Crocodile Gold Corporate Presentation April 2012

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Crocodile Gold Corporate Presentation April 2012

  1. 1. Accelerating Our Growth and ExplorationTSX: CRKOTCQX: CROCF APRIL 2012FRANKFURT: XGC
  2. 2. Forward Looking Information TSX:CRK OTCQX: CROCFThis presentation contains forward-looking information under Canadian securities legislation. Forward-looking information includes, but are not limited to, statements with respect to thedevelopment potential and timetable of the projects; successful completion of the acquisition from AuRico, including receipt of all regulatory approvals and the ability to realize the benefits ofthe acquisition; the Company’s ability to raise additional funds as necessary or on commercially reasonable terms; the future price of gold; the estimation of mineral resources; conclusions ofeconomic evaluation (including scoping studies); the realization of mineral resource estimates; the timing and amount of estimated future production, development and exploration; costs offuture activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; andenvironmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”,“budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions,events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is based on the opinions and estimates of management as of thedate such statements are made. Estimates regarding the anticipated timing, amount and cost of mining at the projects are based on assumptions underlying mineral resource estimates andthe realization of such estimates; results of previous mining activities at the projects, and detailed research and analysis completed by independent of the Company; research and estimatesregarding the timing of delivery for long-lead items; knowledge regarding the factors consultants and management involved in building a mine and other factors described in the technicalreports and Annual Information Form filed under the profile of the Company on SEDAR. Capital and operating cost estimates are based on results of previous mining activities, research of theCompany and independent consultants, recent estimates of construction and mining costs and other factors that are set out in the scoping study. Production estimates are based on mineplans and production schedules, which have been developed by the Company’s personnel and independent consultants. Forward-looking information is subject to known and unknown risks,uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied bysuch forward-looking information, including but not limited to risks related to: timing and availability of external financing on acceptable terms; unexpected events and delays duringconstruction, expansion and start-up; variations in ore grade and recovery rates; receipt and revocation of government approvals; actual results of exploration and mining activities; changesin project parameters as plans continue to be refined; future prices of gold; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of themining industry. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-lookinginformation, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actualresults and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Companydoes not undertake to update any forward-looking information except in accordance with applicable securities laws.Investors are advised that National Instrument NI 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reportedseparately. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, thesemineral resources may never be upgraded to proven and probable mineral reserves.Certain information contained herein may be considered to be future-oriented financial information, which was designed and approved by management of Crocodile Gold for the purposes ofassessing the value of the acquisition. Readers are cautioned that such information may not be appropriate for their use, and readers should consult their financial advisors as appropriate.David Keough F.AusIMM of Crocodile Gold is a “qualified person” as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and dataincluded in this press release.Non-GAAP MeasuresCrocodile Gold believes that investors use certain indicators to assess gold mining companies. The indicators are intended to provide additional information and should not be considered inisolation or as a substitute for measures of performance in accordance with the International Financial Reporting Standards.