Crocodile Gold Presentation March, 2012


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Crocodile Gold Presentation March, 2012

  1. 1. Accelerating Our Growth and ExplorationTSX: CRKOTCQX: CROCF MARCH 2012FRANKFURT: XGC
  2. 2. Forward Looking Statements TSX:CRK OTCQX: CROCFThis presentation contains forward-looking statements under Canadian securities legislation. Forward-looking statements include, but are not limited to, statementswith respect to the development potential and timetable of the projects; the Company’s ability to raise additional funds as necessary; the future price of gold; theestimation of mineral resources; conclusions of economic evaluation (including scoping studies); the realization of mineral resource estimates; the timing and amountof estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining orprocessing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking statements can beidentified 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 statements are 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 mineralresource estimates and the realization of such estimates; results of previous mining activities at the projects, and detailed research and analysis completed byindependent of the Company; research and estimates regarding the timing of delivery for long-lead items; knowledge regarding the factors consultants andmanagement involved in building a mine and other factors described in the technical reports and Annual Information Form filed under the profile of the Company onSEDAR. Capital and operating cost estimates are based on results of previous mining activities, research of the Company and independent consultants, recentestimates of construction and mining costs and other factors that are set out in the scoping study. Production estimates are based on mine plans and productionschedules, which have been developed by the Company’s personnel and independent consultants. Forward-looking statements are subject to known and unknownrisks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different fromthose expressed or implied by such forward-looking statements, including but not limited to risks related to: timing and availability of external financing on acceptableterms; unexpected events and delays during construction, expansion and start-up; variations in ore grade and recovery rates; receipt and revocation of governmentapprovals; actual results of exploration and mining activities; changes in 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 the mining industry. Although management of the Company hasattempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be otherfactors 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 actual resultsand future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-lookingstatements. The Company does not undertake to update any forward-looking statements 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 mineralresources be reported separately. 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.Non-GAAP MeasuresCrocodile Gold believes that investors use certain indicators to assess gold mining companies. The indicators are intended to provide additional information and shouldnot be considered in isolation 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 isdetermined by dividing the operating expenses, excluding stock-based compensation allocated to the operating expense and next of silver revenue, by the number ofounces of gold sold. There are variations in the method of computation of ‘cash cost per ounce” as determined by the Company compared with other miningcompanies.Qualified PersonDavid Keough, MAusIMM of Crocodile Gold Australia Operations is a “qualified person” as such term is defined in National Instrument 43-101 and has reviewed andapproved the technical information and data included in this presentation.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 arerecognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. “Inferred mineralresources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of aninferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis offeasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever beconverted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economicallyor legally mineable. 2
  3. 3. Investment Advantage TSX:CRK OTCQX: CROCFAssets 3.175 million ounces M&I and 2.14 million ounces inferred resources Over 3,300 km2 land package with proven historical production Significant infrastructure and accessibilityProduction 2.4 million tonne per annum processing facility Expanding production profile with decreasing cash costs New projects in the pipelineExploration Outstanding potential to discover additional resources Extensive exploration project and development pipeline Exploration strength with excellent joint venture opportunities 3
