* Acquires Stawell, Fosterville mines for C$105 mln
* Crocodile raises 2012 output view to 230,000-250,000 gold
March 27 Crocodile Gold said it will
buy two mines in Australia from AuRico Gold Inc
for up to C$105 million ($105.78 million) as the Canadian gold
miner moves to ramp up its production in the region.
Crocodile Gold hiked its production outlook for 2012 to
230,000-250,000 ounces of gold, from its earlier expectation of
75,000-80,000 ounces, as it expects to benefit from the two
acquired mines, Stawell and Fosterville, in Victoria.
"The two mines will add meaningfully to Crocodile Gold's
near-term production as our Cosmo mine continues to ramp up to
steady state," Crocodile Gold Chief Executive Chantal Lavoie
said in a statement.
Crocodile will pay C$70 million in cash and C$10 million in
stock to AuRico. It expects to fund the cash part of the deal
through an A$80 million credit facility provided by Credit
The remaining C$25 million will be paid in three
installments, which will be made annually from the closing date
of the deal.
Shares of Crocodile Gold closed at 49 Canadian cents on the
Toronto Stock Exchange, while those of AuRico closed at C$8.90