“Cash Cost per Ounce” is a non-GAAP performance measure which could provide an indication of the mining and processing efficiency at the operations. It is determined by dividing theoperating expenses, excluding stock-based compensation allocated to the operating expense and next of silver revenue, by the number of ounces of gold sold. There are variations in themethod of computation of ‘cash cost per ounce” as determined by the Company compared with other mining companies. For more detail on Cash Cost per Ounce determination for Corocidlegold, please visit www.sedar.com or www.crocgold.com and review the latest Annual Financial Statements issued on March 19, 2012.Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred ResourcesThe information presented uses the terms “measured”, “indicated” and “inferred” mineral resources. United States investors are advised that while such terms are recognized and required byCanadian regulations, the United States Securities and Exchange Commission does not recognize these terms. “Inferred mineral resources” have a great amount of uncertainty as to theirexistence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadianrules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part ofmeasured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineralresource exists, or is economically or legally mineable. 2
  3. 3. Investment Advantage TSX:CRK OTCQX: CROCFAssets Australian-based production and exploration 3.1 million ounces M&I and 2.14 million ounces inferred resources Over 3,300 sq. km land package with proven historical production Significant infrastructure and accessibilityProduction 2.4 million tonnes per annum processing facility Expanding production profile with decreasing cash costs Significant transformational acquisition expected to be finalized mid spring New projects being added to the production pipelineExploration Outstanding potential to discover additional resources Extensive exploration project and development pipeline Exploration strength with potential for further joint venture opportunities 3
  4. 4. Our AssetsNorthern Territory TSX:CRK OTCQX: CROCFLocation Total Surface area: 3,300km2 Northern Territory Historical Gold Production: 14.9 million oz. (3 million oz. from Crocodile Gold tenements)Infrastructure Existing infrastructure with replacement value of $200M Adjacent to major highway and utilities (natural gas and power lines) Road, rail and deep sea port in close proximity 4
  5. 5. Our AssetsNorthern Territory TSX:CRK OTCQX: CROCFAsset Project Status Rising Tide Production (Dry Season) Pre-Production Cosmo (Production Summer 2012) West Howley ProductionBurnside North Point Production (Dry Season) Princess Louise Production (Dry Season) Western Arm/ Exploration Bridge Creek Prospect Advanced ExplorationUnion Reefs Crosscourse Advanced ExplorationPine Creek International Pre-Production (permitting) Indicates the Project isMaud Creek Main Zone Advanced Exploration a Priority for 2012Moline Hercules/School/Moline Exploration 5
  6. 6. Fosterville & StawellAcquisition Summary TSX:CRK OTCQX: CROCF Announced on March 27th with AuRico Gold. Scheduled closing on or around May 1st Transaction will be financed with a $80 million credit facility (approval pending) Acquisition Terms  $70 million cash at closing  20 million shares of Crocodile Gold issued to AuRico Gold (Six Month Lockup)  $25 million in deferred payments – Year 1: $10 million; Year 2: $10 million; Year 3: $5 million – Payments conditional to gold being greater than or equal to AUD$1,500 per ounce 6
