QUARTERLY REPORT 31 March 2011 By Electronic Lodgement 28 April 2011 ASX Code: CRE TSX Code: CRA FFT Code: CRE5 Not for Distribution to United States newswire services or for dissemination in the United States. Company Announcements Office Australian Stock Exchange Limited 2 The Esplanade HIGHLIGHTS FOR THE QUARTER PERTH WA 6000 SHARE INFORMATION ASX Share Price: Issued Shares: Market Cap: Unlisted options: A$0.054 1,077.9m A$58.2m 32.3m ENDED 31 MARCH 2011 • The US dollar gold price is continuing to set new records (circa US$1,500oz) at a time Crescent commenced the current processing campaign through Barrick’s Granny Smith Mill on 12 April 2011. The operations have been running well with haulage tonnes and grades to Granny Smith Mill above target.
• The Company announced the completion of a A$45 million capital raising through a non-renounceable rights issue. The rights issue closed oversubscribed on the 27th January 2011 raising A$48.1 million (before costs). M22 • Following heavy unseasonal rains associated with Cyclone Dianne off the northwest coast of Western Australia, the Company temporarily suspended operations at the Company’s wholly-owned Laverton Gold Project in WA.
The Company was able to evacuate all staff and contractors safely from the flooded camp. Water levels receded sufficiently soon afterwards to enable some staff to move back into camp. Mining operations recommenced shortly afterwards following dewatering of pits and a review of the haul roads.
The impact of the rains on the operations due to an inability to haul to Barrick’s Granny Smith Mill led to a reduction in the Company’s processing days at Barrick by 18 days and had a significant negative impact on production during the quarter. The reduction in revenue combined with additional costs associated with the flooding has required the Company to draw on funds recently raised, which has altered some use of proceeds raised in the rights issue. • The Company repaid its debt facility in full to Indago Resources.
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