Claude Resources Announces First Quarter Results
Overview
Saskatoon, Saskatchewan - May 7, 2007 - Claude Resources Inc. (TSX: CRJ / AMEX: CGR) initiated the largest exploration program in the Company's history during the first quarter of 2007. As much as Cdn $14 million is earmarked for exploration during 2007 at Claude's wholly owned Madsen/Red Lake project in northwestern Ontario and at the Seabee mine area in northern Saskatchewan.
On April 24, 2007, the Company completed financing in the form of a "bought deal" for gross proceeds (including the exercise of a $3 million over-allotment option) of Cdn $23 million. This will ensure that the Company is well financed going forward.
Commercial gold production was interrupted during the first quarter when Seabee gold production was suspended on March 22, 2007 to allow for the milling of Santoy 7 bulk sample ore. Production from Santoy 7 is not included in normal operating results because the project is not yet in commercial production. At this time, revenue from gold produced at this bulk sample is credited against invested capital in the project. Production during the quarter was also affected by equipment availability issues. However, the Company remains confident that the 2007 target of 48,000 ounces will be reached.
In January, the Company was pleased to announce the addition of a new Vice President of Mining Operations, Philip Ng, and a new Vice President of Exploration, Judy Stoeterau. These additions are expected to add greatly to the Company's ability to maximize the opportunities presented at both Seabee and Madsen.
Claude President and CEO Neil McMillan stated, "with the probable expansion of Seabee gold production and the outstanding exploration potential at Madsen, Red Lake, I am very excited about the Company's future."
Financial Highlights
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Three Months Ended
March 31, 2007
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Three Months Ended
March 31, 2006 |
Revenue ($ millions) |
7.9 |
11.2 |
Net earnings (loss)($ millions) |
(0.04) |
4.4 |
Earnings per share ($) |
0.00 |
0.06 |
Cash from operations ($ millions)* |
0.4 |
2.9 |
Cash from operations per share ($)* |
0.01 |
0.04 |
Average realized gold price US $/ounce) |
653 |
556 |
Total cash operating costs (US $/ounce) |
539 |
353 |
Working capital (deficit) ($ millions) |
(1.5) |
5.9 |
*before net change in non-cash working capital
MANAGEMENT'S DISCUSSION AND ANALYSIS
The following discussion is a review of the financial condition of Claude Resources Inc. ("Claude" or the "Company") as at March 31, 2007 compared with December 31, 2006, and the results of operations for the three months ended March 31, 2007 compared with the corresponding period of 2006. This discussion is the responsibility of Management and the information within this Management discussion and analysis is current to April 30, 2007. The Board of Directors reviewed the disclosure presented herein through the audit committee. This discussion should be read in conjunction with the Company's 2006 annual MD&A and 2006 annual audited Consolidated Financial Statements and Notes. All amounts are expressed in Canadian dollars, except where otherwise indicated.
THIS PRESS RELEASE CONTAINS FINANCIAL STATEMENTS. CLICK HERE TO VIEW ORIGINAL PDF DOCUMENT.
For further information please contact:
Neil McMillan
President and CEO
or
Rick Johnson
CFO
Telephone: 1-306-668-7505
Facsimile: 1-306-668-7500
E-mail: clauderesources@clauderesources.com
RENMARK FINANCIAL COMMUNICATIONS INC.
NEIL MURRAY-LYON : NMURRAYLYON@RENMARKFINANCIAL.COM
EDITH ENGLISH: EENGLISH@RENMARKFINANCIAL.COM
TEL.: (514) 939-3989
FAX: (514) 939-3717
WWW.RENMARKFINANCIAL.COM
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Claude Resources Inc.
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PRODUCER |
CODE : CRJ.TO |
ISIN : CA1828731093 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Claude Resources is a gold producing company based in Canada. Claude Resources holds various exploration projects in Canada. Its main asset in production is SEABEE in Canada, its main asset in development is SANTOY 8 in Canada and its main exploration properties are PORKY LAKE, SANTOY 7 and AMISK LAKE GOLD in Canada. Claude Resources is listed in Canada and in United States of America. Its market capitalisation is CA$ 483.6 millions as of today (US$ 377.2 millions, € 332.2 millions). Its stock quote reached its highest recent level on November 22, 1996 at CA$ 3.10, and its lowest recent point on November 29, 2013 at CA$ 0.12. Claude Resources has 197 380 000 shares outstanding. |