  7. 7. Fosterville & StawellKey Benefits TSX:CRK OTCQX: CROCF 2012 2013Creates a Mid-Tier, Australian-Focused Producer 310 Ability to produce 220,000 – 250,000 oz in 2012 and 260 260,000 – 310,000 oz in 2013 250 Additional mines de-risk “single asset risk” Production (000’s oz) 220 Crocodile Gold will be considered potential long-term and sustainable 300,000 ounce/year producerFinancially Attractive to Shareholders 1100 Will be consummated with minimal shares issued 1000 1000 Changes the Cash Flow Strength of Crocodile Gold Cash Costs (A$/oz) 900 Crocodile Gold’s cash flow profile and strengthened liquidity position allows for flexibility--Two years of cumulative EBITDA of $265-365 million is greater than the pro forma enterprise value of the company 215Numerous Potential Synergies and Cost Saving 150 155Opportunities EBITDA (A$MM) 110 Financial, Commercial and Technical Benefits 7
  8. 8. Fosterville & StawellKey Benefits TSX:CRK OTCQX: CROCFSignificant Management/Operation Team Synergies Combination of 3 seasoned team with a wealth of experience Creation of a shared services group of experts providing support to the operationsFurthers Crocodile Gold Strategy to Act as a Consolidator in Australia Numerous additional opportunities to add producing assets in Australia accretivly Benefits of increased scale furthers synergies both in operations and in cost of capital (stock re-rating as company grows) Significant free cash flow generation could allow Crocodile Gold to grow without large issuances of stockNext Steps Seek To Close Transaction on May 1st Including Debt Facility with Credit Suisse Roll-out of Integration Plan which includes: – Combined team to lead review process – Main objective is to create a platform for growth through a disciplined approach – Prioritization of value creation activities and projects – Create an exploration strategy that supports the above 8
  9. 9. Production 2012 Forecast TSX:CRK OTCQX: CROCF2012 Key Catalysts Production from Cosmo – Initiate ramp-up in Q1 of 2012 – On target to produce 50-60,000 ounces in 2012 – Full production rate of 800,000 TPA ore Acquisition of AuRico Gold Australian assets—Fosterville and Stawell mines in Victoria. 2012 Guidance 2012 Production Sources 2012 Major Capital InvestmentsPre- Cosmo Infrastructure 75,000 – 85,000 Cosmo, BurnsideAcquisition Ounces Union Reefs Mill Improvements Same as above plusPost- 220,000 – 250,000 Cosmo, Burnside, Fosterville & StawellAcquisition Ounces Fosterville, Stawell Underground Development 9
  10. 10. Production – PermittingPine Creek – International Pit TSX:CRK OTCQX: CROCFHistoric Production 745,000t @ 1.6g/t Au for 31,000 oz Oxide material previously mined South Gandy’s Pit backfilled when mining ceased in 1995Production Plan 1.4Mt @ 1.3gpt for 47,000 oz Stripping ratio: 3.5 to 1 3 years of operation – Start-up to completionKey Milestones Notice of Intent Submission: Initial April 2011 & revised December 2011 Interactions with Regulators & Stakeholders are on- going Awaiting decision by NRETAS & DoR 10
  11. 11. Production Qualitative Cost Comparison TSX:CRK OTCQX: CROCF Burnside Pine Creek Union Reefs Cosmo Underground Open Pits Open Pits Underground Low Mining Cost per Tonne High Low Higher High Strip Ratio N/A Average N/A Average Mining Cost per Tonne Milled High Average Higher Average Processing Cost Average Average Average High Ore Haulage High Low Very Low Average Site General & Administration Average Average Average Low Total $/Tonne Milled High Low High Low (1.5) Ore Grade g/t Au High (4.5) Average (2.0) High (5 to 6) High (93%) Recovery High (92%) Average to High (90%) High (92%) High Cost per Ounce Low Average LowOpen Pit Mines Cosmo Underground Mine Pine Creek/Union Reefs Provide margin (>US$200) to  Provides leverage of additional high-  Pine Creek Open Pits (International) current gold price grade ore leading to significantly lower – Proximity to processing facilities means less Lower grade leads to higher cash costs/oz. transport costs cash cost  Will eventually make up 40% of mill  Union Reefs Deposits (Prospect/Crosscourse) feed (50% of ounces) which will: – High-Grade targets show excellent potential to – Lower overall costs deliver low cost ounces to the production profileNote: This chart is for comparison purposes – Improve overall production  Need to expand resources and complete detailed miningonly. Actual figures may be different from theones posted here.  Potential for expansion at depth and on studies before deposits can be included in any future West Lodes production forecasts 11
