Crocodile Gold Corp.

Crocodile Gold Corp.

February 10, 2010 07:30 ET

Crocodile Gold Announces New Uranium Targets Identified by Joint Venture Partner

TORONTO, ONTARIO--(Marketwire - Feb. 10, 2010) - Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile Gold" or the "Company") today announces that eight high priority uranium targets have been identified by interpretation of data from a detailed low level airborne radiometric and magnetic survey completed by its joint venture partner, Thundelarra Exploration Ltd ("Thundelarra") on certain properties located 140 kilometres south of Darwin in the Northern Territory of Australia.

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 holds a 70% interest until development and must incur a minimum AUS$250,000 in exploration expenditures 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. The location of the properties included in the joint venture can be viewed in Figure 1 below.

The Thunderball uranium prospect ("Thunderball") (refer to Figure 1 below for location) has previously been identified and is the only target that has been subject to extensive drilling. Highlights of previously announced drill results include:

  • 1 metre of 20.3% U3O8 within 15 metres of 1.5% U3O8
  • 4.6 metres of 8.0% U3O8 within 11 metres of 3.4% U3O8
  • 12 metres of 0.62% U3O8
  • 3 metres of 0.66% U3O8

To view full drill results, refer to Crocodile Gold press releases dated January 18, 2010, December 17, 2009, November 9, 2009 and September 28, 2009.

The airborne radiometric and magnetic survey is the most detailed survey that has been completed to date in the region. It has outlined new radiometric anomalies and has better defined several previously identified targets. The survey included 5,235 line kilometres spaced at 25 metre intervals and a 20 metre mean terrain clearance.

Thundelarra is preparing for a major drilling program which it expects to commence on April 2, 2010, and includes resource definition drilling and extensional drilling at Thunderball.

Qualified Person

Alfred John Gillman of Odessa Resources Pty Ltd is a "qualified person" as such term is defined in National Instrument 43-101 and has reviewed and confirmed the technical information and data included in this press release.

Drill core was assayed at Northern Territory Environmental Laboratories (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 3.09 million ounces of NI 43-101 compliant measured and indicated resources (42.9 million tonnes at an average grade of 2.3 g/t gold), and 1.94 million ounces of inferred resources (26.7 million tonnes at an average grade of 2.3 g/t gold) (See Management Information Circular dated October 5, 2009 and Crocodile Gold Press Releases dated September 8, 2009 and January 25, 2010). The Burnside Project includes the Brocks Creek underground mine, the Howley open pit mine and several additional deposits along the Cosmo/Howley 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 owns the 8,000 tpd Union Reefs mill and the 800 tpd Tom's Gully mill. Crocodile Gold trades under the symbol CRK on the Toronto Stock Exchange, XGC on the Frankfurt Exchange and CROCF on OTCQX.

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, operations 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, 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. 

To view Figure 1: Crocodile Gold/Thundelarra JV Location Map, please visit the following link:

Contact Information

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