Crocodile Gold Corp Raises Production Guidance by 10% for 2014

Crocodile Gold Corp, the Toronto-based mining company, has revised its production guidance for 2014 with a 10% increase in expected output.

In Q3 of 2014, Crocodile Gold Corp produced nearly 56,000 ounces of gold, raising its yearly totals to 163,516 ounces.

An average increase in grades and recoveries over 3 consecutive quarters are what has led to the revised production numbers.

Rodney Lamond, Crocodile's CEO and President said in a press release, "I am extremely pleased to announce that the Company is able to increase its gold production guidance again for 2014. This important milestone demonstrates that we are focused on the right activities to deliver consistent and sustainable results. The 55,909 ounce gold production this quarter marks the fifth consecutive quarter with over 53,000 ounces produced."

At the end of the 3rd Quarter for 2014, Crocodile Gold held a preliminary cash and gold bullion balance of more than $30.5 million dollars and a working capital of $16 million. The company recently moved its Canadian headquarters to First Canadian Place in Toronto.

"Our management teams are committed and focused in the areas of resource growth, gold production, and free cash flows to build a sustainable future for each of our current operating assets. While the challenging gold market has impacted our revenue, we are in a very strong position to capitalize when the markets recover," said Lamond.

Crocodile Gold is a Canadian Gold Mining and Exploration company with three mines in Australia, the Cosmo, Fosterville, and Stawell mine.