  4. 4. Our Assets 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 Assets TSX:CRK OTCQX: CROCFCore Asset 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)Maud Creek Main Zone ExplorationMoline Hercules/School/Moline Exploration 5
  6. 6. 2012 Production Forecast TSX:CRK OTCQX: CROCF2012 Key Catalysts Production from Cosmo – Initiate ramp-up in Q1 of 2012 – On target to produce 50-60,000 in 2012 – Will contribute 50% of ounces at full production (800,000 TPA ore) Increasing % of high grade mill feed throughout the year from Cosmo Advanced exploration program to further production targets. 2012 Guidance 2012 Production Sources 2012 Major Capital Investments75,000 – 85,000 Open Pits: West Howley, Rising Cosmo infrastructure Ounces Tide, North Point/Princess Louise Union Reefs mill improvements Underground: Cosmo Exploration 6
  7. 7. Production Pipeline TSX:CRK OTCQX: CROCF Generative Advanced Development Production Exploration Exploration ProjectsGreenfields Reserve Extensions  Union Reefs  West Howley Burnside  Cosmo  Pine Creek  Rising Tide Underground Moline  Maud Creek  Princess Louise  Yam Creek Trend Maud Creek  Cosmo Extension  Gandys Underground Base Metal Identified Resources Potential  Union ReefsHistorical Resources Underground Golden Dyke  Bridge Creek, The Greeks Western Arm, Bons Rush, Kazi Mt Bonnie  Iron Blow Moline 7
  8. 8. Cost Comparison TSX:CRK OTCQX: CROCF Burnside Pine Creek Union Reefs Cosmo Underground Open Pits Open Pits Underground $2.50 Mining Cost per Tonne $44.00 $2.50 $80.00 6.5 Strip Ratio N/A 3.1 N/A $18.75 Mining Cost per Tonne Milled $44.00 $9.00 $80.00 $16.00 Processing Cost $16.00 $17.00 $16.00 $8.25 Ore Haulage $8.50 $2.00 $1.00 $5.00 Site General & Administration $5.00 5.00 $5.00 $48.00 Total $/Tonne Milled $73.50 $45.84 $102 1.50 Ore Grade g/t Au 4.50 2.16 6.00 93.0% Recovery 92.0% 90% 92.0% $1,070 Cost per Ounce $552 $729 $575Open Pit Mines Cosmo Underground Mine Pine Creek/Union Reefs Provide good margin  Provides leverage of additional high-  Pine Creek Open Pits (International) (>US$500) to current gold grade ore leading to significantly lower – Proximity to processing facilities means less price cash costs/oz. transport costs Lower grade leads to higher  Will eventually make up 40% of mill  Union Reefs Deposits (Prospect/Crosscourse) cash cost 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 8
  9. 9. Exploration TSX:CRK OTCQX: CROCFStrategy Growth through greenfields and brownfields explorationExploration Goals Reserves: Replace & Increase reserves from 650,000 oz to 1M oz. Resources: Replace & Increase resources from 5M oz to 6M oz Discover “new” precious metal deposits Continue to Assess the Company’s 3,300km2 land position2012 Objectives Union Reefs: 10,000m drilling, resource statement for scoping study to establish an exploration decline. Maud Creek: Revise resource statement & update scoping study in order to take decision on Pre-feasibility. Assessment of information collected in 2011 for identification of next opportunities 9
  10. 10. 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 results1 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 2012Note 1: Refer to previous press releases dated for detailed results 10
  11. 11. 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 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 - 1,072,000t @2.4g/t Au for 82,000oz (using a 1.0g/t Au cut-off)  Near the town of Katherine – 8km haul road to paved highway2011 Work Completed  Significantly expanded land position, 600+km2 3,461m of drilling Internal scoping study2012 Key Milestones Compilation of drilling results – March 31, 2012 Update of 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 11
  12. 12. 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 Union Reefs and Pine Creek 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 – Expansion of processing capabilities - scenario  Long Term – Explore – Development of Maud Creek Deposit – Generate value out of the base metal deposits, currently 500,000 equivalent AU oz. in resource 12
  13. 13. Our Growth StrategyWhat could CRK look like? TSX:CRK OTCQX: CROCF 500 $1,500 400 Thousands oz. $1,000 300 200 $500 100 0 $0 2010 2012 2014 2016 2018 2020 Burnside Cosmo UR/Pine Creek Maud Creek Cash Cost/oz. Assuming the following:  Continued production from Burnside, new production from UR/Pine Creek Surface & UG  Successful conversion of resources into reserves  Expansion of processing facilities by 2014  Permitting, construction and operation of Maud Creek by 2016 13
