Crocodile Gold, a Canadian gold mining and exploration company, produced 55,206 ounces of gold in the third quarter of 2013. The company which has three operating mines in the Northern Territory and State of Victoria, Australia got an increase of 14.4% over the second quarter production of 48,261 ounces.
According to the press release from Crocodile Gold the company says that related revenue and cost per ounce details will be included in the Q3 2013 financial results which will be released in mid-November. The best feature in the company’s third quarter production was that it posted record mine production results in all categories, making the transition from a ramp-up operation to a sustainable producer.
Crocodile Gold informed that the Cosmo Mine produced 21,316 ounces gold in the third quarter and thus played a great role in overall production as it was an increase of 20% over the second quarter of the year. Similarly, the Fosterville Gold Mine processed 204,231 tonnes of ore at a grade of 4.44 g/t Au with a recovery rate of 86.7%.
Thus, the Fosterville Gold mine produced 25,359 ounces gold which when compared to 23, 470 ounces in the second quarter is quite high. Similarly, the Stawell Gold Mine produced 8,531 ounces gold in the third quarter compared to 7.085 ounces in the second quarter. Now the company sits with the quarter cash balance of $27.9 million.
With working capital of approximately $14 million, Crocodile Gold continues to pay down its credit facility with Credit Suisse of which $6.25 million remains outstanding.
Company reviewing its Priorities Amidst the Challenges Gold is facing
Gold is in doldrums, particularly after the U.S. shutdown as investors believe that raising the debt ceiling would be only short-lived. Additionally, there is soft physical demand for gold. The lack of economic data and outflows from gold backed exchange-traded funds (ETFs) has also dragged on prices.
Rodney Lamond, President and CEO of Crocodile Gold say that despite ongoing market challenges, the company has achieved a strong quarter of production. However, he says that the company is continuing to implement strategic initiatives to deliver positive returns to shareholders and for that reviewing all mining plans and expenditures.
He further added that he would like to acknowledge the hard work of Crocodile Gold personnel in ensuring its operations are focused on profitable and sustainable production.
To contact the reporter of this story: Jonathan Millet at email@example.com