Crocodile Gold (CRK.TSX) announced financial and operating results for the three and six months ended June 30, 2011. The emerging gold mining company reported that production from its Northern Territory operations in Australia saw improved tonnages from the open pit mines and excellent recoveries from the processing plant, achieving both positive mine operating earnings and a net profit in the quarter.
* Gold production rose 33% to 19,502 ounces
* Increased gold sales revenue by 52% to $30.2 million
* Net profit of $1.2 million cash from operations of $3.4 million
Chantal Lavoie, President and CEO of Crocodile Gold:
“The second quarter has shown a marked improvement over the first quarter with production up 33%…We are starting the 3rd quarter in a strong financial position with $77 million in working capital. Plus, we have identified a number of strategic opportunities to maximize the value of our assets.”
Reiterated its Buy rating and C$1.50 price target on shares of CRK.TSX.