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)(FRANKFURT:XGC) ("Crocodile Gold" or the "Company") is releasing its financial and operating results for the three months ended September 30, 2012. All figures are in U.S. dollars, unless stated otherwise.

Financial Discussion

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.

Source: Marketwire