Crocodile Gold Corp.

Crocodile Gold Corp.

November 09, 2009 08:00 ET

New Uranium Intersections of Up to 11 Metres of 3.4% U3O8 on Crocodile Gold, Northern Territory, Australia Properties

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2009) - Crocodile Gold Corp. (TSX:CRK) today announces uranium drill results announced by its joint venture partner, Thundelarra Exploration Ltd ("Thundelarra") on November 4, 2009 on certain properties located 140 kilometres south of Darwin in the Northern Territory of Australia, and is termed the Thunderball uranium prospect. The location of Thunderball can be viewed in Figure 1 below. Crocodile Gold has an agreement with Thundelarra, signed in September 2007, in which Thundelarra has the right to explore for uranium on certain Crocodile Gold tenements while Crocodile Gold retains all other metal rights including precious metals and base metals. Thundelarra has a 70% interest until development and must spend a minimum of AUS$500,000 per year for the first three years, and has the right to apply for a mining tenement on behalf of the joint venture. Crocodile Gold has a 30% free carried interest until development through the agreement with Thundelarra.

Assays were received from diamond drill hole TPCDD026 which included 11 metres of 3.4% U3O8 including 4.6 metres of 8.0% U3O8, the best intersection received to date. Details are in Table 1 below.

Mineralization at Thunderball occurs as disseminated to massive uraninite (pitchblende) within a sheared and tightly folded sequence of metasediments and tuffaceous units of the Gerowie Tuff. The mineralization is associated with a northerly plunging antiform and remains open down-plunge.

Two diamond drill rigs are now working at Thunderball. The current program is designed to test for down-plunge extensions to known mineralisation and infill between existing intercepts to provide sufficient definition for resource estimation.

Table 1: Thunderball Drill Results

Hole No Easting Northing Dip/Az From (m) To (m) Interval (m) U3O8
TPCDD026 772776 8501543 -69/200 144.0 155.0 11.0 3.4%
includes 147.4 152.0 4.6 8.0%

To view Figure 1: Thunderball Uranium Prospect Location Map, please visit the following link:

Qualified Person

Alfred John Gillman of Odessa Resources Pty Ltd and Fleur Louise Muller of Geostat Services Pty Ltd are the "qualified persons" as such term is defined in National Instrument 43-101 and have reviewed and confirmed the data included in this press release.

Drill core was assayed at Northern Territory Environmental Laboratories Pty Ltd (NTEL).

About Crocodile Gold

Crocodile Gold is a Canadian company that has completed the acquisition of recent past producing gold assets in the Northern Territory of Australia. The assets comprise an area greater than 3,500 square kilometres and are located approximately 90 to 285 kilometres south of the capital city, Darwin, and include the Burnside Project, Tom's Gully Project and Maud Creek Project. The property contains 3.0 million ounces of NI 43-101 compliant measured and indicated resources (40.9 million tonnes at an average grade of 2.3 g/t gold), and 1.8 million ounces of inferred resources (25.9 million ounces at an average grade of 2.3 g/t gold). (See Management Information Circular dated October 5, 2009 and Crocodile Gold Press Release dated September 8, 2009). The Burnside Project includes the Brocks Creek underground mine, the Chinese open pit mine and several additional deposits along the Cosmo/Chinese corridor, including the undeveloped Cosmo underground deposit. The Tom's Gully Project includes the Tom's Gully underground mine and the former Mt Bundy (Rustler's Roost) Mine. Crocodile Gold operates the 8,000 tpd Union Reefs mill and the 800 tpd Tom's Gully mill. Crocodile Gold plans to produce over 100,000 ounces of gold in 2010 and over 200,000 ounces in 2011. Crocodile Gold trades under the symbol CRK on the Toronto Stock Exchange.

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 and operations 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; 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.

Contact Information

  • Crocodile Gold Corp.
    Michael Hoffman
    President and CEO
    Crocodile Gold Corp.
    Ashleigh Meyer
    Manager, Investor Relations