Welcome!

Microsoft Cloud Authors: Pat Romanski, John Basso, Liz McMillan, Elizabeth White, Mihai Corbuleac

News Feed Item

Crocodile Gold Reports Fourth Quarter Revenue of $101.8 Million on the Sale of 59,541 Ounces of Gold

Company Generates Strong Operating Cash Flow for the Quarter of $39.1M on a 35% Increase in Gold Production

TORONTO, ONTARIO -- (Marketwire) -- 01/30/13 -- Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile Gold" or the "Company") is releasing its preliminary unaudited financial and operating results for the three months ended December 31, 2012. All figures are in U.S. dollars, unless stated otherwise.

Q4 - 2012 Financial Highlights


----------------------------------------------------------------------------
                                                                 Year ending
                  Q4 2012     Q3 2012     Q2 2012      Q1 2012  Dec 31, 2012
----------------------------------------------------------------------------
Revenue      $101,770,213 $78,721,463 $56,861,530 $ 18,577,177  $255,930,383
----------------------------------------------------------------------------
Mine                                                                        
 operating                                                                  
 earnings                                                                   
 (loss)      $ 12,410,636 $ 7,028,408 $ 5,949,787 $ (5,771,042) $ 19,617,789
----------------------------------------------------------------------------
Ounces                                                                      
 Produced          62,147      45,963      36,481       10,932       155,523
----------------------------------------------------------------------------
Average Sale                                                                
 Price       $      1,709 $     1,664 $     1,591 $      1,698  $      1,670
----------------------------------------------------------------------------
Cash Cost                                                                   
 Per                                                                        
 Ounce(i)    $        998 $     1,176 $     1,167 $      2,028  $      1,167
----------------------------------------------------------------------------
Operating                                                                   
 Cash Flow   $ 39,143,792 $32,511,747 $ 4,853,865 $(17,868,866) $ 58,640,538
----------------------------------------------------------------------------
(i) Refer to non-GAAP measures below                                        

Commenting on these results, Chantal Lavoie, President and CEO of the Company said, "The fourth quarter results continue to support Crocodile Gold's growth objectives. I am pleased to announce that the Company has achieved its production guidance with 155,000 ounces produced in 2012 and cash costs in line with forecasted figures. I believe that we have now built a stable base upon which to profitably grow gold production. We expect production in 2013 to exceed 2012 levels by 10%-15% as Cosmo enters into commercial production in the first quarter of 2013 and as we move other new projects forward."

Financial Discussion

Crocodile Gold has posted revenues of $101,770,213 for the fourth quarter of 2012 on gold sales of 59,541 ounces, a sequential increase of 26% over the third quarter gold sales of 47,121 ounces.

The mine operating earnings in the fourth quarter were $12,410,636 compared to $7,028,408 for the third quarter, an increase of 77%. The cash cost per ounce of gold sold in the fourth quarter was $998 per ounce sold, compared to $1,176 per ounce sold in the third quarter. Cash costs have been positively impacted by strong gold sales and contained operating costs with average annual cash costs of $1,167.

Cash generated from operations for the fourth quarter was $39,143,792, up 20% from $32,511,747 in the previous quarter. The increase in cash from operations was driven by strong gold production, a robust gold price environment and diligent cost management.

The Company used $30,460,554 for investing activities during the fourth quarter, which include $24,499,905 for underground development and resource definition at Cosmo and Fosterville and $5,338,902 for the purchase of plant and equipment, which related largely to infrastructure at Cosmo as it ramps up to commercial production. Other cash expenditures during the fourth quarter included $1,734,512 in equipment loan repayments and $2,471,448 to settle gold swap transactions entered into in conjunction with the company's credit facility with Credit Suisse.

The Company is in the process of preparing its detailed financial statements, which will be audited and released as part of the Company's audited Annual financial statements for the year ended December 31, 2012, together with the accompanying Management Discussion and Analysis, which will be filed on SEDAR by April 2, 2013.

Q4 - 2012 Operational Highlights


----------------------------------------------------------------------------
                                                               Year Ending  
                                                               December 31, 
Northern Territory         Q4 2012  Q3 2012  Q2 2012  Q1 2012          2012 
----------------------------------------------------------------------------
Ore Milled (Tonnes)        225,055   99,135  221,573  371,439       917,202 
----------------------------------------------------------------------------
Average Grade (g/t Au)        1.95     2.51    1.515     0.99          1.51 
----------------------------------------------------------------------------
Recovery                      90.7%      92%      91%      92%           92%
----------------------------------------------------------------------------
Gold Produced (Ounces)      12,829    7,356    9,614   10,932        40,731 
----------------------------------------------------------------------------
Gold Sold (Ounces)          11,427    8,182    8,950   10,900        39,459 
----------------------------------------------------------------------------
                                                                            
                                                                            
----------------------------------------------------------------------------
                                                                Year Ending 
                                                  Q2       Q1  December 31, 
Fosterville Gold Mine      Q4 2012  Q3 2012  2012(i)  2012(i)          2012 
----------------------------------------------------------------------------
Ore Milled (Tonnes)        207,838  183,854  202,785  192,094       786,571 
----------------------------------------------------------------------------
Average Grade (g/t Au)        4.76     4.68     4.11     3.79          4.36 
----------------------------------------------------------------------------
Recovery                      83.8%      83%      83%      76%           82%
----------------------------------------------------------------------------
Gold Produced (Ounces)      26,650   22,857   22,546   18,387        90,439 
----------------------------------------------------------------------------
Gold Sold (Ounces)          24,932   24,158   22,369   19,403        90,861 
----------------------------------------------------------------------------
                                                                            
