Crocodile Gold Strikes Again at Union Reefs

Crocodile Gold (CRK.TSX) announced continued high grade intersections from the exploration drilling program currently underway at the Union Reefs project in the Northern Territory of Australia.  Crocodile Gold has now completed the first round of drilling on the Prospect deposit, with two diamond drill rigs now drilling the E-Lens target at the Crosscourse deposit and the Lady Alice deposit.  The Company now intends to include the new results in a resource update.
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Gold Prices Dip After Margin Hike on Shanghai Gold Exchange

GOLD PRICE NEWS – The gold price traded lower Tuesday morning, sinking $14.50 to $1,883 per ounce, after the Shanghai Gold Exchange hiked margins to 12%.  Gold prices turned lower following the news out of China after hitting a new all-time high of $1,913 overnight.

More cyclically-sensitive asset classes advanced with crude oil rising 1.4% to $85.60 per barrel and agricultural commodities moving higher across the board.  S&P 500 stock futures gained 12.10 to 1135.40.  The U.S. dollar fell 0.6% versus a basket of foreign currencies, as measured by the U.S. Dollar Index.
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Gold Stocks Surge, GDX Turns Positive Year-to-Date

GOLD STOCKS NEWS – Gold stocks surged higher Monday, as the Market Vectors Gold Miners ETF (GDX) advanced $2.23, or 3.6%, to $63.49 per share.  The rally in gold stocks and the GDX was fueled by another record-setting day for gold futures, which reached a new all-time high of $1,898.60 per ounce in overnight trading.  The S&P/TSX Global Gold Index, Canada’s leading gold stocks composite, climbed 3.2% alongside the GDX.

With today’s strength in gold stocks, the GDX turned positive on a year-to-date basis for the first time since April 29.  However, gold stocks as a group have continued to substantially lag the yellow metal this year – evidenced by the GDX’s 3.0% rise since December 31, 2010 – versus a 33.6% gain for gold bullion.
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