TORONTO, ONTARIO, Feb 23, 2010 (MARKETWIRE via COMTEX News Network) --

Crocodile Gold Corp. (TSX: CRK)(OTCQX: CROCF)(FRANKFURT: XGC) ("Crocodile Gold" or the "Company") is pleased to announce it has received proceeds of approximately C$32.4 million from the exercise of approximately 21.9 million common share purchase warrants and 2.1 million compensation options pursuant to an accelerated expiry of warrants announced in the Crocodile Gold press release dated January 18, 2010.

Proceeds of approximately C$27.8 million were received from the exercise of approximately 18.5 million common share purchase warrants (the "Warrants") at a price of C$1.50 per common share pursuant to a subscription receipt private placement completed in October 2009. The Warrants were subject to an accelerated expiry time of 5 p.m. (Toronto time) on February 19, 2010. In addition, 2,100,000 compensation options were exercised that were granted to the underwriters of the October 2009 private placement at a price of C$1.00 per option for proceeds of C$2.1 million.

Proceeds of approximately C$2.5 million were received from the exercise of approximately 3.4 million common share purchase warrants that were acquired during the business combination with Franc-Or Resources Corp. in November 2009 (the "FOR Warrants"). Each FOR Warrant was exercisable at a price of C$0.756 per common share. The FOR Warrants were subject to an accelerated expiry time of 5 p.m. (Toronto time) on February 9, 2010.

Crocodile Gold expects to use the proceeds towards advancing its projects in the Northern Territory of Australia and for general working capital purposes.

About Crocodile Gold

Crocodile Gold is a Canadian company that has completed the acquisition of recent past producing gold assets in the Northern Territory of Australia. The assets comprise an area greater than 3,500 square kilometres and are located approximately 90 to 285 kilometres south of the capital city, Darwin, and include the Burnside Project, Tom's Gully Project and Maud Creek Project. The property contains 3.09 million ounces of NI 43-101 compliant measured and indicated resources (42.9 million tonnes at an average grade of 2.3 g/t gold), and 1.94 million ounces of inferred resources (26.7 million tonnes at an average grade of 2.3 g/t gold) (See Management Information Circular dated October 5, 2009 and Crocodile Gold Press Releases dated September 8, 2009 and January 25, 2010). The Burnside Project includes the Brocks Creek underground mine, the Howley open pit mine and several additional deposits along the Cosmo/Howley corridor, including the undeveloped Cosmo underground deposit. The Tom's Gully Project includes the Tom's Gully underground mine and the former Mt Bundy (Rustler's Roost) Mine. Crocodile Gold owns the 8,000 tpd Union Reefs mill and the 800 tpd Tom's Gully mill. Crocodile Gold trades under the symbol CRK on the Toronto Stock Exchange, CROCF on OTCQX and XGC on the Frankfurt Exchange.

Qualified Person

Alfred John Gillman of Odessa Resources Pty Ltd is a "qualified person" as such term is defined in National Instrument 43-101 and has reviewed and confirmed the technical information and data included in this press release.