The Gold Report

Crocodile Gold Corp. TICKER: CRK:TSX; CROCF:OTCQX Visit Company Website Crocodile Gold is a Canadian company with operating gold mines in the Northern Territory of Australia and a land package of over 2,700 sq. km. The company plans to produce 77,500–82,500 oz. Au in 2011. The company currently has 3.1 Moz. of NI-43-101-compliant measured and indicated resources, 2.1 Moz. inferred resources and an aggressive exploration program on its prospective land package.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Henry Lazenby, Mining Weekly (5/9/12) "Crocodile Gold Corp. said it expected a threefold gold production increase this year to between 155–175 Koz. The company, which mainly operates open-pit mines in Australia's Northern Territory, added the Fosterville and Stawell mines in Victoria to its stable earlier this month, having bought them for $65M. . .initial mining of the longhole stopes was progressing and meeting expectations. . .Crocodile has 3.18 Moz of NI-43-101-compliant Measured and Indicated resources and 2.14 Moz in the Inferred category."

Mike Kozak, Cormark Securities (3/29/12) "Crocodile Gold Corp. announced that it has entered into a definitive agreement to acquire the Stawell and Fosterville mines located in Victoria State, Australia, from AuRico Gold for total consideration of $105M. . .Crocodile estimates this will improve 2012 production from previous guidance of 75-85 Koz to 230-250 Koz and further to +300 Koz in 2013. . .[the acquisition of] two producing mines to provide near-term production. . .the two producing operations should help bring costs down companywide and derisk the existing operations."

Gary Baschuk, Raymond James (3/28/12) "Crocodile Gold Corp. and AuRico Gold Inc. have signed a definitive agreement for Crocodile to acquire 100% ownership of the Fosterville and Stawell gold mines located in Victoria state, Australia, for a total of up to CA$105M. . .closing is expected around May 1, 2012. . .for Crocodile, this transaction would add two producing mines with a total 2012 expected production of 155–175 Koz gold compared to the company's current guidance of 75–80 Koz gold (~200% increase)."

Gary Baschuk, Raymond James (3/20/12) "We view the start of stoping at Crocodile Gold Corp.'s Cosmo mine as positive due to the high valuation attributed to the Cosmo asset (~62% of net asset value). To date, UG production from Cosmo has been from development activity only; we expect the rate of production from Cosmo to increase significantly going forward and commercial production to begin in Q312. . .we are maintaining our $1.30 target price and Outperform rating."

Canaccord Pre-Market News (1/27/12) "Crocodile Gold Corp. expects a 12–19% rise in 2012 production as its flagship Cosmo mine in Australia is expected to contribute more than 70% of the total output. It expects 2012 production at 75–85 Koz gold at a cash cost of $1,100–1,300/oz."

• Corporate Presentation (4/12/12)
• Fact Sheet (3/21/12)

(2/8/11) Jay Taylor Radio

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