Significant NewAustralian Gold

Producer

MAY 2011

TSX:CRK OTCQX:CROCF FRANKFURT:XGC

TSX:CRK

DisclaimerForward Looking Statements

This presentation contains forward-looking statements under Canadian securities legislation.  Forward-looking statements include, but are not limited to, statements with respect to the development potential and timetable of the projects; the Company’s ability to raise additional funds as necessary; the future price of gold; the estimation of mineral resources; conclusions of economic evaluation (including scoping studies); the realization of mineral resource estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.  Estimates regarding the anticipated timing, amount and cost of mining at the projects are based on assumptions underlying mineral resource estimates and the realization of such estimates; results of previous mining activities at the projects, and detailed research and analysis completed by independent of the Company; research and estimates regarding the timing of  delivery for long-lead items; knowledge regarding the factors consultants and management involved in building a mine and other factors described in the technical reports and Annual Information Form filed under the profile of the Company on SEDAR.  Capital and operating cost estimates are based on results of previous mining activities, research of the Company and independent consultants, recent estimates of construction and mining costs and other factors that are set out in the scoping study.  Production estimates are based on mine plans and production schedules, which have been developed by the Company’s personnel and independent consultants.  Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: timing and availability of external financing on acceptable terms;  unexpected events and delays during construction, expansion and start-up; variations in ore grade and recovery rates; receipt and revocation of government approvals; actual results of exploration and mining activities; changes in project parameters as plans continue to be refined; future prices of gold; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements except in accordance with applicable securities laws.

Investors are advised that National Instrument NI 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately.  Mineral resources that are not mineral reserves do not have demonstrated economic viability. 

Qualified Person

David Keough, MAusIMM of Crocodile Gold Australia Operations 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 presentation.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources

The information presented uses the terms “measured”, “indicated” and “inferred” mineral resources.  United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms.  “Inferred mineral resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.

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TSX:CRK

Politically Stable Location & Infrastructure

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The Assets

ProductionHowley Trend open pit mine

North Point Mineopen pitoxide, low strip ratiodry season operation

(May – Nov)

Princess Louiseopen pit minedry season operation

(May – Nov)

DevelopmentCosmo Mine

underground mine Initial ore mined

mid 2011

Pine Creek Area open pit mines production expected

latter half 2011 (after permits)

4

MillsUnion Reefs Mill

2.4 mtpy in operation

Tom’s Gully Mill 240,000 tpy Care and

maintenance

Large Land Position

>2,700 km2

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Investment Advantage

Expanding production profile, decreasing cash costs Outstanding potential to discover additional resources 3.175 million ounces M&I and 2.14 million ounces Inf. 95% of resources on mining leases Adjacent to major highway and utilities 2010 production of 82,000 ounces 2011 production guidance: 85,000 – 100,000 ounces

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Milestones

6

Acquired Assets (Mar)

Began Trading on TSX (Nov)

Commenced Mining & Milling (Nov)

First Gold Pour (Dec)

Declared Commercial Production (June)

Production at Pine Creek

Production at Cosmo

2009

20102010 Production of 82,000 oz

2011

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2011 Major Capital

Investments1. Cosmo Development

2. Exploration

2011 – Increasing Production Throughout the Year

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2011 Production Sources

Open Pits: Howley, Princess Louise, Pine

Creek/Union Reefs areas

Underground: Cosmo, Brocks Creek

2011 Key Catalysts Production from Cosmo Mine

•Initial ore expected mid-2011•Will contribute 50% of ounces at full production

Production from open pit mines (Pine Creek Mines) Aggressive exploration program Increasing % of high grade mill feed throughout the year from Cosmo

2011 Guidance85,000-100,000 oz

Cash Cost US$875-$975/oz

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2011 Catalysts:Production from Cosmo & Pine Creek

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Production from CosmoAdvantages

High Grade Ore• Cosmo Average Grade = 4 g/t Au• Current Average Head Grade = 1.5 g/t Au

Significant Production Source• Annualized Production of 100,000 oz/year

at full production expected in 2012

Higher Production

+Lower Cash

CostsProduction from Pine CreekAdvantages Close to Union Reefs Mill

• Pine Creek Distance to Mill = 20 km

• Current Average Distance from Production Sources to Mill = 80 km

Significant Potential to Increase Resources

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Cosmo/Howley Mine Area

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Cosmo – East Lode Expansion Potential

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Cosmo – West Lode Expansion Potential

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Cosmo MinePlanned Development

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Current ExplorationDrill Hole