  12. 12. Exploration TSX:CRK OTCQX: CROCFStrategy Growth through greenfields and brownfields explorationExploration Goals Reserves: Increase reserves from 650,000 oz to 1M oz. Resources: Increase mineral resources from 5M oz to 6M oz Discover “new” precious metal deposits Continue to assess the Company’s 3,300 sq.km land position2012 Objectives Union Reefs: Complete 10,000m drilling, mineral resource statement for scoping study to establish an exploration decline. Maud Creek: Update mineral esource statement & update scoping study in order to take decision on Pre-feasibility. Assessment of information collected in 2011 for identification of next opportunities 12
  13. 13. Exploration - Union Reefs Underground Deposits TSX:CRK OTCQX: CROCFHistorical Production 800,000 oz Au Ore successfully treated at the Union Reefs mill Located within 1,000m from existing infrastructure2011 Key Exploration results* Prospect: 4.23m@27.0g/t Au, 4.5m @7.1 g/t Au Crosscourse: 181.2m@1.81g/t Au, 12.3m @8.9g/t Au2012 Key Milestones Completion of 10,000m drilling program – April 2012 Update of resources model & desktop study – May 2012 Board decision on Phase II – Underground exploration decline – July 2012*Refer to previous press releases dated October 13, 2011 and January 20,2012 for detailedresults 13
  14. 14. Exploration - Maud Creek Surface/Underground deposit TSX:CRK OTCQX: CROCFHistorical Production Future Development 173,600t @3.32g/t Au for 18,500oz  Open pit followed by underground operation Mineral Resource:  Partially refractory – metallurgical testing  Indicated - 9,288,000t @ 3.1g/t Au for 935,000oz indicates 90-95% recovery by flotation with  Greater than 4.5g/t Au – 3.1 Mt @ 6.3 g/t for 628,000oz concentrates grading 3-6 opt.  Inferred Mineral Resources - 1,072,000t @2.4g/t Au for 82,000oz  Near the town of Katherine – 8km haul road to (using a 1.0g/t Au cut-off) paved highway2011 Work Completed  Significantly expanded land position, more than 600 sq. km2 3,461m of drilling Internal scoping study2012 Key Milestones Compilation of drilling results – March 31, 2012 Update of mineral resources model & scoping study – June 30 2012 Board decision on Phase II – 10,000m of drilling with associated metallurgical testing Board decision on Phase III – Initiate pre-feasibility study – Q4 2012 14
  15. 15. Our Growth Strategy TSX:CRK OTCQX: CROCF Short Term – Focus on higher quality ore – Commissioning and Ramp-up of Cosmo underground mine – Optimization of the Burnside area – New production from the Pine Creek and Union Reefs areas Medium Term – Maximize value of gold assets – Increase production from higher grade deposits – Consolidation of assets – Continued investment in exploration on an annual basis – Selective acquisitions Long Term – Explore – Development of Maud Creek Deposit – Generate value out of the base metal deposits 15
  16. 16. Our Growth StrategyWhat could CRK look like? TSX:CRK OTCQX: CROCF CGC 5 Year Production Profile 300,000 Ounces per year 200,000 100,000 - 2012 2013 2014 2015 2016 Cosmo CRK UR/Pine Creek Maud Creek Assuming the following:  Continued production from Cosmo, new production from UR/Pine Creek Surface & UG  Successful conversion of resources into reserves  Permitting, construction and operation of Maud Creek by 2016  Does not include upcoming acquisition of Fosterville & Stawell 16
  17. 17. Capital Structure TSX:CRK OTCQX: CROCF $1.20Share Structure (At March 30, 2012) Historical Price $1.00Basic: 383,853,963 $0.80Warrants: 68,234,001 $0.60Options: 15,863,546 $0.40Fully Diluted: 468,574,016 $0.20 $0.00Market Capitalization: $207.3 Million52 Week Trading Range $0.47 – $1.63Note: Analyst Coverage:20,000,000 shares will be issued to AuRico Gold on the closing Cormark Securities  Raymond Jamesof the Acquisition of the Fosterville and Stawell Mines. Thisacquisition is scheduled to close on or about May 1, 2012. 17
