RE: blah blah blah gog, you make a very good point when you say "...but I would sure as heck fund it [CRJ] before an exploration play."
In fact when you look at production ranking, Claude stands out very nicely relative to many other producers. The TSX/TSXv average growth in production, unadjusted for dilution from share growth, is a mere 2% per year on a rolling 4Q basis (see www.goldminerpulse.com). Claude is doing better than 6% growth, after adjusting for share dilution. Sure, there might be more dilution in Claude's future since their NWC is -3M but there is certainly enough production growth to still say well above the industry trends.
The big question I have is will Claude be able to maintain and expand production levels in 2013. Or was 2012 a one time positive burst which will evaporate in 2013? I don't know the answer but I have taken a small position in the company. The average ore value and ev/oz metrics on Claude also look to be much better than industry average.
I figure that there should be a nice bounce once the tax lose selling pressure is over. Looking at the long term chart I expect lots of tax loss selling in CRJ. And any improvements on management delivery on promises should help -- the CRJ management should view a recent interview with the CEO of Rio Alto...
Alex Black, the President and CEO of Rio Alto, a new gold producer in Peru, talks about delivering on promises to shareholders and all in production costs in aDecember 2012 interview at Mines & Money in London. Rio Alto has delivered a 10 fold return over the past 3 to 4 years and has started exploration drilling on a new oxide deposit 8km from La Arena, its currently producing mine. Rio Alto is also working to complete a feasibility study in 2013 for the copper zone expansion of La Arena.
Consistent delivery on promises let to a 10 fold return. Very nice, I'd say. More on this at www.goldminerpulse.com under the topic "Tipping Point for the Gold Industry"... take a read and I'd love to hear your reaction, positive or negative...