historic pit along the Lady Alice Mineralized Line which may be suitable for open pit extraction (see figure 4 below).
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 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 Reef's Mill. The Company is currently developing the Cosmo underground mine. Ore is currently processed at the 2.4 million tonne per year Union Reef's Mill. Crocodile Gold has 3.4 million ounces of NI 43-101 compliant measured and indicated resources (52.0 million tonnes at an average grade of 2.0 g/t gold) and 2.1 million ounces of inferred resources (35.0 million tonnes at an average grade of 1.9 g/t gold) (see Annual Information Form dated March 31, 2011 and Crocodile Gold press releases dated September 8, 2009, January 25, 2010 and October 14, 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 and the Union Reef's project area.
Qualified Person
Mark Edwards, Geology Manager of Crocodile Gold Australia Operations 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.
Drill samples were assayed at Northern Australian Laboratories (NAL).
Results are based on 50g fire assays.
All intersections are from RC drilling, with riffle splitter sampling.
RC sample intervals are all 1.0m.
Mean grades have been calculated on a minimum of 2m interval, 0.7 g/t lower cut-off and maximum 2m internal dilution.
All intersections are down-hole intervals, with true width calculated using mineralization envlopes.
All deviations have been verified by down hold camera.
Quality Assurance and Quality Control ('QA/QC') for these holes has been checked and verified through blind standards, field duplicates, 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 the figures included with this release, please visit the following link: http://media3.marketwire.com/docs/crk414maps.pdf
Contacts:
Crocodile Gold Corp.
Michael Hoffman
President and CEO
416-861-2964
Crocodile Gold Corp.
Nirupa Maharaj
Manager, Investor Relations
416-861-5899
info@crocgold.com