Trading Symbols
TSX - CRJ
NYSE MKT - CGR
SASKATOON, Jan. 21, 2013 /CNW/ - Claude Resources Inc. (TSX-CRJ; NYSE MKT-CGR) ("Claude" and or the "Company") today reported 2012 gold production of
49,570 ounces from its Seabee Gold Operation in Saskatchewan, Canada.
In 2012, the Seabee Gold Operation achieved record mill throughput of
275,230 tonnes at a head grade of 5.86 grams per tonne. During the
fourth quarter, the Company produced approximately 12,760 ounces of
gold at a grade of 5.94 grams per tonne. Year over year, the Company
increased production by approximately 10 percent and expects that trend
to continue compounded over each of the next five years.
Neil McMillan, President and CEO, stated, "During the second half our
people did an excellent job focusing on the execution of the Company's
business plan and meeting guidance. The Seabee Operation underwent
significant infrastructure expansion in 2012 including camp expansion,
mill upgrades and a shaft extension. In 2013, we expect to complete the
shaft extension in January and will continue to focus on increasing
production and improving operating margins."
Outlook for 2013
At the Seabee Gold Operation in 2013, the Company plans to produce
between 50,000 and 54,000 ounces of gold with ore mined from the Seabee
Deep, L62 and Santoy 8 deposits. With the completion of the shaft
extension and as production increases, Claude is well positioned to
achieve improved economies of scale and reduced unit operating costs.
The Company is developing a detailed mining plan based on the recently
updated Santoy Gap Indicated resource of 281,000 ounces of gold at 8.80
grams per tonne and Inferred resource of 357,000 ounces of gold at 5.92
grams per tonne. The results of this analysis will be integrated into
the Seabee Operations' Life of Mine Plan. The Company expects to see
initial production from the Santoy Gap in the second half of 2014. In
addition, development of an exploration drift towards the Santoy Gap
from Santoy 8 is progressing well and will include three drill chambers
to infill and expand the known resource. 2013 exploration at the Santoy
Gap is expected to begin during the first quarter with one surface and
one underground drill.
About Claude Resources Inc.:
Claude Resources Inc. is a gold producer with shares listed on both the
Toronto Stock Exchange (TSX-CRJ) and the NYSE MKT (NYSE MKT-CGR). The
Company is also engaged in the exploration and development of gold
mineral reserves and mineral resources. The Company's entire asset base
is located in Canada. Its main revenue generating asset is the 100
percent owned Seabee Gold Project, located in northern Saskatchewan.
Since 1991, Claude has produced over 1,023,000 ounces of gold from the
Seabee Gold Project. Claude also owns 100 percent of the Madsen
property near Red Lake, Ontario and 100 percent interest in the Amisk
Gold Property in northeastern Saskatchewan.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
All statements, other than statements of historical fact, contained or
incorporated by reference in this news release and constitute
"forward-looking information" within the meaning of applicable Canadian
securities laws and "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995
(referred to herein as "forward-looking statements"). Forward-looking
statements include, but are not limited to, statements with respect to
the future price of gold, the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing and
amount of estimated future production, costs of production, capital
expenditures, costs and timing of the development of new deposits,
success of exploration activities, permitting time lines, currency
exchange rate fluctuations, requirements for additional capital,
government regulation of mining operations, environmental risks,
unanticipated reclamation expenses, title disputes or claims and
limitations on insurance coverage. Generally, these forward-looking
statements can be identified by the use of forward-looking terminology
such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate" or "believes", or the negative
connotation thereof or variations of such words and phrases or state
that certain actions, events or results, "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved" or the negative
connotation thereof.
All forward-looking statements are based on various assumptions,
including, without limitation, the expectations and beliefs of
management, the assumed long-term price of gold, that the Company will
receive required permits and access to surface rights, that the Company
can access financing, appropriate equipment and sufficient labour, and
that the political environment within Canada will continue to support
the development of mining projects in Canada.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Claude to be
materially different from those expressed or implied by such
forward-looking statements, including but not limited to: actual
results of current exploration activities; environmental risks; future
prices of gold; possible variations in ore reserves, grade or recovery
rates; mine development and operating risks; accidents, labour issues
and other risks of the mining industry; delays in obtaining government
approvals or financing or in the completion of development or
construction activities; and other risks and uncertainties, including
but not limited to those discussed in the section entitled "Business
Risk" in the Company's Annual Information Form. These risks and
uncertainties are not, and should not be construed as being,
exhaustive.
Although Claude has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements.
Forward-looking statements in this news release are made as of the date
of this news release and accordingly, are subject to change after such
date. Except as otherwise indicated by Claude, these statements do not
reflect the potential impact of any non-recurring or other special
items that may occur after the date hereof. Forward-looking statements
are provided for the purpose of providing information about
management's current expectations and plans and allowing investors and
others to get a better understanding of our operating environment.
Claude does not undertake to update any forward-looking statements that
are incorporated by reference herein, except in accordance with
applicable securities laws.
CAUTIONARY NOTE TO US INVESTORS CONCERNING RESOURCES ESTIMATES
The Company's resource estimates are 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 documents containing resource
estimates, 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 U.S. 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".
SOURCE: CLAUDE RESOURCES INC.
