Crocodile Gold (TSE:CRK) On Track to Meet 2010 Production Targets

Crocodile Gold (TSE:CRK) (OTC:CROCF) announced its original projections for production in 2010 remain on track, and the company should meet their gold production target of 100,000 ounces for the year.

Chief Operating Officer, David Keough, said in a press release, "We have seen a steady month by month improvement in mill availability, recovery and ounces produced. We are finding that improved grade control and mine planning processes as well as preventative planned maintenance practices are allowing us to more accurately predict production but also to achieve our targets. In the coming months we expect to see continued improvement in overall production as we expand production to 200,000 ounces in 2011."

In their first month of commercial production, the company milled 174,000 tons of ore at an average grade of 1.57 g/t Au. Gold poured in June totalled 8,700 ounces.

So far in 2010, the company has sold 32,300 ounces of gold, with production the third quarter expected to come in at 30,000 ounces, and in the fourth quarter increasing to about 40,000 ounces.

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."

Crocodile Gold (TSE:CRK) Wants to Conquer Australia

Crocodile Gold's Australia Strategy

Crocodile Gold (TSE:CRK) has its eyes on Australia, and they're going after the huge market with the goal of being one of the largest gold miner in Australia before they're through.

It seems a lot of investors support their goal, as North American and European investors have thrown a lot of cash their way to help them reach their objectives.

For 2010 Crocodile estimates they'll produce 120,000 ounces of gold at a cost of $650 an ounce. They have also committed $23 million to expand its exploration efforts.

Capital expenditure for 2010 is projected to be about $56 million.