December 2, 2010 / 1:59 PM / 8 years ago

UPDATE 1-Crocodile Gold ups gold reserve est at mine by 40 pct

* Indicated reserve at 681,000 oz vs prior est 475,000 oz

* Says actively reviewing opportunities in the project

Dec 2 (Reuters) - Crocodile Gold Corp CRK.TO said indicated gold reserve at its project in the northern territory of Australia increased by over 40 percent.

Toronto-based Crocodile Gold, which owns and operates mines in Australia, said indicated gold reserve at Mt. Bundy project was 681,000 ounces, up from its earlier estimate of 475,000 ounces.

Mt. Bundy deposit is located about 15 kilometers to the southwest of Crocodile Gold’s Tom’s Gully mine.

“Our exploration team is actively reviewing opportunities in the Mt. Bundy project area as part of our overall strategic review,” Chief Operating Officer Dave Keough said.

Last month, Crocodile Gold posted a profit in its first quarter of commercial production. [ID:nSGE6A70RU]

The company’s shares, which have lost more than a fourth of their value this year, closed at C$1.39 on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Vyas Mohan) (; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:

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