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Claude Resources, Inc. Message Board

  • cschroeder757 cschroeder757 Jan 21, 2013 10:02 AM Flag

    Claude Resources Meets Production Guidance in 2012

    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.

    Sentiment: Strong Buy

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