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

Crescent Gold Limited

January 31, 2011 01:49 ET

Crescent Gold Limited: Quarterly Report Summary; 31 December 2010

PERTH, WESTERN AUSTRALIA--(Marketwire - Jan. 31, 2011) - 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 QUARTER ENDED 31 DECEMBER 2010

  • The Company announced a A$45 million capital raising through a non-renounceable rights issue to raise approximately A$45.5 million (before costs), the proceeds of which will be applied for capital requirements on the Company's underground mine development (Summit Mine); for deep exploration programmes in the Laverton region; the partial reduction of its debt and for general working capital requirements. The capital raising closed over subscribed on the 27th January 2011. The capital raising has substantially strengthened the Company's balance sheet and will provide financial flexibility for the Company to optimally grow its production profile and enhance the value of its asset portfolio.

  • As previously announced, the Company's fifth gold processing campaign through the Ore Purchase Agreement (OPA) with gold major Barrick netted 19,291 ounces of gold and 2,748 ounces of silver, at an average gold sale price of A$1,372/oz. The low ounces were due to unseasonal rainfall that affected haulage and therefore production during the quarter. The March 2011 quarter production campaign commenced early January 2011 and the Company forecasts production for the quarter to be in the range of 25,000 to 27,000 ounces.

  • Encouraging results from Reverse Circulation (RC) drilling programmes at the Company's Apollo gold project were announced in the period. The Company is continuing to drill around existing resources to expand the overall resource base and convert resources into reserves. The Company will also develop an exploration program to test deep targets in the Laverton region.

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

ABN 49 087 360 996

SHARE INFORMATION  
ASX Share Price: A$0.105
Issued Shares: 1,063.5m
Market Cap: A$111.7m
Unlisted options: 33.2m

Contact Information