Claude Resources Launches Madsen Underground Drill Program
"8 Zone First Drill Target"
Toronto Stock Exchange
Trading symbol - CRJ
AMEX - CGR
SASKATOON, Dec. 17 /CNW/ - Claude Resources Inc. (TSX-CRJ; AMEX-CGR)
announces that it has launched its Phase 1 Underground drill program at the
Madsen exploration property at Red Lake, Ontario.
The initial underground drill targets include the plunge and strike
extensions of the 8 Zone as well as conceptual targets associated with the 8
Zone shear system. The 20-hole Phase 1 program is anticipated to continue
through to the end of the second quarter.
The underground drill program, initially planned for late in the first
half of 2009, was advanced as it became evident that the 8 Zone could be
successfully targeted from the 10th level of the Madsen mine shaft.
The 8 Zone ore lense was discovered in 1969 and mined between the 22nd
and 27th levels through to mine closure in 1976. Underground mapping and
historic documentation shows the 8 Zone as a series of high-grade, quartz-vein
systems and silicification associated with a complexly-folded package of mafic
and ultramafic lithologies. The system remains open in all directions and
shows strong similarities to high grade mineralization presently being mined
at Goldcorp's Red Lake Complex.
The Madsen mine is permitted as an "Advanced Exploration" project. The
Madsen property contains extensive infrastructure with a 500 tonne per day
mill that has capacity for expansion, a permitted tailings management facility
and a five compartment 4,000 foot operating shaft.
Brian Skanderbeg, P.Geo. and M.Sc., Claude's Vice-President Exploration,
is the Qualified Person who has reviewed and approved this news release.
Claude Resources Inc. is a public company based in Saskatoon,
Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX-CRJ) and
the American Stock Exchange (AMEX-CGR). Claude is a gold exploration and
mining company. The Company's entire asset base is located in Canada. Since
1991, Claude has produced approximately 830,000 ounces of gold from its Seabee
mining operation in northeastern Saskatchewan. The Company also owns 100% of
the 10,000 acre Madsen property in the prolific Red Lake gold camp of
northwestern Ontario.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking statements relating
but not limited to the Company's expectations, intentions, plans and beliefs.
Forward-looking information can often be identified by forward-looking words
such as "anticipate", "believe", "expect", "goal", "plan", "intent",
"estimate", "may" and "will" or similar words suggesting future outcomes or
other expectations, beliefs, plans, objectives, assumptions, intentions or
statements about future events or performance. Forward-looking information may
include reserve and resource estimates, estimates of future production, unit
costs, costs of capital projects and timing of commencement of operations, and
is based on current expectations that involve a number of business risks and
uncertainties. Factors that could cause actual results to differ materially
from any forward-looking statement include, but are not limited to, failure to
establish estimated resources and reserves, the grade and recovery of mined
ore varying from estimates, capital and operating costs varying significantly
from estimates, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, inflation, changes in
exchange rates, fluctuations in commodity prices, delays in the development of
projects and other factors. Forward-looking statements are subject to risks,
uncertainties and other factors that could cause actual results to differ
materially from expected results.
Potential shareholders and prospective investors should be aware that
these statements are subject to known and unknown risks, uncertainties and
other factors that could cause actual results to differ materially from those
suggested by the forward-looking statements. Shareholders are cautioned not to
place undue reliance on forward-looking information. By its nature,
forward-looking information involves numerous assumptions, inherent risks and
uncertainties, both general and specific, that contribute to the possibility
that the predictions, forecasts, projections and various future events will
not occur. Claude Resources undertakes no obligation to update publicly or
otherwise revise any forward-looking information whether as a result of new
information, future events or other such factors which affect this
information, except as required by law.
%SEDAR: 00000498E
%CIK: 0001173924
For further information: Brian Skanderbeg, Vice President Exploration, Claude
Resources Inc., Phone: (306) 668-7505 or Neil McMillan, President & CEO,
Claude Resources Inc., Phone: (306) 668-7505, Email:
clauderesources@clauderesources.com, Website: www.clauderesources.com
.
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VanEck Vectors Global Alternative Energy ETF
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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 116.2 millions as of today (US$ 90.7 millions, € 79.9 millions). Its stock quote reached its highest recent level on November 22, 1996 at 3.10, and its lowest recent point on November 29, 2013 at 0.12. Claude Resources has 47 442 200 shares outstanding. |