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Crocodile Gold (CRK.TSX) announced that on September 25th, the Northern Territory Department of Mines and Energy (DME) granted in-principle approval for the International Mine pit redevelopment and proposed preparatory work within Crocodile Gold’s property in the Northern Territory of Australia. The approval followed a confirmation received by the Company on August 7th from the Australian Government Department of Sustainability, Environment, Water, Population and Communities that the proposed redevelopment “does not require further assessment and approval under EPBC Act before it can proceed.”
The approval now allows Crocodile Gold to immediately proceed with geotechnical, metallurgical and hydro-geological drilling required to optimize and finalize pit slope design, mine sequencing, and to begin installation of the monitoring wells that are required prior to the start of mining activities.
Highlights:
* In parallel to this activity, and as required by the in-principle approval from DME, the Company is amending its Mine Management Plan, submitted earlier this year, to reflect the most recent recommendations of the regulators
* Over the next three months, Crocodile Gold intends to finalize its 2013 operational budget and seek approval by the Board of Directors
* The Company anticipates that the ore contribution of the International Mine, which is located only 20 kilometers from the processing facility, will begin in the second quarter of next year
* Current estimates show the International open pit contributing 50,000 to 60,000 ounces of gold over the next two years
Chantal Lavoie, President & CEO of Crocodile Gold:
“The development of the International Mine has been a clear focus area as part of our short term operational strategy, concentrating on better quality ore sources, close to our Union Reefs processing facility. As a supplement to our Cosmo Mine ore production, ore produced from International Mine will allow us to significantly reduce our processing costs, taking full advantage of our 2.4 Million tonnes per annum treatment capacity.”
Peter Crooks, Crocodile Gold’s General Manager of Northern Territory Operations:
“I am very pleased that we have achieved this significant milestone for the project which is a reflection of the commitment of our team and the Northern Territory key stakeholders to working together.”
