Crocodile Gold Produces 53,583 Ounces of Gold in the First Quarter of 2014

TORONTO, ONTARIO--(Marketwired - April 23, 2014) - Crocodile Gold Corp. (TSX:CRK)(TSX:CRK.DB)(TSX:CRK.WT)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile Gold" or the "Company") reports on its production results for the first quarter of 2014. Related financial details for the first quarter are planned for release in May.

First Quarter Production Highlights

• Consolidated operations achieved gold production of 53,583 ounces with 678,821 tonnes of ore processed in the first quarter - a 9.5% increase in gold production when compared to Q1 2013.
• Gold production is on track to meet guidance of 200,000 to 210,000 ounces for 2014.
• The Cosmo Gold Mine successfully completed the previously announced change over to the new underground mining contractor in late March.
• The Stawell Gold Mine's Big Hill Enhanced Development Project has taken a significant step forward with the release the related Environmental Effects Statement (EES) in for public review.
• The Company ended the quarter with a preliminary cash balance of $38.0M and working capital of approximately $28.3M. The Company also fully settled its outstanding credit facility with Credit Suisse during Q1.

Consolidated Operational Summary

	Q1 2014	Q1 2013	Q4 2013
Ore Milled (t)	678,821	555,286	617,945
Average Recovery (%)	83.2%	84.8%	86.4%
Average Grade (g/t Au)	2.92	3.26	3.36
Ounces Produced (oz)	53,583	48,953	58,276

Rodney Lamond, President and CEO of Crocodile Gold, commented: "Crocodile Gold has started the year continuing the positive trends that were established in 2013 with production of over 53,000 ounces of gold in the first quarter of 2014. With these results, I am pleased to report that we are well on our way to meeting our 2014 guidance of between 200,000 and 210,000 ounces of gold. We ended the quarter with a strong cash balance and were able to settle our remaining outstanding facility with Credit Suisse." Mr. Lamond continued: "I would like to highlight the work of our team at the Cosmo Gold Mine and that the transition to our new mining contractor was a success. The team continued operations and moved a significant amount of ore in light of a mining contractor transition. At our Fosterville Gold Mine, I am very encouraged by the exploration results that will ensure the extension of the mine life for the operation and the Company continues to work on an updated mineral reserve and resource estimate for the site. In addition, the Big Hill Enhanced Development Project took a significant step forward with the release the related Environmental Effects Statement (EES) in for public review. The Company is committed to moving Big Hill forward as one of our most important growth projects for 2014 and the release of the EES is a key milestone."