|
Claude
Resources Inc. Forecasts
50,500 Ounces of gold in
2012
Claude Resources Inc. (�Claude� and or the �Company�)
today reported that it expects
to produce approximately
50,500 ounces of gold from
its 100 percent owned Seabee Gold Operation during 2012. In 2011, the Company produced approximately 11,270 ounces
of gold in the fourth quarter for a total of
44,760 ounces of gold during
the year, representing
a decrease of five percent year
over year.
President and Chief
Executive Officer, Neil
McMillan stated, �Although we were able to do a lot of things
right in 2011, we were disappointed with the production results. We were able to get the Santoy 8 Mine to
commercial production but lower grade ore and unexpected circumstances affected the ability to produce forecasted production
levels. To improve and sustain future production and reduce
unit costs, the Company
initiated the shaft
extension and mill expansion, as well as increased investment in mine development,
production equipment and infrastructure. We believe these plans will position the
Company to expand
production on a sustainable basis. In 2012, the Company plans on
producing approximately
50,500 ounces of gold with
the majority of these ounces expected to come in
the second and fourth quarters.�
In 2011 at
the Seabee Gold Operation,
Claude drilled 56,000 metres
underground and an additional 44,700 metres from surface. An updated Seabee Resource and Technical Report, inclusive of both
the Santoy Gap and L62 are in progress
and planned for release during
the first quarter of 2012. In 2012, the Company plans to drill 130,000 metres
at the Seabee Gold Operation, 70,000 metres regionally and 60,000 metres
underground. The focus will be
on expansion of the Santoy Gap, L62, Santoy 8 and Seabee deposits, as well as continued advancement of
Neptune and other regional
targets.
�We had
a very successful
exploration year with two new discoveries, the Santoy Gap and the L62. Both discoveries are expected to play important roles in the Company�s life of mine plan beginning
in 2013. We believe these discoveries will materially impact our reserve and resource growth in 2012 and improve the near term production profile of the Seabee
Gold Operation due to the proximity
to current infrastructure.�
In addition to aggressive
exploration efforts at the Seabee
Project, Claude is continuing
Phase II underground drilling and delineation drilling of the known Austin Tuff at its 100 percent Madsen Property in Red Lake. At the 100 percent owned Amisk Gold Project, the
Company plans on delivering
a Preliminary Economic Assessment by the third
quarter, an updated mineral
resources calculation
and conducting further
exploration.
Claude Resources Inc. is a public company based in Saskatoon, Saskatchewan, whose
shares trade on the
Toronto Stock Exchange (TSX-CRJ) and the NYSE Amex (NYSE Amex-CGR). Claude is a gold exploration and mining company with an asset base located entirely in Canada. Since 1991, Claude has produced
over 973,000 ounces of gold from
its Seabee mining operation in northeastern Saskatchewan. The Company
also owns 100 percent
of the 10,000 acre Madsen Property
in the prolific Red
Lake gold camp of northwestern Ontario and owns 100 percent of the Amisk
Gold Project in northeastern Saskatchewan.
CAUTION REGARDING
FORWARD-LOOKING INFORMATION
This Press
Release may contain �forward-looking� statements regarding the plans, intentions, beliefs
and current expectations of the Company, its directors, or its officers with respect to the
future business activities and operating
performance of the Company. The words �may�, �would�, �could�, �will�, �intend�, �plan�, �anticipate�, �believe�, �estimate�, �expect� and similar expressions, as they
relate to the Company, or its
management, are intended to identify
such forward-looking statements. Investors
are cautioned that any such forward-looking
statements are not guarantees
of future business activities or performance and involve risks and uncertainties, and that the Company�s future business activities
may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are
described in the periodic
filings with the
Canadian securities regulatory
authorities, including
the Company�s Annual
Information Form and quarterly
and annual Management�s
Discussion & Analysis, which
may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify
important risks, uncertainties
and factors which could cause actual results to differ materially, there may be others
that cause results not anticipated, estimated or intended. The Company does not intend, and does not assume any
obligation, to update these forward-looking
statements.
Cautionary note
to U.S. investors concerning
resource estimate
The resource
estimates in this
document were prepared
in accordance with National Instrument 43-101, adopted by the Canadian Securities Administrators.
The requirements of National Instrument 43-101 differ significantly from the requirements of the
United States Securities and Exchange Commission (the �SEC�). In this document, we use the terms �measured�, �indicated� and �inferred� resources. Although these terms are recognized and required in
Canada, the SEC does not recognize
them. The SEC permits
United States mining companies,
in their filings with the SEC, to disclose only those mineral deposits that constitute �reserves�. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that
the mineralization could
be economically and legally extracted at the time the determination
is made. United States investors
should not assume that
all or any portion of a measured
or indicated resource will ever be
converted into �reserves.� Further, �inferred resources� have a great amount of uncertainty as to their
existence and whether they
can be mined economically or legally, and United States investors
should not assume that
�inferred resources� exist or can be legally or economically mined, or that they will
ever be upgraded to a higher category.
For further information please contact:
Neil
McMillan, President
& CEO, Claude Resources Inc.
Marc
Lepage, Manager, Investor Relations
|
|