Crocodile Gold Announces Agreement on the Sale of Non-Core Assets in the Northern Territory - Seite 2

Update on Custom Milling (Toll Treatment) Agreement with Thor Mining PLC.

Crocodile Gold is additionally announcing that it has withdrawn from the memorandum of understanding with Thor Mining PLC ("Thor"), originally signed April 10, 2013, to provide custom milling and processing of ore provided by Thor. Crocodile Gold will continue to pursue other custom milling opportunities with partners in the Northern Territory as part of its strategy to fully utilize its 2.4 million TPA mill at Union Reefs.

Notes to Maud Creek Mineral Resource

1. The Mineral Reserve is as of December 31, 2012 and is reported in the document titled Report on the Mineral Resource & Mineral Reserves of the Maud Creek Gold Project.
2. All Mineral Reserves have been estimated in accordance with the JORC code and have been reconciled to CIM standards as prescribed by the NI 43-101.
3. Mineral Reserves were estimated using the following mining and economic factors:
   1. A 13% dilution factor and 110% recovery was applied to the caving under fill method
   2. A 5% dilution factor and 90% recovery was applied to sub level open stoping
   3. A gold price of AUD$1,450/oz
   4. An overall processing recovery of 88%
4. The cut-off grade for Mineral Reserves has been estimated at 4 g/t Au.

Notes/Technical Disclosure/Disclaimers

Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimates of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio political, marketing, or other relevant issues.

The quantity and grade of reported inferred resources in the above estimations are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

Qualified Person

The Technical Report titled Report on the Mineral Resource & Mineral Reserves of the Maud Creek Gold Project, dated December 31, 2012 conforms to the CIM Definition Standards on Mineral Resources and Mineral Reserves referred to in NI 43-101. The qualified persons (each a "QP") who supervised the preparation of Technical Reports are: Mark Edwards, MAusIMM (CP), General Manager of Exploration and Business Development for Crocodile Gold Corp. and Phil Bremner, FAusIMM, consultant from Mining One Pty of Melbourne, Victoria, Australia. Phil Bremner is independent of the issuer as defined by NI 43-101.