  18. 18. Management TSX:CRK OTCQX: CROCFChantal Lavoie, P.Eng. President & Chief Executive Officer, ChairmanMr.Lavoie is a Professional Mining Engineer with extensive experience in mining operations and projects. Mr. Lavoie has spent the lasteight years at De Beers Canada Inc. ("De Beers") where he was responsible for the Canadian operations of De Beers including Snap Lakeand Victor mines, the Gahcho Kue project and was acting CEO of De Beers. Mr. Lavoie has also worked for Barrick Gold Corporation atGoldstrike in Nevada and Aur Resources Inc. at the former Louvicourt mine.David Keough, F.AusIMM Chief Operating OfficerDavid Keough has held several senior leadership positions with companies including Goldcorp (South America), Wheaton River (AsiaPacific), Minera Alumbrera Ltd. (Argentina) and Placer Dome Inc. (Asia Pacific). David has been involved in the mining industry for morethan 25 years and brings international and Australian experience in mining and exploration, project evaluation, feasibility studies,construction and project and business development. He has extensive operational experience in both large open pit and undergroundprecious metal mines.Steve Woodhead Chief Financial OfficerMr. Woodhead is a Chartered Accountant (South Africa) with 20 years of experience in the natural resources and public sectors. Stephenhas served in senior financial positions with several public companies, including as Chief Financial Officer of Desert Sun Mining Corp.until it was acquired by Yamana Gold Inc. in 2006. He currently serves on the Board of Directors of Vaaldiam Mining Inc.Bill Nielsen, P. Geo Vice President ExplorationMr. Nielsen is an accredited geologist with over 35 years of worldwide mineral exploration and development experience. Most recently,he has been working as a senior industry consultant to mining exploration companies working with a variety of commodities in variouscountries and geological environments. From 2003 to 2008, Mr. Nielsen was the V.P. Exploration of Nevsun Resources Ltd., where heplayed a significant role in the discovery of the Bisha gold-VMS deposit in Eritrea. He has worked with the Forbes & Manhattan Groupsince early 2010. 18
  19. 19. Board Of Directors TSX:CRK OTCQX: CROCF On February 29, 2012 a new Board of Directors was constituted and Chantal Lavoie was appointed as Chairman.George Faught Lead DirectorMr. Faught is a Chartered Accountant with over 25 years of senior management experience and is currently the Chief Executive Officer of AberdeenInternational Inc. He has served as the Chief Financial Officer of publicly traded companies in the natural resources, financial services andpharmaceutical industries. Mr. Faught has broad financial management, corporate development and operating experience and from 1999 to 2005served as the Chief Financial Officer for North American Palladium Ltd., a mid-tier platinum group metal producer. Prior to that, he served as ChiefFinancial Officer for Hudson Bay Mining & Smelting Co. Ltd., an integrated base metals producer, and William Resources Inc., an international goldproducer. He also serves as a director of several public companies in the resource sector.Robert Getz, MBA, DirectorMr. Getz is a managing director and a co-founder of Cornerstone Equity Investors, LLC. Mr. Getz has strong experience in public and private debt andequity financings and domestic and international mergers and acquisitions. Mr. Getz has served as a director of several public and private metals andmining companies. He completed a B.A., cum laude, International Relations at Boston University in May 1985, and obtained his MBA, Finance inFebruary 1990 from The Stern School of Business at New York University.Kevin Conboy, DirectorMr. Conboy was President and Chief Executive Officer of Acordia, Inc., a subsidiary of Wells Fargo based in Chicago. As well, he served as Chief ExecutiveOfficer for the NIA Group of Paramus, New