Crocodile Gold Corp Posts Strong Start to 2013 with Q1 Gold Production at 48,539 Ounces

Crocodile Gold Corp. (TSX:CRK, OTCQX:CROCF) announced that they produced 48,539 ounces of gold in Q1 2013.

As quoted in the press release:

Crocodile Gold also unwound its entire hedged gold position and applied the profits of this unwind to pay down the majority of its outstanding credit facility, considerably improving the Company’s balance sheet.

Crocodile Gold’s President and CEO, Chantal Lavoie, said:

The year is off to an excellent start with all of our assets performing to plan. With the recently completed $34.5 million debenture offering, the Company is in strong position to pursue its growth initiatives, but we are also mindful of the pressure lower gold prices will have on operating margins should the lower prices persist. I am also very pleased that, with the swift support of the Board, the Company has been able to considerably reduce its debt through a full unwind of our gold swaps. The balance sheet is now considerably stronger, and the Company has materially greater flexibility to pursue all its strategic initiatives.

To view the whole press release, click here.