Crescent Gold Limited
TSX : CRA
ASX : CRE
FRANKFURT : CZ8

Crescent Gold Limited

July 22, 2011 01:51 ET

Crescent Gold Operations Update-Improving Gold Production Highlights

PERTH, WESTERN AUSTRALIA--(Marketwire - July 22, 2011) - Crescent Gold Limited (TSX:CRA)(ASX:CRE)(FRANKFURT:CZ8) -

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HIGHLIGHTS

  • Campaign 7 produced 23,871 ozs, 8.5% above guidance.
  • Up 28% and 59% on Campaigns 5 and 6 respectively.
  • Guidance for Campaign 8 gold production of 22,000 ozs.

OPERATIONS UPDATE

Further to the operations update provided on the 5th May 2011, Crescent Gold Limited (TSX:CRA)(ASX:CRE)(FRANKFURT:CZ8) is pleased to advise that the recently completed Campaign 7 mining programme resulted in 23,871 ozs being produced, 8.5% above guidance of 22,000ozs for the June 2011 quarter and the third highest campaign for gold production since the Ore Purchasing Agreement (OPA) with Barrick Granny Smith (BGS) was commenced.

A total of 570,488 tonnes at an average feed grade of 1.43 g/t was processed over the 47 day campaign with an overall recovery of 91.1%.

Compared to the rain affected campaigns 5 and 6, gold production of 23,871 ozs represents a 28% and 59% uplift respectively, underpinned by both higher tonnage and higher feed grade.

Ore for Campaign 7 was sourced from the Mary Mac South, Craiggiemore, Grouse, Pieces of Eight and Fish open pit operations, in addition to 75,000 tonnes of ore stockpiled at the end of campaign 6.

Mining activities are well advanced at Craiggiemore, Mary Mac Hill and Fish and approximately 450Kt of ore is stockpiled at Granny Smith. Crescent Gold is therefore well positioned for ore deliveries into Campaign 8 and to achieve its forecast gold production of 22,000 ozs.

ABOUT CRESCENT GOLD

Crescent Gold Limited is a Top 10 listed Australian gold producer and explorer based in Perth, Western Australia. With a primary focus on gold mining and exploration, the Company is actively advancing its flagship asset, the Laverton Gold Project, located 250km northeast of Kalgoorlie in Western Australia.

Crescent maintains a dominant land position of highly prospective tenements in a world recognised and well endowed mineralised geological domain. With 30Mt of Measured, Indicated and Inferred Mineral Resources that contain more than 2.1Moz of gold, and a Probable Ore Reserve position of 445,000 ounces (both as at 30 June 2010), Crescent has a plan to carry on building its presence in the Laverton district. The Company plans to continue exploration and development to grow its gold reserve and resource base, and to further leverage its production base to grow reserves, production, cash flow and earnings.

FORWARD LOOKING STATEMENT

This discussion and analysis contains certain forward-looking statements. These include statements about our expectations, beliefs, intentions or strategies for the future, and are indicated by words such as "budget", "anticipate", "intent", "believe", "estimate", "forecast", "expect", and similar words. While all forward-looking statements reflect our current views with respect to future events, they are subject to certain risks and uncertainties. Actual results may differ materially from those projected in these statements for a number of factors, including those which are described in the Corporation's periodic filings with securities regulatory authorities. We base our forward-looking statements on information currently available to us and we do not assume any obligation to update or revise them, except in accordance with applicable securities laws, readers should not place undue reliance on forward-looking statements.

Additional information related to the Company is available for review at sedar.com or on the Company's website at www.crescentgold.com.


ASX Code: CRE
TSX Code: CRA
FFT Code: CZ8
SHARE INFORMATION
ASX Share Price: A$0.062
Issued Shares: 1,198.6m
Market Cap: A$74.3m


Level 2, 40-48 Subiaco Square
Subiaco WA 6008
Phone: +61 8 6380 7100
Fax: +61 8 6380 7199
info@crescentgold.com
www.crescentgold.com

ABN 49 087 360 996

Contact Information