Crocodile Gold Raises 2013 Production Guidance to 200,000-205,000 Ounces Gold

TORONTO, ONTARIO--(Marketwired - Oct. 10, 2013) - Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC)("Crocodile Gold" or the "Company") is pleased to announce that based on consistent and sustainable production rates at all three of the Company's mines, management is raising its production guidance for 2013 to 200,000 to 205,000 ounces. Previous guidance for 2013 had been set at 170,000 to 180,000 ounces gold.

As disclosed in the Company's press release earlier today, the Cosmo Gold Mine in the Northern Territory posted record gold production in the third quarter and the mine has now transitioned to a sustainable operations under a new revised mine plan focused on quality tonnes and higher cut-off grades. The Cosmo Gold Mine plan is focused on delivering immediate cash flow to the Company while also building in sustainable resource development and exploration to deliver returns for the future.

The Fosterville Gold Mine produced more than 25,000 ounces of gold in the third quarter attributable to higher tonnage, feed grade and good recoveries. Drilling at the Fosterville Gold Mine in the first half of 2013 replaced depleted ore in the same period.

At the Stawell Gold Mine, the evaluation of resources in the upper levels of the mine has enabled Stawell to continue mining underground for the remainder of 2013 and into 2014. The Big Hill Project at Stawell continues to progress through the permitting process and will be an important growth strategy for both the Company and the local community.

"Following an extensive review of all of Crocodile Gold's operations and modifications to mine plans, I am pleased to report that management remains focused on profitable production at each operation while simultaneously exploring and developing the Company's resources," commented Rodney Lamond, President and CEO. "As outlined below, a number of strategic initiatives have been initiated to deliver positive returns to our shareholders."

• Positive Cash Flow: All of the Company's mines are focused on generating positive cash flow after sustaining capital. New revised mine plans focusing on the right tonnes at the right grade that are linked to cost control programs have been initiated. In addition, the Company is looking at ways to generate higher returns by considering options such as custom milling agreements for the Union Reefs Mill.