Claude Res Inc CLGRF

RE: gold production up 70% in fourth quarter

[oddykog]

Grizzly, the 70% increase was only for the fourth quarter, I am afraid. Still, 15 000 ounces at $550/ounce is still revenue of $8.2 million for the quarter from gold alone, which should produce some good results. 50 000 ounces for 2006 is also a 15% increase from '05 gold production. I have not seen any data on their projected capital spending on the new mines. Presumably that will be substantial, too. Critical will be to see what the relationship between cash flow and capital expenditure is likely to be and whether we can avoid another year of a steady diet of new equity issuance,