TSX: CRJ
AMEX: CGR
Claude Resources Announces Fourth Quarter Results
Saskatoon, Saskatchewan - March 21 , 2007 - Gold prices realized remained steady during the fourth quarter averaging US $620 per ounce. Gold production during the quarter was 10,700 ounces, slightly below forecast; total 2006 production was 47,400 ounces, 12% above 2005 production.
Bulk sampling of Claude's Porky Lake and Santoy 7 projects, near the Seabee mine, continued during the fourth quarter. If successful, one or both of these projects could provide feedstock to the Seabee mill as early as the second half of 2007.
Claude Resources commenced surface exploration at the Madsen project in Red Lake, Ontario in early December 2006. The Company expects to conduct extensive surface exploration at Madsen in 2007 while dewatering the Madsen shaft in preparation for underground drilling.
The Company would like to take this opportunity to thank retired Chairman Arnie Hillier for his many years of outstanding service to the Company. Since 1992, Arnie served as President, CEO and finally as Chairman. All shareholders have been well served by his skill, experience and commitment.
Financial Highlights
|
Three Months Ended
December 31, 2006
|
Three Months Ended
December 31, 2005 |
Year Ended
December 31, 2006 |
Year Ended
December 31, 2005 |
Revenue ($ millions) |
9.5 |
11.4 |
41.4 |
34.3 |
Net earnings (loss) ($ millions) |
(0.4) |
1.0 |
6.4 |
(3.5) |
Earnings (loss) per share ($) |
(0.01) |
0.01 |
0.09 |
(0.05) |
Cash from operations ($ millions)* |
0.5 |
2.1 |
9.2 |
4.5 |
Cash from operations per share ($)* |
0.01 |
0.03 |
0.13 |
0.07 |
Average realized gold price (US $/ounce) |
620 |
485 |
604 |
452 |
Total cash operating costs (US $/ounce) |
468 |
355 |
396 |
358 |
Working capital ($ millions) |
7.7 |
6.9 |
7.7 |
6.9 |
* before net change in non-cash working capital
THIS PRESS RELEASE CONTAINS FINANCIAL STATEMENTS.
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CAUTION REGARDING FORWARD-LOOKING INFORMATION
This Press Release contains "forward-looking statements" that are based on Claude Resources Inc.'s expectations, estimates and projections as of the dates the statements were made. Generally, these forward-looking statements can be identified by the use of terminology such as "outlook", "anticipate", "project", "forecast", "target", "believe", "estimate", "expect", "intent", "should", "could" and similar expressions. These forward-looking statements are subject to known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Such factors include, but are not limited to, gold price and foreign currency exchange rate volatility and to uncertainties and costs related to: exploration and development activities, production rates, cash and total costs of production, or the ability to obtain necessary permitting or financing.
A discussion of these and other factors that may affect Claude Resources Inc.'s actual results, performance, achievements or financial position is contained in the filings by Claude Resources with the Canadian provincial securities commissions and the United States Securities and Exchange Commission.
This list is not exhaustive of the factors that may affect Claude Resources Inc.'s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on forward-looking statements. Claude Resources Inc. does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities law.
ADDITIONAL INFORMATION
Additional information related to the Company is available at www.sedar.com and www.claudresources.com.
For further information please contact:
Neil McMillan
President and CEO
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
Christina Lalli: clalli@renmarkfinancial.com
Tel: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com