TORONTO, ONTARIO, Nov 05 (MARKET WIRE) --
Crocodile Gold Corp. (TSX: CRK) today announces that following the
completion of the business combination agreement with Franc-Or Resources
Corporation ("Franc-Or") (see Crocodile Gold Press Release dated November
3, 2009) it will commence trading on Toronto Stock Exchange under the
symbol "CRK". This will occur at market open on Friday, November 6, 2009
and the common shares of Franc-Or (TSX: FOR) will be delisted.
Crocodile Gold Corp. has also been invited to open the market at the
start of trading on the TSX on November 12, 2009 as part of a TSX Listing
Ceremony to mark the occasion.
Mike Hoffman, President and CEO of Crocodile Gold commented, "We are
proud to have Crocodile Gold being publicly traded on Toronto Stock
Exchange. In the coming months as we ramp up to full production of over
100,000 ounces of gold in 2010, we look forward to delivering shareholder
value through generating positive cash flow, further exploring our
tenement package and expanding production during 2010. We have commenced
development work at the mines and are progressing on an extensive
exploration program to expand our resource base."
Stan Bharti, Chairman of Crocodile Gold commented, "We are excited about
the commencement of trading as this represents a significant step forward
for Crocodile Gold. We look forward to working with our shareholders and
building Crocodile Gold into an intermediate gold producer."
Management of Crocodile Gold includes:
Michael Hoffman, President, Chief Executive Officer and Director, is a
professional mining engineer with over 25 years of experience in
operations, projects and corporate development. He has served in senior
executive positions at Crowflight Minerals Inc., Goldcorp Inc., Desert
Sun Mining Corp. and Yamana Gold Inc.
Brad Boland, Chief Financial Officer, is a Certified Management
Accountant. He has experience in senior executive positions at
Consolidated Thompson Iron Mines Limited, Kinross Gold Corp. and Goldcorp
Inc.
Grant Davey, Chief Operating Officer, is a mining engineer with almost 20
years of experience in the mining industry including senior mine and
operational management roles within the AngloGold Ashanti and Anglo
American organizations in South Africa and Australia.
The Board of Directors of Crocodile Gold includes, in addition to Michael
Hoffman:
Stan Bharti, Chairman, has over 25 years of experience in operations,
public markets and finance. Over the last ten years Mr. Bharti has been
involved in acquiring, restructuring and financing companies. Mr. Bharti
is a director of several public and private companies.
Chris Bradbrook, Vice Chairman, has more than a 25-year career in the
mining industry. He has performed principal roles in many aspects of the
industry, including exploration, mine development, corporate development
work, financial analysis, investor relations and marketing. Most
recently, he was President and Chief Executive Officer of New Gold Inc.
and prior to that, he was Vice President of Corporate Development for
Goldcorp Inc.
Bruce Humphrey is a mining engineer with over 30 years of experience. He
served as the President and Chief Executive Officer of Desert Sun Mining
Corp. and served as Senior Vice President and Chief Operating Officer at
Goldcorp Inc. during the re-development of its high-grade Red Lake mine.
George Faught is a Chartered Accountant with over 25 years of senior
management experience and is currently the President and Chief Executive
Officer of Aberdeen International Inc. He has served as the Chief
Financial Officer of publicly traded companies in the natural resources,
financial services and pharmaceutical industries. He also serves as a
director of several public companies in the resource sector.
Greg Cameron brings 13 years of deal experience focused on small and mid
capitalization companies in North America. Most recently, Greg was a
Senior Vice President at Macquarie Capital Markets Canada focused on
diversified industries. Mr. Cameron is a graduate of Saint Mary's
University in Halifax, Nova Scotia, Canada with a Bachelor of Commerce in
Finance and Accounting.
About Crocodile Gold
Crocodile Gold is a Canadian company that has completed the acquisition
of recent past producing gold assets in the Northern Territory of
Australia. The assets comprise an area greater than 3,500 square
kilometres and are located approximately 90 to 285 kilometres south of
the capital city, Darwin, and include the Burnside Project, Tom's Gully
Project and Maud Creek Project. The property contains 3.0 million ounces
of NI 43-101 compliant measured and indicated resources, and 1.6 million
ounces of inferred resources. The Burnside Project includes the Brocks
Creek underground mine, the Chinese open pit mine and several additional
deposits along the Cosmo/Chinese corridor, including the undeveloped
Cosmo underground deposit. The Tom's Gully Project includes the Tom's
Gully underground mine and the former Mt Bundy (Rustler's Roost) Mine.
Crocodile Gold operates the 8,000 tpd Union Reefs mill and the 800 tpd
Tom's Gully mill. Crocodile Gold plans to produce over 100,000 ounces of
gold in 2010 and over 200,000 ounces in 2011. Crocodile Gold will trade
under the symbol CRK on the Toronto Stock Exchange.
Cautionary Note
Certain information set forth in this press release contains
"forward-looking statements", and "forward-looking information under
applicable securities laws. Except for statements of historical fact,
certain information contained herein constitutes forward-looking
statements which include management's assessment of Crocodile Gold's
future plans and operations and are based on Crocodile Gold's current
internal expectations, estimates, projections, assumptions and beliefs,
which may prove to be incorrect. Some of the forward-looking statements
may be identified by words such as "expects" "anticipates", "believes",
"projects", "plans", and similar expressions. These statements are not
guarantees of future performance and undue reliance should not be placed
on them. Such forward-looking statements necessarily involve known and
unknown risks and uncertainties, which may cause Crocodile Gold's actual
performance and financial results in future periods to differ materially
from any projections of future performance or results expressed or
implied by such forward-looking statements. These risks and uncertainties
include, but are not limited to: liabilities inherent in mine development
and production; geological, mining and processing technical problems;
Crocodile Gold's inability to obtain required mine licenses, mine permits
and regulatory approvals required in connection with mining and mineral
processing operations; competition for, among other things, capital,
acquisitions of reserves, undeveloped lands and skilled personnel;
incorrect assessments of the value of acquisitions; changes in commodity
prices and exchange rates; currency and interest rate fluctuations;
various events which could disrupt operations and/or the transportation
of mineral products, including labour stoppages and severe weather
conditions; the demand for and availability of rail, port and other
transportation services; and management's ability to anticipate and
manage the foregoing factors and risks. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such
statements. Crocodile Gold undertakes no obligation to update
forward-looking statements if circumstances or management's estimates or
opinions should change except as required by applicable securities laws.
The reader is cautioned not to place undue reliance on forward-looking
statements.
Contacts:
Crocodile Gold
Michael Hoffman
President and CEO
416-861-2964
Crocodile Gold
Ashleigh Meyer
Manager, Investor Relations
416-861-5899
info@crocgold.com
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