Crocodile Gold reports third quarter revenue of $78.7 million on the sale of 47,121 ounces of gold
Thursday, Nov 15, 2012
Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(
Crocodile Gold has posted revenues of $78,721,463 on third quarter gold sales of 47,121 ounces, a sequential increase of 32% over the second quarter reflecting the realization of the integration of the Fosterville and Stawell Gold Mines and a strong gold price environment.
The mine operating earnings in the third quarter were $7,028,408 compared to $5,949,787 for the three months ended June 30, 2012, an increase of 18%. The cash cost per ounce of gold sold in the third quarter was $1,176 per ounce compared to $1,167 per ounce in the second quarter (refer to non-GAAP measures below). Operating costs continue to be in line with internal forecasts
Net loss for the quarter ended September 30 was $55,998,228 or $0.14 per share, compared to a net loss of $7,225,054 or $0.02 per share for the quarter ended June 30, 2012. The Company's net loss for the quarter was impacted by significant non-cash charges including a loss from the revaluation of derivative liabilities of $49,938,647 and a loss from the change in fair value of contingent consideration of $4,335,178, both as a result of the significantly higher gold price forward curve at quarter-end compared to June 30, 2012. The Company notes that if these liabilities are eventually realized at the quarter-end forward prices there would also be a significant positive impact on the operating cash flows of the Company.