  14. 14. Capital Structure & Price Comparison TSX:CRK OTCQX: CROCF Share Structure (At February 29, 2012) $1.20 Basic*: 310,027,546 Historical Price $1.00 Warrants: 69,499,116 $0.80 Options: 19,441,204 $0.60 $0.40 Fully Diluted#: 401,615,366 $0.20 Market Capitalization: $192.2 Million $0.00 52 Week Trading Range $0.47 – $1.63 * A $30,000,000 private placement bought deal was announced on February 22nd . Once the deal closes on March 15th 2012 , a minimum of 60,000,000 shares will be issued. #Including 2.5 million shares to be issued under the Company Share Compensation Plan 2.0 Price to Net Asset Value Economic Value/oz Au Price to Net Asset Value Comparison 1.5  EV/oz Au Producer Average =  Valuation at 0.5x net assets $US 145/oz  Share price trading at a discount 1.0  Crocodile Gold = $US 45/oz when compared to peers Source: NBF on June 15, 2011 Source: Raymond James Updated as of June 14, 2011 0.5Analyst Coverage 0.0Cormark Securities  Raymond James  Union Securities ORA CRK AGI GSC LSG YRI ANO ELD AEM 14
  15. 15. 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 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 and Manhattan groupsince early 2010. 15
  16. 16. Investment Advantage TSX:CRK OTCQX: CROCFAssets 3.175 million ounces M&I and 2.14 million ounces inferred resources Over 3,300 km2 land package with proven historical production Significant infrastructure and accessibilityProduction 2.4 million tonne per annum processing facility Expanding production profile with decreasing cash costs New projects in the pipelineExploration Outstanding potential to discover additional resources Extensive exploration project and development pipeline Exploration strength with excellent joint venture opportunities 16
  17. 17. 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 TSX: CRK OTCQX: CROCF FRANKFURT: XGC Find us on A Member of the Forbes & Manhattan Group of Companies 17
  18. 18. TSX:CRK OTCQX: CROCFAdditional Information 18
  19. 19. 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 19
  20. 20. 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$1.00 ) and contained within optimizing pit shells using current operating costs 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 20
  21. 21. Our AssetsBurnside – Howley Trend TSX:CRK OTCQX: CROCF 21
  22. 22. Burnside – Howley TrendDevelopment - Cosmo TSX:CRK OTCQX: CROCFUnderground Mine Target production of 800,000 TPA Initial ore Q3, 2011 Ramp-up to full production in 2012East Lodes - Reserves& Resources Main focus of initial production Expansion potential at depth 22
  23. 23. Burnside - Howley Trend Development - Cosmo TSX:CRK OTCQX: CROCFWest Lodes - Resources• Significant potential for expansion• Present development plan limited to near surface portion• Infrastructure design to handle future development 23
  24. 24. Burnside - Howley TrendCosmo Development TSX:CRK OTCQX: CROCF Western Lodes 3D Isometric View & Composite Development Plan 24
  25. 25. Pine Creek/Union ReefsNew Production - 2012 TSX:CRK OTCQX: CROCFImproving the cost profile Production close to Union Reefs mill with minimum transport cost Potential for both surface and underground mines, higher grade orePine Creek – International Open Pit In the permitting process Potential to add to 2012 production profile.Union Reefs – Underground Ore Bodies Located on granted mining lease and ability to bring in to production very quickly Next to the process plant so essentially no trucking costs Several high grade intersections over 3 distinct ore bodies (Prospect, Lady Alice, Crosscourse) 25
  26. 26. 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 26
  27. 27. ExplorationThree Key Areas TSX:CRK OTCQX: CROCF 27
  28. 28. ExplorationBurnside Area TSX:CRK OTCQX: CROCFReserves & Resources• 1.2M oz of Measured & Indicated• 1.3M oz of InferredHowley 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 Cosmo look-a-likes 28
  29. 29. ExplorationUnion Reefs/Pine Creek area TSX:CRK OTCQX: CROCFReserves & Resources• 306,800 oz of Measured & Indicated• 387,400 oz of InferredPotential New targets adjacent to Union Reefs Mill Potential for near term, low cost production 2011 focus on shallow and near surface deposits 29
  30. 30. ExplorationOther Key Strategic Assets TSX:CRK OTCQX: CROCFMassive SulphideDeposits Iron Blow Mount BonnieGold Deposits Mt. Bundy MolineUranium Deposits Thunderball 30
  31. 31. 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 has not done sufficient work to classify this historical estimate as current mineralresources or mineral reserves. Crocodile Gold is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon.Crocodile Gold believes with minimal confirmatory drilling this historic resource information could be included in the Mineral Resource inventory. 31
  32. 32. ExplorationMount Bundy Area TSX:CRK OTCQX: CROCFReserves & Resources 664,800 oz of M&I 350,800 oz of InferredInfrastructure: Tom’s Gully mill, presently on Care & MaintenanceDeposits Tom’s Gully Mt Bundy (Rustler’s Roost) Quest 29Way Forward Evaluating possible divestment 32