Bridging Report MCNs 46-47, 49-50, 624-625, 898-899, 1456-1463, 4428, 4430, 4432 and 4434 MLNs 794-795 823-832, 858-863, 940 and 1112 Burnside Project - Yam Creek, North Point and Princess Louise 1 January 2010 to 15 February 2011

Abstract

The Yam Creek Group of tenements is one of the significant projects within Crocodile Gold Australia's port folio. It is located approximately 150km SSE of Darwin. It comprises North Point, Princess Louise and the historical Yam Creek alluvial gold mining areas. The historic Yam Creek alluvial gold field was discovered in 1872. Gold mineralisation at North Point and Princess Louise deposits occurs as quartz vein systems, hosted by structurally prepared sites within cyclic greywacke-mudstones of the Palaeoproterozoic Mount Bonnie Formation. Episodic gold production has been reported from underground as well processing of alluvial/elluvials cover material. The area has been the subject of modern gold exploration since the late 1970's. Two extensive resource drilling programs were conducted during the reporting period, one at the Princess Louise deposit and the other at North Point. Results from the Princess Louise drilling program were used to update mineralisation and geological wireframes, which were then used to update the resource model. Results from the drilling at North Point were used to cross check the resource model, then ore blocks were designed for the purpose of mining. A total of 531 RC holes were drilled at the North Point deposit for a total of 9,143.5m. A total of 302 RC holes were drilled at Princess Louise deposit for a total of 8,016m. Hole depths ranged from 6 to 42 metres. The Princess Louise/North Point deposits are one of two current mining areas that are critical to Crocodile Gold, with the other area being the Howley deposit. There will be a focus on the Princess Louise and North Point deposits during the next reporting year with a 3,000m RC and 500m diamond drilling program. Results from the drilling will be used to update the resource models.