Jersey. Mr. Conboy posesses a wealth of experience in the financial markets and has considerable exposureto financial instruments and business transactions. He sits on a number of corporate and charitable boards. Mr. Conboy completed a B.A. from ColoradoState University in 1973.Peter Tagliamonte, P.Eng., DirectorMr. Tagliamonte is a professional mining engineer and also holds an MBA from the Richard Ivey School of Business, at the University of Western Ontario.He is currently the President and CEO of Sulliden Gold, the former President and CEO of Central Sun Mining Inc. and former Chief Operating Officer ofDesert Sun Mining Corp. where he was responsible for the development of the Jacobina Mine in Brazil into a 4,200-tonne-per-day mining operation. Mr.Tagliamonte has over 25 years of progressive managerial experience building and operating mines worldwide, notably in Central and South America. In2005, he received the Mining Journals "Mine Manager of the Year" award in recognition for his work in the mining sector. 19
  20. 20. Investment Advantage TSX:CRK OTCQX: CROCFAssets Australian-based production and exploration 3.1 million ounces M&I and 2.14 million ounces inferred resources Over 3,300 sq. km land package with proven historical production Significant infrastructure and accessibilityProduction 2.4 million tonnes per annum processing facility Expanding production profile with decreasing cash costs Significant transformational acquisition expected to be finalized mid spring New projects being added to the production pipelineExploration Outstanding potential to discover additional resources Extensive exploration project and development pipeline Exploration strength with potential for further joint venture opportunities 20
  21. 21. Investor Contact Information TSX:CRK OTCQX: CROCF Crocodile Gold Corporation Chantal Lavoie Investor Relations President and CEO Rob Hopkins 416-861-2964 416-861-5899 clavoie@crocgold.com info@crocgold.com TSX: CRK OTCQX: CROCF www.crocgold.com FRANKFURT: XGC Find us on A Member of the Forbes & Manhattan Group of Companies 21
  22. 22. TSX:CRK OTCQX: CROCFAdditional Information 22
  23. 23. Reserve SummaryDecember 31, 2010 TSX:CRK OTCQX: CROCF PROBABLE MINERAL RESERVE Gold Grade Ounces Project Deposit Cut-off (g/t) Tonnes (g/t) Gold Burnside Brocks Creek 7.1 34,000 8.6 9,300 Cosmo Deeps 3.1 3,100,000 4.2 420,000 Howley 1.0 340,000 1.6 18,000 North Point 1.0 55,000 2.3 4,000 Princess Louise 1.0 200,000 1.5 9,700 Mottrams 1.0 980,000 1.2 39,000 Pine Creek Kohinoor 1.0 290,000 1.9 18,000 Cox 1.0 500,000 1.6 26,000 International 1.0 1,300,000 1.5 65,000 Gandys 1.0 480,000 1.7 26,000 South Enterprise 1.0 420,000 2.0 27,000 TOTAL 7,699,000 2.7 662,000 Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability Gold Price: $US1000/oz $A:$US 0.91 Note: Mineral Reserves are included in Mineral Resources. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Depleted for mining as at December 31, 2010 and does not include any depletion for mining since such date. The Mineral Reserve estimate was reviewed and optimized by Mark Edwards who is a “qualified person” as such term is defined in National Instrument 43-101 and has supervised the preparation of the technical information and data included in this news release. The mineral resource estimate was generated using the following parameters: • Models used have been reviewed and optimized by Mark Edwards and Fleur Muller • Model technique is Ordinary Kriging, Multiple Indicator Kriging or Inverse Distance (review NI43-101 for more details) • Mineralization wireframes conducted on 0.4-2g/t material with a minimum width of 1-2m depending on deposit and mineralization styles • High grade top cut used of 2-40g/t depending on statistical review of sample results • 1m metre samples with core half core or split RC samples used in models • Samples were generally submitted to NAL and analyzed using 50g fire assay with AAS finish, some samples were submitted to umpire laboratory for QAQC purposes From the 43-101 report titled REPORT ON THE MINERAL RESOURCES & MINERAL RESERVES OF THE NORTHERN TERRITORY GOLD AND BASE METALS PROPERTIES, April 4, 2011. Prepared by Heath Gerritsen, MAusIMM, Mark Edwards, MAusIMM, and Fleur Meuller MAusIMM 23
