Crescent Gold Limited
ASX : CRE
TSX : CRA
FRANKFURT : CRE5

Crescent Gold Limited

March 15, 2010 02:54 ET

Crescent Gold Limited: Half Year Report 31 December 2009

PERTH, WESTERN AUSTRALIA--(Marketwire - March 15, 2010) - Crescent Gold Limited (TSX:CRA)(ASX:CRE)(FRANKFURT:CRE5) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Highlights for the Half Year Ended 31 December 2009

  • Crescent has posted its maiden profit of $898,000 for the six months ended 31 December 2009.
  • Crescent achieved a milestone event with the commencement of ore processing at Barrick's Granny Smith Mill (BGSM) on the 11th October 2009. The first 50-day processing campaign in the two-year Ore Purchase Agreement (OPA) was completed on 28th November 2009.
  • The campaign's first gold pour through BGSM took place on 21st October 2009.
  • The total production resulting from the ore sold to Barrick in the first campaign was 27,251 ounces gold and 3,727 ounces silver (attributable to Barrick). This demonstrates that CRE is on track to achieve its forecast ore sales to Barrick of >100,000 ounces pa equivalent.
  • The first campaign's equivalent cash costs (C1 unaudited) of A$841/oz came in slightly below the long term forecast of A$850/oz.
  • The Company announced on 30 November 2009 that it has doubled its gold inventory and expanded its exploration acreage in Laverton after signing an agreement to acquire assets from Barrick and Carbon Energy for $5 million. The agreement will boost Crescent's gold inventory to over 2.1 million ounces of Measured, Indicated and Inferred Resources.
  • The Company announced on 9 December 2009 the discovery of significant vanadium outcrops and iron mineralisation within the Calvert Hills joint venture tenement in the Northern Territory.
  • Laverton gold exploration expenditure continues to be maintained at a prudent level focusing on near term resource conversion and production development opportunities.
  • The Company announced the discovery of sedimentary uranium anomalism on its Sturt Project tenements in Moomba, north eastern South Australia.

To view the full half year report, please visit the following link: http://media3.marketwire.com/docs/cre_0315_half_year_report.pdf

The full half year report can also be viewed on the company's website at www.crescentgold.com or at www.sedar.com along with additional information related to the Company.

       
SHARE INFORMATION
 
ASX Share Price: A$0.17
Issued Shares: 620.0m
Market Cap: A$105.4m
   
Unlisted options and convertible notes: 37.4m
   
FULLY DILUTED BASIS
 
Shares: 657.4m

ABN 49 087 360 996

Contact Information