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Re:   News Releases - Tuesday, February 23, 2010
      Crocodile Gold Receives Proceeds of C$32 Million from Accelerated
      Expiry of Warrants
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February 23, 2010 - 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.

For further information, please contact:
Michael Hoffman
President and CEO
Crocodile Gold Corp.
Tel: 416-861-2964

Ashleigh Clelland
Manager, Investor Relations
Crocodile Gold Corp.
Tel: 416-861-5899
info@crocgold.com

Cautionary Note

Certain information set forth in this press release contains
"forward-looking statements", and "forward-looking information under
applicable securities laws. Except for statements of historical fact,
certain information contained herein constitutes forward-looking
statements which include management's assessment of Crocodile Gold's
future plans, operations and mineral resource estimates and are based
on Crocodile Gold's current internal expectations, estimates,
projections, assumptions and beliefs, which may prove to be incorrect.
Some of the forward-looking statements may be identified by words such
as "expects" "anticipates", "believes", "projects", "plans", and
similar expressions.  These statements are not guarantees of future
performance and undue reliance should not be placed on them.  Such
forward-looking statements necessarily involve known and unknown risks
and uncertainties, which may cause Crocodile Gold's actual performance
and financial results in future periods to differ materially from any
projections of future performance or results expressed or implied by
such forward-looking statements.  These risks and uncertainties
include, but are not limited to: liabilities inherent in mine
development and production; geological, mining and processing technical
problems; Crocodile Gold's inability to obtain required mine licenses,
mine permits and regulatory approvals required in connection with
mining and mineral processing operations; competition for, among other
things, capital, acquisitions of reserves, undeveloped lands and
skilled personnel; incorrect assessments of the value of acquisitions;
changes in commodity prices and exchange rates; currency and interest
rate fluctuations; various events which could disrupt operations and/or
the transportation of mineral products, including labour stoppages and
severe weather conditions; the demand for and availability of rail,
port and other transportation services; the ability to secure adequate
financing and management's ability to anticipate and manage the
foregoing factors and risks.  There can be no assurance that
forward-looking statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements.  Crocodile Gold undertakes no obligation to update
forward-looking statements if circumstances or management's estimates
or opinions should change except as required by applicable securities
laws.  The reader is cautioned not to place undue reliance on
forward-looking statements.

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Copyright (c) 2010 CROCODILE GOLD CORP. (n/a)  All rights reserved.
For more information visit our website at http://www.crocgold.com/ or
send mailto:info@crocgold.com
Message sent on Tue Feb 23, 2010 at 5:27:20 AM Pacific Time
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