By Deborah Bacal
Proactive Investors
Australia-focused gold miner Crocodile Gold Corp. (TSE:CRK) (TSE:CRK.DB) (TSE:CRK.WT) (OTCQX:CROCF) continues to increase production and improve cash costs, in spite of a tougher precious metals price environment, as seen in the company’s first quarter results released Tuesday.
For the three months to March 31, the company posted production of 53,583 ounces of gold from its three operating mines — Fosterville, Stawell and Cosmo — a 9.5% increase from the same period last year. Crocodile said it remains on track to meet its annual guidance of 200,000 to 210,000 ounces.
Despite higher ounce production, like most precious metals miners in the industry, the gold miner posted a drop in profit and revenue due to a sharp decline in the average realized gold price since last year.