FosterVille and Stawell Acquisition Update
On May 4th 2012, Crocodile Gold closed on an agreement to purchase all of the shares of Northgate Australian Ventures Corporation Pty Ltd ("Navco") from AuRico Gold. This acquisition placed two new properties--Fosterville and Stawell-- into the operations of Crocodile Gold. Fosterville and Stawell are located in the State of Victoria near Melbourne, Australia.
Adding these properties to the operating profile of Crocodile Gold brings a number of key benefits:
- The addition of two producing mines to Crocodile Gold's portfolio should increase 2012 expected production by approximately 155,000 - 175,000 ounces or about 200%;
- The strengthening of Crocodile Gold presence in Australia as a diversified miner with the combination of two highly talented operating teams;
- The accretive nature of the deal for Crocodile Gold with limited dilution to existing shareholders;
- The significant near-term cash flow which can be redeployed into projects such as Union Reefs and Maud Creek;
- The potential to extend mine lives through further exploration prospectivity; and
- The synergies expected between management, operations, and procurement.
View the related presentation by clicking here.
Read about the details of the acqusition by follow the links below to the related press releases:
Find out more about the newly aquired properties follow the links below: