RE: result on sedarFor the six months ended June 30, 2011
Highlights during 2011 to date have been:
• A total of 500,759 tonnes of ore was milled in the three months ended June 30, 2011 at an average grade of 1.32 g/t and a recovery rate of 91.8% to produce 19,502 ounces of gold, compared to 315,010 tonnes of ore milled in the three monthsended March 31, 2011 at an average grade of 1.55 g/t and a recovery rate of 93.2% to produce 14,683 ounces of gold.
• Mill utilization was 88% in the three months ended June 30, 2011, up from 62% in the first quarter of 2011, and compared to 95% and 88% during the third and fourth quarters of 2010 respectively. The first quarter of 2011 was much lower as a result of much heavier than normal rains experienced during the wet season, which continued until mid-April 2011.
• The Company’s exploration drilling program commenced in earnest in the second quarter of 2011 with 6,842 metres of surface exploration drilling was completed at Union Reefs and Cosmo, compared to 582 metres of exploration drilling at Union Reefs in the first quarter of 2011, including 2,031 metres of RC and 4,811 metres of diamond drilling. Additionally, a total of 550 metres of underground exploration drilling was conducted during the second quarter at Cosmo.
• During the three months ended June 30, 2011, the Company recorded gold sale revenue of $30,206,274 on the sale of 20,200 ounces of gold, for an average realized price of $1,495 per ounce, compared with gold sale revenue of $19,858,346 in the three months ended March 31, 2011 on the sale of 14,300 ounces, for an average realized price of $1,389 per ounce.
• In the three months ended June 30, 2011, the Company recorded a net profit of $1,200,539, or
.00 per share, and provided cash from operations of $3,440,533. In the three months ended June 30, 2011, cash generated by mine operations was $5,396,584.
• Net working capital at June 30, 2011 was $77,473,864 (March 31: $90,010,613), which included cash and cash equivalents of $76,819,172 (March 31: $88,191,145). Net working capital at December 31, 2010 amounted to $20,380,922, which included cash and cash equivalents of $22,782,593.
Crocodile Gold is currently ramping up its exploration effort at its properties in the Northern Territory of Australia with 6 drills currently on site drilling priority targets at Cosmo and Union Reef, and with further drilling rigs expected over the next few weeks.
I´ve to take a closer look at the numbers...will be back soon.