  24. 24. Resource SummaryDecember 31, 2010 TSX:CRK OTCQX: CROCF M+I MINERAL RESOURCE INFERRED MINERAL RESOURCE Project Tonnes Gold Grade (g/t) Ounces Gold Tonnes Gold Grade (g/t) Ounces Gold A Mt Bundy* 20,241,000 1.0 664,800 10,513,000 1.0 350,800 Burnside* 16,553,330 2.4 1,268,500 18,679,800 2.2 1,323,200 Union Reefs 239,000 2.4 18,200 3,740,000 1.7 204,200 Pine Creek 5,528,000 1.6 288,600 2,347,000 2.4 183,200 Maud Creek* 9,288,000 3.1 935,000 1,072,000 2.4 82,000 Total 51,849,330 1.9 3,175,100 36,351,800 1.8 2,143,400 *Includes Underground Resources A Crocodile Gold holes 80% interest in the Rustlers Roost deposit which is included in this Project Please Note: Mineral Resources include Mineral Reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves. Calculated at a gold price of US$1,000>/oz and exchange rate of $A0.91:US$1.0 ) and contained within optimizing pit shells using current operating costs From the 43-101 report titled REPORT ON THE MINERAL RESOURCES & MINERAL RESERVES OF THE NORTHERN TERRITORY GOLD AND BASE METALS PROPERTIES, April 4, 2011. Prepared by Heath Gerritsen, MAusIMM, Mark Edwards, MAusIMM, and Fleur Meuller MAusIMM MINERAL RESOURCE STATEMENT (Other Commodities) INFERRED MINERAL RESOURCE Project Deposit Commodity Cut-off Tonnes Grade (ppm) Contained metal Lead 1.0g/t Au 3,175,000 7,595 53,163,000 pounds Iron Blow Zinc 1.0g/t Au 3,175,000 32,823 229,750,000 pounds Burnside Silver 1.0g/t Au 3,175,000 101 10,200,000 ounces C Thunderball Uranium 200ppm 316,800 796 556,000 pounds C Crocodile Gold has a 30% free carried interest in this deposit Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves. The Inferred Mineral Resource estimate was reviewed and optimized by Mark Edwards who is a “qualified person” as such term is defined in National Instrument 43-101 and has supervised the preparation of the technical information and data included in this news release. The mineral resource estimate was generated using the following parameters: • Models used was generated by Odessa (Iron Blow) and SRK Consulting (Thunderball) • Model technique is Ordinary Kriging and Inverse Distance • Mineralization wireframes conducted on 0.5g/t material with a minimum width of 2m at Iron Blow 24
  25. 25. Burnside – Howley TrendDevelopment - Cosmo TSX:CRK OTCQX: CROCF West Lodes – ResourcesEast Lodes  Significant potential for expansion  Present development plan limited toReserves & Resources near surface portion Main focus of initial production  Infrastructure design to handle future Expansion potential at depth development 25
  26. 26. Fosterville Mine TSX:CRK OTCQX: CROCF Underground gold mine located 20 km east of Bendigo, a historic gold mining centre located 150 km north of Melbourne Producing since 1992. Currently has a 5-year mine life plan at 100,000+ oz of Au per year Investments in mine development and gold recovery enhancement has improved the efficiency of the operation Achieved production records in back-to-back quarters in 2011  Q2 production of 29,181 oz Au (at cash costs of US$787/oz) and Q3 production of 29,954 oz Au Historical Operating Profile $930 $831 Exploration commenced in April 2011 $669 $738 $576 $465  2011 US$3.8MM exploration budget (totaling 103.4 18,000m) focused on conversion and infill drilling 100.4 99.5 85.4 Tonnes Au Grade Au 73.4 Reserves and Resources (MM) (g/t) (MM oz) 67.0 Proven & Probable Reserves 3.1 4.8 0.5 2011 Guidance(1) M&I Resources (Exclusive of P&P) 9.1 2.3 0.7 Inferred Resources 5.4 3.4 0.6 2006 2007 2008 2009 2010 2011 Total Resources 17.6 3.1 1.7 Production (k oz) Cash Costs (US$/oz) Source: Provided by AuRico Gold . Figures have not been fully verified by Crocodile Gold . Management has used the midpoint of guidance as the basis for analysis. 26
