Mr. Rodney Lamond reports

CROCODILE GOLD REPORTS REVENUE OF OVER $300 MILLION AND OPERATING CASH FLOW OF $67 MILLION IN 2013

Crocodile Gold Corp. has released its annual financial and operating results for the year ended Dec. 31, 2013. All figures are in U.S. dollars, unless stated otherwise.

2013 financial highlights

• Crocodile Gold generated over $300-million in revenue in 2013 with production of 210,696 ounces of gold from its three operating mines, a 35-per-cent increase in production over 2012.
• Operating cash costs have decreased to $1,027 per ounce in 2013, down from $1,167 per ounce in 2012, as a result of sustainable ounce production at Cosmo, productivity gains at Fosterville and cost reductions across all operations.
• The company generated $67.5-million in cash flow from operations in 2013 despite a challenging gold price environment, an increase of $8.6-million over 2012 due to strong production and lower operating cash costs.
• The company finished the year in a strong financial position, with a cash balance of $27.6-million and working capital of $15.3-million. The company also raised an additional $18-million (Canadian) in cash through a private placement that closed in February, 2014.
• In March, 2014, the company settled its remaining outstanding credit facility with Credit Suisse, to further strengthen the company's financial position.

Commenting on these results, Rodney D. Lamond, president and chief executive officer of Crocodile Gold, said: "Two thousand thirteen has been a very strong year for the company and this is demonstrated in our positive year-end financial results. We have focused on sustainable mine plans that generate positive cash flows, which has positively affected our production levels at the Fosterville and Cosmo gold mines and enabled the Stawell gold mine to extend its production plan into 2014. The company will continue to focus on sustainability and making value-driven investments as we continue to move through the current gold market. I continue to be impressed with the commitment and dedication of the team and look forward to a strong 2014."

                   2013 ANNUAL AND FOURTH QUARTER FINANCIAL RESULTS 

                                   Q4 2013         YTD 2013          Q4 2012         YTD 2012(2)

Revenue ($)                 $   73,277,197   $  300,825,156   $  101,770,213   $  255,930,383
Cost of operations              70,149,129      295,756,866       89,359,577      236,312,594
Mine operating income
(loss)($)                        3,128,068        5,068,290       12,410,636       19,617,789
Net income (loss)($)           (23,304,791)     (92,766,331)      43,306,415      (40,206,794)
Net income (loss) per
share ($/share)                      (0.06)           (0.23)            0.11            (0.10)
Cash from operating
activities ($)                  20,532,491       67,462,666       39,334,568       58,831,314
Gold ounces produced                58,276          210,696           62,147          155,523
Gold ounces sold                    57,503          212,723           59,541          153,227
Average realized gold
price ($)                            1,273            1,407            1,704            1,665
Average quoted gold
price ($)                            1,275            1,410            1,719            1,669
Cash cost per ounce sold
($)(1)                                 963            1,027            1,000            1,167
All-in sustaining cash
costs($)(1)                          1,257            1,386            1,320            1,680

(1) Non-IFRS (international financial reporting standards) measure.                                        
(2) Crocodile Gold acquired, and accounted for, the Fosterville and Stawell gold mines with 
    effect from May 5, 2012.

2013 financial summary

Crocodile Gold produced 210,696 ounces of gold in 2013, up significantly over 2012, with the declaration of commercial production from the Cosmo gold mine on March 1, 2013, and the inclusion of the Fosterville and Stawell gold mines for a full year of operation. This resulted in total revenues of $300,825,156 in 2013.

Operating cash costs continued to improve throughout 2013 and annualized average costs were $1,027 per ounce, down from $1,167 per ounce in 2012. While the company's realized gold price decreased to $1,407 per ounce, Crocodile Gold was able to generated $67,462,666 of cash from operations in 2013 due to strong production and reduced operating costs.

Crocodile Gold is focused on value-accretive, sustainable capital expenditures, and invested $68,156,086 in the operations in 2013. This investment included $26,662,443 for development at Cosmo as it ramps up operations and $35,801,212 for Fosterville to sustain production into future years. The company also invested $5,114,252 at Stawell, which largely related to the permitting process of the Big Hill project. The company continues to optimize the use of its equipment fleet and fixed assets. This includes relocating equipment from Stawell to Fosterville and Cosmo as Stawell's underground operations wind down.