                                                                            
----------------------------------------------------------------------------
                                                                Year Ending 
                                                  Q2       Q1  December 31, 
Stawell Gold Mine           Q4 2012 Q3 2012  2012(i)  2012(i)          2012 
----------------------------------------------------------------------------
Ore Milled (Tonnes)         218,485 225,666  192,800  213,066       850,017 
----------------------------------------------------------------------------
Average Grade (g/t Au)         3.60    2.54    3.155     2.91          3.06 
----------------------------------------------------------------------------
Recovery (%)                   89.2      85%      85%      85%           86%
----------------------------------------------------------------------------
Gold Produced (Ounces)       22,669  15,750   17,226   16,957        72,602 
----------------------------------------------------------------------------
Gold Sold (Ounces)           23,183  14,781   17,715   18,853        74,552 
----------------------------------------------------------------------------


(i) Crocodile Gold acquired, and accounted for, the Fosterville and Stawell 
gold mines with effect from May 5, 2012. Information presented prior to this
date is for comparative purposes only.                                      

Operational Discussion

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, resulting in total underground ore production of 105,824 tonnes, up from 97,359 tonnes in the third quarter and 57,070 tonnes in the second quarter. Mill production was supplemented by 113,446 tonnes of lower grade stockpiles resulting in total throughput of 225,055 tonnes at a grade of 1.95 g/t Au. Mill recovery was 90.7%, resulting in gold production of 12,829 ounces, up from previous quarter's production of 7,356 ounces as a result of higher throughput and continued strong recoveries.

The Fosterville Gold Mine produced 193,096 tonnes from the underground during the quarter at a grade of 4.92 g/t Au, compared to 176,036 tonnes in the third quarter at a grade of 4.7 g/t Au. Ore mined was supplemented by open pit material and total mill throughput in the fourth quarter was 207,838 tonnes at 4.92 g/t Au, compared to 183,854 tonnes at 4.68 g/t Au in the previous quarter. Fourth quarter gold production totaled 26,650, up 17% from 22,857 in the previous quarter, due to higher tones at better grades. Mill recovery was 83.8%, a 2% improvement from the prior quarter.

The Stawell Gold Mine continued with its transition plan that will see underground activities being completed in 2013. Ore mined for the fourth quarter was 209,849 tonnes at 4.13 g/t Au, compared to 201,789 tonnes at 2.81 g/t Au in the previous quarter. The average grade showed improvement as production was focused on stoping in the higher-grade GG6 area. Mill throughput of 218,485 was down 3% from the previous quarter, although strong grades and a mill recovery of 89.2% resulted in gold production of 22,669, up from 15,750 ounces in the third quarter. Capital development is now complete and remaining planned production will require minimal ore development.

Financial Position

As of December 31, 2012, the Company had a cash balance of $24,741,357 compared to $20,383,957 at the end of the third quarter. The net working capital deficiency at December 31 was $14,483,909, compared to a net working capital deficiency of $24,839,259 at September 30.

The working capital deficiency is impacted by the valuation of the derivative liability based on the gold price forward curve at quarter end. However, forward gold prices are not reflected in the valuation of current assets, such as in inventory, which continue to be carried at cost and do not reflect the eventual increased value realized through the sale of gold. The Company believes that macroeconomic factors will continue to support a strong gold price in the near to mid-term, enabling the Company to continue to generate strong cash flow from operations.

Outlook

The 2012 financial results presented herein are preliminary in nature and unaudited. They have not been reviewed by the Company's auditors. Additional details of the fourth quarter will be provided in the Company's audited annual financial statements for the year ended December 31, 2012 and accompanying management discussion and analysis, which will be filed on SEDAR by April 2, 2013.

The Company is presently finalizing its three and five-year Strategic Business Plan. The Strategic Business Plan aims 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 gold mining company with three operating mines in Australia and a significant and prospective land package in the Northern Territory and the State of Victoria. Crocodile Gold is currently mining at the Fosterville and Stawell Gold 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, which has 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. With production commencing at the Cosmo Mine, Crocodile Gold's main exploration focus is at 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.

For additional information, please visit our website www.crocgold.com. Follow us on Twitter (@crocgold_crk) or Facebook (www.facebook.com/CrocodileGoldCorp).

Qualified Person

Bill Nielsen, P. Geo, Vice President, Exploration of Crocodile Gold 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.

Cautionary Notes

Results are Preliminary and Unaudited

The financial results for the period ended December 31, 2012 presented herein have been prepared by and are the responsibility of the Company's management. As of the date of this press release, the results are considered preliminary because they have not been audited and the Company's independent auditor has not performed a review of these results in accordance with standards established by the Canadian Institute of Chartered Accountants. The Company plans to release its audited financial results on or before April 2, 2013.

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 that 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 expenses 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 three months ended December 31, September 30, June 30 and March 31, 2012:


                                 Dec 30     Sept 30     June 30    March 31 
Operating expenses per                                                      
 consolidated statement of                                                  
 operations and                                                             
 comprehensive income (loss) 59,645,459  55,557,277  41,720,288  22,405,959 
By-product silver sales                                                     
 credit                        (203,303)   (126,723)   (105,871)    (64,137)
Non-cash stock option                                                       
 expense charged to                                                         
 operating expenses                   -           -           -    (240,861)
                             -----------------------------------------------
Operating cash costs         59,442,156  55,430,554  41,614,417  22,100,961 
                             -----------------------------------------------
                             -----------------------------------------------
                                                                            
Divided by ounces of gold                                                   
 sold                            59,541      47,121      35,665      10,900 
Cash cost per ounce ($ per                                                  
 ounce)                             998       1,176       1,167       2,028 

Forward-Looking Information

Certain information set forth in this press release contains "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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, 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. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
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.
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
SYS-CON Events announced today that MangoApps 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. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
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...