TORONTO, ONTARIO--(Marketwire - March 24, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Crocodile Gold Corp. (TSX:CRK) ("Crocodile Gold" or the "Company") announced today that it has closed its previously announced bought deal offering (the "Offering") of 81,000,000 units (the "Units") of the Company at a price of C$1.05 per unit, for aggregate gross proceeds of C$85,050,000. Each Unit consists of one common share (a "Unit Share") of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one common share of the Company at an exercise price of C$2.25 until March 24, 2016. The Underwriters (defined below) have also been granted an over-allotment option (the "Over-Allotment Option") to purchase up to an additional 12,150,000 Unit Shares at a price of C$0.99 per Unit Share and/or up to an additional 6,075,000 Warrants at a price of C$0.12 per Warrant (or C$0.06 per half Warrant), or a combination thereof (collectively, the "Additional Securities") to cover over-allotments, if any, and for market stabilization purposes, for a period of 30 days from the date hereof. For greater certainty, a maximum of 15% in the aggregate of the number of Unit Shares and Warrants sold in the Offering may be issued in Additional Securities pursuant to the Over-Allotment Option. If this option is exercised in full, an additional C$12,757,500 will be raised pursuant to the Offering and the aggregate gross proceeds of the Offering will be C$97,807,500.

The Warrants are listed on the Toronto Stock Exchange under the symbol "CRK.WT" and will start trading today.

The Units were sold pursuant to an underwriting agreement with a syndicate of underwriters co-led by GMP Securities L.P. and Cormark Securities Inc., and including Raymond James Ltd., Macquarie Capital Markets Canada Ltd., TD Securities Inc., Fraser Mackenzie Limited, NCP Northland Capital Partners Inc., and Union Securities Ltd. (collectively, the "Underwriters").

The net proceeds are intended to be used to develop the Cosmo underground mine, accelerate exploration expenditures, expand the current mill capacity at Union Reef, establish a gas fired power plant and for general corporate purposes.

In releasing this information, Stan Bharti, Chairman of Crocodile Gold, commented, "We are very grateful to our new and existing shareholders for their support of Crocodile Gold during this transitional period and confident that this significant injection of capital will assist in unlocking Crocodile Gold's full potential as a world class gold producer. As per our recent news, we've strengthened our exploration team and are now in a position to accelerate the dewatering and development at Cosmo, expand the mill, establish a power plant and step up our exploration with a view to maximizing production and enhancing profitability."

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.