The company's net loss for 2013 was $92,766,331 or 23 cents per share, compared with a net loss of $40,206,794 or 10 cents a share in 2012. The 2013 net loss was affected by a non-cash impairment charge of $177,125,774 as a result of the lower gold price environment. This was offset by a corresponding gain of $19,886,069 from the revaluation of the contingent consideration, and the gain from the close-out of the gold-swap agreements with Credit Suisse.

Current financial position

Crocodile Gold ended the year with a cash balance of $27,591,430 and working capital of $15,309,480, a significant improvement from the working capital deficiency of $14,490,087 at Dec. 31, 2012. The company raised a further $18-million (Canadian) on Feb. 27, 2014, through a private placement offering.

In April, 2013, the company moved to close out its gold-swap agreements, and used the proceeds to significantly reduce its outstanding credit facility with Credit Suisse from $70-million (Australian) to $11.4-million (Australian). The company is now pleased to announce that in March, 2014, it fully settled the remaining outstanding credit facility.

Fourth quarter 2013 summary

Crocodile Gold achieved strong operational results across all three mine operations and reported quarterly gold production of 58,267 ounces. Cosmo produced a record 21,915 ounces, and Fosterville continued to demonstrate productivity improvements, with record quarterly underground tonnes mined. Stawell continues to exceed expectations, producing 10,322 ounces and extending the underground mine life into 2014.

Revenue for the fourth quarter of 2013 was $73,277,197, down from $101,770,213 in the corresponding period of 2012, as a result of a significantly lower average realized gold price, despite similar ounces being sold each period. Revenue has also decreased approximately 6 per cent from the third quarter of 2013, again driven by the lower average realized gold price. The operating cash cost per ounce of gold sold in the fourth quarter was $963 per ounce, compared with $1,000 per ounce sold in the corresponding quarter of 2012, due to the company's continued focus on increased productivity and cost-reduction initiatives. Cash generated from operations in the fourth quarter of 2013 was $20,532,491, down from the fourth quarter of 2012, due to the effect of the significantly lower gold price.

The company used $15,007,542 for investing activities during the fourth quarter of 2013, including $13,555,400 for underground development and mineral resource definition at Cosmo and Fosterville and the advancement of Big Hill at Stawell, as well as $1,493,158 for the purchase of plant and equipment.

The company posted a net loss of $23,304,791 or six cents per share in the fourth quarter, compared with net income in the fourth quarter of 2012 of $43,306,415 or 11 cents per share. The fourth quarter 2013 net loss was affected by an impairment charge of $25,499,499, while the fourth quarter in the previous year was affected by gains on the revaluation of the gold-swap agreements and the contingent consideration.

Operational guidance for 2014

Building on the achievement of its 2013 production target, Crocodile Gold has established production guidance for 2014 of 200,000 to 210,000 ounces of gold. The company expects to achieve its guidance based on the following estimated production for each operation:

Cosmo gold mine:  75,000 to 80,000

Fosterville gold mine:  95,000 to 100,000

Stawell gold mine:  Approximately 30,000

The company has provided expanded commentary on each site's production profile for 2014 in the management's discussion and analysis also filed on March 19.

Annual average operating cash costs in 2013 were $1,027 per ounce, down from $1,167 per ounce in 2012. Annual average operating cash costs for 2014 are projected to be between $900 and $950 per ounce. The company has also adopted an all-in sustaining cost (AISC) performance measure to reflect all the expenditures that are required to produce an ounce of gold from current operations. The company has provided historical AISC results in its annual management's discussion and analysis, and will incorporate this measure in further detail as part of its reporting going forward.

Corporate update

Effective March 12, 2014, the company is pleased to announce that Mr. Lamond has joined the board of directors and Robert Getz has been appointed as non-executive chair. Mr. Getz has been a director of the company since February, 2012.

Qualified person

F.W. Nielsen, PGeo, technical consultant to Crocodile Gold, is a qualified person as such term is defined in National Instrument 43-101, and has reviewed and approved the technical information and data included in this press release.

We seek Safe Harbor.