Current ExplorationHole

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Cosmo – DewateringApril, 2011

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Cosmo Trend25 Kilometres of Gold Deposits

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Geophysics: The Trend is Our Friend

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Union Reefs/Pine Creek Area

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Pine Creek and Union ReefsNear Term, Low Cost Production

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New Reserves at Pine Creek

Potential for near term, low cost production

Currently scheduling mine plan

Waiting for permits at International potential production mid 2011

Pine Creek Reserves ~3MT @ 1.7g/t

Currently Drilling Union Reefs to assess new low cost production adjacent to mill

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Union Reefs Area

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Recent Production:Union Reefs = 800,000 oz AuPine Creek = 750,000 oz Au

Significant potential to increase existing resources

11m @ 6.60g/t Au36m @ 4.10 g/t Au16m @ 6.00 g/t Au

19m @ 10.62 g/t Au9m @ 24.40 g/t Au9m @ 4.00 g/t Au

Crosscourse – “Large” scale target:

5m @ 31.97 g/t Au3m @ 45.10 g/t Au

Lady Alice:3m @ 24.56 g/t AuUnion North:

3m @ 37.50 g/t Au

Prospect Claim:

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High Grade Targets at Union Reefs - Prospect Deposit

19Currently Drilling

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High Grade Drill Intercepts at Union Reefs – Prospect Deposit

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To be Drilled in 2011

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Union Reef - Crosscourse Deposit

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Crosscourse Pit Mineralization (Photo taken in base of pit at Crosscourse in 2003 looking north. Mineralization is estimated to be around 30m wide at a grade of 4g/t plunging to the north at around 60o. Red line is showing high grade zone and orange line is lower grade margin (~1.5g/t).)

MineralizedQuartz Veins

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Union Reef - Crosscourse Deposit

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High Grade Mineralisation

~30m Width~4g/t

Low Grade

~15m Width

~1.5g/t

Crosscourse Pit Mineralization (Photo taken in base of pit at Crosscourse in 2003 looking north. Mineralization is estimated to be around 30m wide at a grade of 4g/t plunging to the north at around 60o.

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Exploration Priorities - 2011

1.Cosmo Mine - resource/reserve upgrade and resource extensions

2.Union Reefs - drilling to upgrade and expand higher grade resources at Crosscourse, Prospect and Lady Alice deposits

3.Pine Creek Deposits

4.Base metals and precious metals at Iron Blow/Mount Bonnie - potential for additional deposits

5.North Point Mine / Princess Louise Mine Trend

6.Cosmo Trend Resource Expansion

7.Complete property wide compilation and target ranking

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Exploration Priorities - 2011

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1 2

3

4

56

2

3

4

5

6

1 Cosmo

Union Reefs

Pine Creek

Base Metals

NP/PL Trend

Cosmo Trend

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Uranium and Base Metal Targets

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UraniumTwo JV partners: Thundelarra Exploration

(ASX:THX) CKR 30% free carried

Rum Jungle Uranium (ASX:RUM)

Highlights: Thundelarra’s Thunderball

uranium deposit:

inferred resource 0.556 Mlb Thundelarra recently

intersected 4.96 g/t Au over 12 m on North Point/ Princess Louise Mine trend

Base MetalsSignificant upside for base

metal - precious metal deposit including historical Mt. Bonnie deposit

Iron Blow Inferred Resource 210,000 oz Au 10 million oz Ag Au Eq 4.7 g/t 53 Mlbs Pb, 230 Mlbs Zn, 13 Mlbs Cu

(3,175,000 tonnes grading 2.1 g/t Au, 100.9 g/t Ag, 0.76% Pb, 3.28% Zn and 0.19% Cu)

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Deposit Development Sequence and Timing

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Howley

Cosmo

Brocks Creek

North Point/Princess Louise

Pine Creek North(International, Gandy's)

Rising Tide

Pine Creek South(Kohinoor, South Enterprise, Cox)

Bridge Creek

Union Reefs

2011 2012 2013 2014

* Based on current reserves and resources

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Undervalued on Equivalent/oz Au Comparison

27Source: NBFUpdated as at Jan 17, 2011

EV/oz Au Producer Average = $US 134/oz

Crocodile Gold= $US 59/oz

0 5,000 10,000 15,000 20,000$0

$100

$200

$300

$400

$500

$600

ARZ

ANV

NGD

NGX

AGI

ORAGAM

JAG

MFL

PRML

AVM

CLFEDV

GSC

HRG

RSG

SMF

AVO

ALDCRK

KCN

OGCAverage

Total Resources (Moz Au)

