TORONTO, ONTARIO--(Marketwire - Jan. 20, 2012) - Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile Gold" or the "Company") is pleased to announce additional high grade intersections from drill holes completed at its Union Reefs Project beneath both the Prospect and Crosscourse deposits.

Highlights of these drill holes include:

Below the Crosscourse Deposit

• 5.43 g/t Au over 2.45 metres in hole URNDD03b
• 15.09 g/t Au over 1.8 metres in hole URNDD03b

Below the Prospect Deposit

• 7.70 g/t Au over 3.1 metres in hole URNDD30W1
• 4.83 g/t Au over 3.1 metres in hole URNDD30
• 12.51 g/t Au over 3.28 metres in hole URNDD28
• 27.96 g/t Au over 2.05 metres in hole URNDD28
• 31.27 g/t Au over 0.7 meters in hole URNDD28W1

Crocodile Gold is currently drilling at the Prospect Deposit to vertical depths of up to 400 metres along a 500 metre strike length in order to confirm the continuity of the mineralization. This program has seen considerable success (see releases dated October 13, September 8, and August 23, 2011) and it is anticipated that a significant increase in resources will result once an infill drill program is completed. The intercepts at depths greater than 500 meters in hole URNDD03b are interpreted to be depth extensions of the West Lodes (See Fig. 4), a parallel structure to the E Lens. A Historic Resource* of 18,000 tonnes grading 14.6 g/t Au was previously estimated at the E Lens.

Drilling will continue in the Union Reefs area during the first half of 2012 with the focus to continue drilling the area below and between the Crosscourse and Prospect deposits (see figure 3). Crocodile Gold currently has two diamond rigs working to complete the next phase of drilling at the Union Reefs Project.

Chantal Lavoie, President of Crocodile Gold, states that "The belief of management that the past producing Union Reefs area has the potential to be one of the Company's future cash flow centers has been bolstered by these drill results. We believe that Crocodile Gold has significant near term organic growth prospects that suggest that the value of the Company is only beginning to be unlocked."

Past production from the Crosscourse open pit amounted to 13,036,535 tonnes averaging 1.7 g/t Au producing over 700,000 ounces of gold. Approximately 83% of the gold from the Union Reefs open pits came from the Crosscourse pit.

Past production from the Prospect Deposit open pit amounted to 411,994 tonnes grading 1.6 g/t Au to produce 21,242 ounces of gold.