  27. 27. Stawell Mine TSX:CRK OTCQX: CROCF Underground gold mine located alongside the town of Stawell, northwest of Ballarat in central Victoria and is approximately 250 km west of Melbourne  26-year history of mine-life extension  Produced its two millionth ounce on the property in March 2010  Current mine life of 5 years Exploration of numerous identified targets located laterally or adjacent to present underground workings should add to mine life Historical Operating Profile 2011 US$7.7MM exploration budget (totaling 24,000m) $969 $885 focused on previously untested areas $616 $555  Follow-up drilling on two new gold discoveries $474 $491 112.1 Tonnes Au Grade Au 105.0 102.7 Reserves and Resources (MM) (g/t) (MM oz) 86.0 83.0 71.5 Proven & Probable Reserves 2.0 3.6 0.2 M&I Resources (Exclusive of P&P) 3.4 2.5 0.3 2011 Guidance(1) Inferred Resources 0.7 4.9 0.1 Total Resources 6.2 3.1 0.6 2006 2007 2008 2009 2010 2011 Source: Provided by AuRico Gold . Figures have not been fully verified by Crocodile Gold . Management has Production (k oz) Cash Costs (US$/oz) used the midpoint of guidance as the basis for analysis. 27
  28. 28. Production Pipeline TSX:CRK OTCQX: CROCF Generative Advanced Development Production Exploration Exploration ProjectsGreenfields Reserve Extensions  Union Reefs  West Howley Burnside  Cosmo Underground  Pine Creek  Rising Tide Moline  Yam Creek Trend  Maud Creek  Princess Louise Maud Creek  Gandys  Cosmo Extension Underground Base Metal Potential Identified Resources  Union ReefsHistorical Resources Underground Golden Dyke  Bridge Creek, Western The Greeks Arm, Bons Rush, Kazi Mt Bonnie  Iron Blow Moline 28
  29. 29. ExplorationRegional Program TSX:CRK OTCQX: CROCFAirborne Geophysics More than 4,000 line km’s completed of AEM and magnetometer survey Geotech VTEM system- state of the art Includes Moline and Maud Creek tenements Ground follow-up of individual targets underwayReview of historical information Major database compilation in progress of all past work including government files Will ultimately be able to access and manipulate all past geochemical and geophysical surveys. Tens of thousands of geochemical sample results available. It is anticipated that thousands of past drill holes with assays and logs will be found and incorporated into the database Acquired high resolution satellite imagery for all areas Airborne Geophysical Survey Areas 29
  30. 30. ExplorationBurnside Area TSX:CRK OTCQX: CROCFHowley Trend: a 25 km long structure with additional deposits of interest Includes Cosmo Underground and Howley Open PitsEastern Side Similar trend with known deposits – past production Presence of base metal deposits with significant precious metal content Targets possess similar structure to Cosmo 30
  31. 31. ExplorationUnion Reefs/Pine Creek area TSX:CRK OTCQX: CROCFPotential New targets adjacent to Union Reefs Mill Potential for near term, low cost production 2011 focus on shallow and near surface deposits 31
  32. 32. Exploration – Strategic Assets Massive Sulfide Deposits TSX:CRK OTCQX: CROCF Mount Bonnie Iron Blow Historic Resource* Historic Production  650,000t - 1.7g/t Au, 279g/t Ag = Au eq 9.3g/t or  10,000t oxide @ 9g/t Au and 250g/t Ag = Au eq 194,000oz 15.8g  plus 9% Zn, 2% Pb, 0.5% Cu  25,000t sulphide (supergene) @ 7g/t Au and 360g/t Ag = Au eq 17g Oxide Cap previously mined  Total production Au eq = 18,747oz  110,000t @ 7g/t Au and 230g/t Ag Current Inferred Resources  Au eq = 13.3g/t Au or 47,000oz Au  3,175,000t @ 2.1g/t Au, 101g/t Ag, 3.3% Zn, Aeromagnetics- tilt derivative 0.76% Pb, 0.19% Cu  Au eq = 4.85g or 495,000oz (only Au and Ag considered)* “Gold Deposits of the Northern Territory” by Ahmad, Wygralak and Ferenczi, 2009. A qualified person as defined by NI 43-101 has not done sufficient work to classify this historicalestimate as current mineral resources or mineral reserves. Crocodile Gold is not treating the historical estimate as current mineral resources or mineral reserves and the historicalestimate should not be relied upon. Crocodile Gold believes with minimal confirmatory drilling this historic resource information could be included in the Mineral Resource inventory. 32

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