Crocodile Gold Produces 54,024 Ounces of Gold in Q2 2014, a 12% Increase Over Q2 2013 - Seite 2

Cosmo Gold Mine

Following from the successful transition to a new mining contractor at the end of the first quarter of 2014, the Cosmo Gold Mine posted strong physical results in the second quarter. Cosmo recorded underground ore production of 209,310 tonnes at an average grade of 3.70 g/t Au, up significantly from the first quarter of 2014. Ore milled in the second quarter was 213,815 tonnes at an average grade of 3.69 g/t Au and recovery rate of 86.3% for gold production of 21,845 ounces. Recovery rates at Cosmo have continued to improve over the course of Q2 with June's recoveries exceeding 92%. Mill grade increased in Q2 as the processing of lower grade oxide stockpiles for reclamation purposes was completed in Q1, with exclusively higher grade underground ore being processed in Q2. Development during the quarter advanced at an average rate of 324 metres per month.

Fosterville Gold Mine

The Fosterville Gold Mine continues the year with consistent underground ore production of 201,459 tonnes at an average grade of 4.09 g/t Au. Fosterville processed 202,927 tonnes of ore at a grade of 3.95 g/t Au with a recovery rate of 85.7% resulting in gold production of 22,198 ounces, which is more in line with planned production levels. Mine development continued at an average advance rate of 630 metres per month, particularly focused on advancing the Phoenix Decline to access higher-grade levels of the Lower Phoenix lens.

Stawell Gold Mine

The Stawell Gold Mine continues to operate by focusing on the identification and development of remnant resources in the upper levels of the mine, and supplementing underground ore with stockpiled oxide materials. Stawell is investing limited exploration expenditures in order to maintain the viability of the operations while also looking for additional zones of mineralization to sustain underground operations into future quarters. In Q2 2014, Stawell mined 137,849 tonnes of underground ore from the upper levels of the mine at an average grade of 2.62 g/t Au. The mill processed a total of 234,363 tonnes at an average grade of 1.69 g/t Au and recoveries of 78.8% which resulted in gold production of 9,956 ounces for the quarter.