EV/o

z Au

(US$

/oz)

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Undervalued on Price to Net Asset Value Comparison

Source: Raymond JamesUpdated as at Apr 5, 2011

Gold Producers

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Short to Long Term Objectives

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Short Term Goals

Medium Term Goals

Long Term Goals

Develop additional open pit minesStart ore production at Cosmo MineAccelerate exploration program

Expand reserve/resource at Cosmo MineEstablish new lower cost mining areas at Pine Creek/Union ReefsReduce operating costs (optimize Union Reefs Mill)

Increase reserves to cover 10 years mine life

Explore to add meaningful increase to resource baseExpand overall production

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Management & Board

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*Mike Hoffman, P.Eng.President and Chief Executive Officer

*David KeoughChief Operating Officer

Steve WoodheadChief Financial Officer

Stan Bharti, P.Eng.Chairman

George Faught, CA

*Mike Hoffman, P.Eng.

*Bruce Humphrey, P.Eng.

Peter Tagliamonte, P.Eng.

Management Board of Directors

*All previously employed at Goldcorp

Bill Nielsen. P. Geo. Vice President, Exploration

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Capital Structure

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Share Structure (at April 30, 2011)

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Shares Issued & Outstanding

309,851,311

Warrants 62,974,116

Options 14,122,204

Fully Diluted 386,947,631

Market Capitalization(approximately, as at April 30, 2011)

$279 Million

Analyst Coverage

Cormark Securities

Fraser Mackenzie

Raymond James

Union Securities

CRK Share Price

21-Jun-10

10-Jul-1

0

29-Jul-1

0

17-Aug-1

0

05-Sep-10

24-Sep-10

13-Oct-

10

01-Nov-1

0

20-Nov-1

0

09-Dec-

10

28-Dec-

10

16-Jan-11

04-Feb-11

23-Feb-11

14-Mar-

11

02-Apr-1

1

21-Apr-1

10.000.200.400.600.801.001.201.401.601.80

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PROBABLE MINERAL RESERVE

Project Deposit Cut-off (g/t) Tonnes Gold Grade

(g/t)Ounces

Gold

Burnside

Brocks Creek 7.1 34,000 8.6 9,300

Cosmo Mine 3.1 3,100,000 4.2 420,000

Howley 1.0 340,000 1.6 18,000

North Point 1.0 55,000 2.3 4,000

Princess Louise 1.0 200,000 1.5 9,700

Mottrams 1.0 980,000 1.2 39,000

Pine Creek

Kohinoor 1.0 290,000 1.9 18,000

Cox 1.0 500,000 1.6 26,000

International 1.0 1,300,000 1.5 65,000

Gandy’s 1.0 480,000 1.7 26,000

South Enterprise 1.0 420,000 2.0 27,000

TOTAL 7,699,000 2.7 662,000Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability

Gold Price US$1,000/oz Au, $A:$US 0.91

Dec. 31, 2010 Reserve SummaryTSX:CRK

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Project Measured + Indicated Inferred

Tonnes Grade Ounces Tonnes Grade Ounces (Au)Mt Bundy 20,241,000 1.0 664,800 10,513,000 1.0 350,800

Burnside 16,553,330 2.4 1,268,500 18,679,800 2.2 1,323,200

Union Reefs 239,000 2.4 18,200 25,594,800 0.2 204,200

Pine Creek 5,528,000 1.6 288,600 2,347,000 2.4 183,200

Maud Creek 9,288,000 3.1 935,000 1,072,000 2.4 82,000

Total 51,849,330 1.9 3,175,100 58,206,600 1.1 2,143,400

MINERAL RESOURCE STATEMENT (Other Commodities)

INFERRED MINERAL RESOURCE

Project Deposit Commodity Cut-off Tonnes Grade (ppm) Contained metal

BurnsideIron Blow

Lead 1.0g/t Au 3,175,000 7,595 53,163,000 poundsZinc 1.0g/t Au 3,175,000 32,823 229,750,000 pounds

Silver 1.0g/t Au 3,175,000 101 10,200,000 ouncesThunderball (c) Uranium 200ppm 316,800 796 556,000 pounds

Note: C= Crocodile Gold has a 30% free carried interest in this deposit

Dec. 31, 2010 Resource SummaryTSX:CRK

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Union Reefs Mill

Investor Contacts

Mike HoffmanPresident and CEO416-861-2964mhoffman@crocgold.com

www.crocgold.com

A Member of the Forbes & Manhattan Group of Companies

Investor Relations416-861-5899info@crocgold.com