Mr. Rodney Lamond reports

CROCODILE GOLD REPORTS 2014 YEAR-END MINERAL RESERVES AND MINERAL RESOURCES AND MAINTAINS LARGE RESOURCE BASE SUPPORTING FUTURE PRODUCTION

Crocodile Gold Corp. has released its consolidated 2014 year-end mineral reserves and mineral resources. The company's AIF and technical reports prepared in accordance with National Instrument 43-101 supporting the 2014 mineral reserve and mineral resource estimates will be available under the company's profile at SEDAR.

Highlights from 2014:

• Consolidated mineral reserves maintained: 2014 year-end mineral reserves increased 1 per cent to more than 935,000 ounces of gold including updated mineral reserves and resources at Stawell gold mines;
• Increased measured and indicated resources at Fosterville and Cosmo gold mines: measured and indicated resources increased 3.9 per cent at Fosterville gold mine and 7.8 per cent at Cosmo gold mine compared with 2013 following positive exploration results;
• Maintained mineral resource base after depletion: 2014 year-end measured and indicated resources maintained at 4.8 million ounces of gold, a similar level compared with measured and indicated resources at year-end 2013;
• Mineral reserve grade impacted by enhanced Big Hill open-pit project: a focus on delivering high-margin ounces has resulted in a year-over-year decrease in consolidated mineral reserve grade to 3.15 grams per tonne as the enhanced Big Hill open-pit project at Stawell was included in 2014 year-end consolidated mineral reserves;
• Improved grade profile at Fosterville: exploration drilling completed at Fosterville during 2014 has provided increased definition and confidence in Fosterville's geological model resulting in a 3.0-per-cent increase in mineral reserve grade to 6.6 grams per tonne as well as an 8.1-per-cent increase in measured and indicated resources grade to 4.2 grams per tonne.

Rodney Lamond, president and chief executive officer, commented: "In 2014, we delivered strong physical and financial results and achieved successful exploration results from drill programs at all of our operating mine sites. Our exploration programs drilled more than 110,000 metres to replace the ounces from record mining depletion and maintained our mineral reserve and mineral resource base of nearly 900,000 ounces and 4.8 million ounces of gold, respectively. This was a significant achievement given the challenging gold price environment, which also positions us well for 2015. In addition, we are extremely pleased with the positive exploration results from Stawell that enabled us to provide the operation's first updated mineral reserve and mineral resource report since 2012.

"Looking ahead, we have a clear objective to execute our sustainable mining model to replace the ounces mined per year, roughly between 205,000 to 220,000 ounces annually, through the conversion of resources to reserves while maintaining a consistent resource base."

      2014 MINERAL RESERVE AND MINERAL RESOURCE SUMMARY

                   Gold ounces (000s)       Gold grade (g/t)
                      2014      2013         2014      2013   
Proven and
probable reserves      935       927         3.15      4.13
M+I resources        4,753     4,789         2.82      2.81
Inferred resources   2,024     2,473         2.48      2.46

Mineral reserve summary by asset and highlights:

• Consolidated mineral reserves maintained: mineral reserves at Stawell increased 69.2 per cent since the last technical report in 2012 as a result of the inclusion of the enhanced Big Hill project and positive drill results achieved during 2014. Adjustments to geological models at Fosterville resulted in a decrease in mineral reserve with an increase in the resulting grade profile. At Cosmo, resource conversion expenditures were constrained during the year while under the net free cash flow sharing arrangement with AuRico Gold Inc. Cosmo's grade profile decreased slightly due to the inclusion of additional material from outside the main higher-grade 100 footwall lode. Additionally, at Stawell, a focus on delivering high margin ounces resulted in a 56.3-per-cent decrease in grade year over year to 1.5 grams per tonne due to inclusion of 145,000 ounces, at 1.54 grams per tonne, from the enhanced Big Hill open-pit project.

              PROVEN AND PROBABLE RESERVES (2P)

                   Gold ounces (000s)       Gold grade (g/t)
                      2014      2013         2014      2013

Fosterville            308       342         6.55      6.37
Cosmo                  148       180         3.57      3.79
Stawell                181       107         1.50      3.43
Burnside                10        10         1.93      1.93
Union Reefs             42        42         4.40      4.40
Pine Creek              62        62         1.55      1.55
Maud Creek             184       184         5.40      5.40
                      ----      ----        -----     -----
All sites 2P           935       927         3.15      4.13

Mineral resources summary by asset and highlights:

• Consolidated measured and indicated resources maintained after mining depletion at 4.8 million ounces of gold year over year, with a 0.4-per-cent increase in average grade to 2.82 grams per tonne to support future production;
• Achieved successful exploration results at all three operating mines: several opportunities have been identified during the 2014 mineral resource exploration drilling that resulted in increased measured and indicated resources at Fosterville and Cosmo. Fosterville increased measured and indicated resources by 3.9 per cent to over 2.1 million ounces of gold while Cosmo increased measured and indicated resources by an impressive 7.8 per cent to 539,000 ounces of gold. At Fosterville, the 2014 exploration results established the continuation of gold mineralization down plunge and mineralized faults below the Phoenix and Lower Phoenix faults demonstrate the potential to extend mineral resources. At Cosmo, crosscutting faults have been identified at the southern and northern edges of the main eastern lode sequence. These faults have been shown to offset the main lodes and in some cases create repetition of the mineralization. Extensional drilling will continue to test these areas during 2015. At Stawell, mining transitioned from deep in the mine to the upper levels of the mine where the extraction of remnant and other ore materials is currently in progress. As a result, the new 2014 measured and indicated resource of 243,000 ounces, with an average grade of 1.81 grams per tonne, reflects this transition since 2012. With more than 30 years of continuous operation, and over 2.2 million ounces of gold production at Stawell, the company believes that there is still strong potential for finding additional underground mineral resources. During 2014, a targeted drill program at Stawell was implemented and focused on the middle to upper portion of the strongly mineralized Magdala system. Drill results identified areas for potential resource growth and provided upside for potential extension of the life of Stawell's underground operations. Current and extensive historical mining of the upper levels in the mine will allow target areas to be readily accessed in the future.

                          MINERAL RESOURCES

                   Gold ounces (000s)        Gold grade (g/t)
                      2014      2013          2014      2013

Fosterville          2,150     2,069          4.18      3.87
Cosmo                  539       500          3.35      3.43
Stawell                243       399          1.81      2.64
Burnside               335       335          1.38      1.38
Union Reefs            236       236          2.43      2.43
Pine Creek             379       379          1.41      1.41
Maud Creek             871       871          3.50      3.50
                    ------    ------         -----     -----
Total M+I            4,753     4,789          2.82      2.81

• Inferred resources impacted by strategic investment in increased mineral reserves: inferred resource ounces declined at all three sites as a result of exploration investment focused on strategic conversion of existing measured and indicated resources over the growth of new resources given the challenging price environment. Additionally, the company completed the sale of two non-producing assets which contained inferred resources in 2013.

                         INFERRED RESOURCES

                   Gold ounces (000s)        Gold grade (g/t)
                      2014      2013          2014      2013

Fosterville            699       777          3.72      3.78
Cosmo                   84       109          2.72      2.94
Stawell                 77       145          3.08      4.72
Burnside               323       602          1.47      1.58
Union Reefs            305       305          2.23      2.23
Pine Creek             191       191          2.34      2.34
Maud Creek             344       344          2.55      2.55
                    ------    ------         -----     -----
Total inferred       2,024     2,473          2.48      2.46

Qualified person

Mark Edwards, MAusIMM (CP), MAIG, general manager exploration and business development for 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.