From JV Partner Thundelarra On Two Previously Untested Targets

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TORONTO, ONTARIO--(Marketwire - Nov. 10, 2010) - Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile Gold" or the "Company") is pleased to announce reverse circulation ("RC") drill results completed by its joint venture partner, Thundelarra Exploration Ltd ("Thundelarra") on two previously untested targets at the Hayes Creek Project located approximately 140 kilometres south of Darwin in the Northern Territory of Australia (refer to Figure 1 below). The Hayes Creek Project includes the previously drilled Thunderball prospect and two new targets named the Moonraker and Goldeneye prospects (refer to Figure 2 below).


Crocodile Gold has an agreement with Thundelarra in which Thundelarra has the right to explore for uranium on certain Crocodile Gold tenements while Crocodile Gold retains all other metal rights including precious metals and base metals. Crocodile Gold has 100% of the gold rights for drill results reported on the Goldeneye Prospect while Crocodile Gold has a 30% free carried interest in the uranium rights until development through the agreement with Thundelarra. The drillhole results on the Moonraker prospect in hole TPCRC115 are held on ground where Crocodile Gold holds a 20% interest on all metals. The location of the properties included in the joint venture and of the Hayes Creek Project can be viewed in Figure 1 below.


Thundelarra has discovered anomalous gold, platinum and palladium associated with the uranium mineralization for the first time within the Hayes Creek project area. Full drill results are shown in Table 1 below.


The Moonraker prospect is located roughly south along the strike of the Hayes Creek structural corridor which hosts Crocodile Gold's current mining areas of Princess Louise and North Point. The Goldeneye prospect is located just to the southeast of the same structural corridor. Both prospects are located in an area of numerous past producing mines and near the historic open pit called Golden Dyke which historically produced around 28,000 ounces of gold since the 1980s. Approximately 41,000 ounces have been mined from pits in the area including Golden Dyke, Afghan Gully, Davis 2, Langley and Fisher Lode since the early 1980s.


Thundelarra plans to recommence drilling at the Thunderball prospect shortly.