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Thursday, June 10, 2010

Crocodile Gold (TSE:CRK) Looking for 200,000 Ounces from Pine Creek Mine

In 2008 GBS Gld went bankrupt, leaving a mine behind which still has some gold production value, which Crocodile Gold (TSE:CRK) (OTC:CROCF.PK) came in and took over, to the delight and relief of area residents, who are almost all gainfully employed in some capacity with the mine.

According to Crocodile Gold Chief Executive Officer Mike Hoffman, they are looking for the mine to produce about 200,000 ounces of gold in 2011.

He said recently, "Basically we're moving forward and hoping to produce 100,000 ounces this year and looking to expand to 200,000 ounces next year."

The company owns another gold mine nearby, and Huffman said they're making progress there as well.

"We've had some great exploration success and we just hit a milestone where we started developments on our Cosmo Deep underground mine [on] June 1 and took the first portal blast," added Huffman. "And we hope to have that going into production mid next year."

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