Crocodile Gold announces positive preliminary economic assessment on the Big Hill open pit project at the Stawell Gold Mine
Friday, Feb 01, 2013
Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(
Crocodile Gold acquired a 100% interest in the Big Hill Project through its acquisition of the Stawell Gold Mine in May 2012. The Big Hill Project is the up-dip extension of the Stawell Magdala system, which is currently being mined from underground. The PEA outlines a possible open pit operation based on an updated independent mineral resource estimate, optimization study and design works carried out during the latter half of 2012.
Chantal Lavoie, President and CEO of the Company said, "This project represents an excellent opportunity to maximize the value and extend the life of the Stawell Gold Mine, further contributing to the growth of the Company's gold production while reducing operating costs. It is worth noting that this project will have access to our experienced workforce and well established business partners."
Adding to Mr. Lavoie's comments, Troy Cole, General Manager of the Stawell Gold Mine stated, "We are mindful of the importance of the Big Hill Project to the region and the value it represents. We are also excited about the opportunities that this project presents to the Stawell area and our ability to continue to contribute to the region's golden heritage will be determined through a responsible consultation program engaging community, local and state governments."