Trading Symbol
TSX - CRJ
OTCQB - CLGRF
SASKATOON, Nov. 7, 2013 /PRNewswire/ - Claude Resources Inc.
("Claude" and or the "Company") (TSX: CRJ) (OTCQB: CLGRF) today
reported an updated National Instrument 43-101 ("NI 43-101") gold
Mineral Reserve and Mineral Resource statement for its Seabee Gold
Operation in Saskatchewan, Canada.
The Company will be filling an updated Technical Report within 45
days of this release in support of the updated Mineral Reserve and
Mineral Resource statement.
Highlights include:
- Initial Mineral Reserves of 243,000 ounces of gold at 6.24
grams per tonne at the Santoy Gap deposit.
- Seabee Gold Operation Mineral Reserves increased by 78 percent
to 554,100 ounces of gold.
- 2013 exploration and infill drilling indicates that the system
has the potential to expand significantly.
- Gold mineralization extends for approximately 800 metres along
strike and to depths in excess of 690 metres below surface.
Brian Skanderbeg,
Senior Vice President and COO stated, "In order to grow our
production, we needed to increase our reserves. The Santoy Gap
deposit, based on its high-grade core and size, demonstrates the
potential that exists to grow our production and the ability to
find high grade ounces near our current mine infrastructure.
During these difficult times, deposits such as the Santoy Gap are
crucial for the Company in its strategy to increase production and
margins, minimize capital expenditures and to build shareholder
value for many years to come."
Mineral Reserves and Mineral Resources
Update
Highlighting the updated Seabee Gold Operation's
NI 43-101 Mineral Reserve and Mineral Resource statement was the
increase of 243,000 ounces of gold, or 78 percent, from the Santoy
Gap to the overall reserve base. Table 1 outlines the entire
updated Mineral Reserves and Mineral Resources statement for the
Seabee Gold Operation, effective December
31, 2012.
Table 1: Mineral Reserves and Mineral
Resources Statement - Seabee Gold Operation as at December 31, 2012.
| |
| Proven and Probable Mineral
Reserves |
| Projects |
Tonnes |
Grade (g/t) |
Ozs |
| Seabee |
947,100 |
7.26 |
221,100 |
| Santoy 8 |
628,100 |
4.45 |
89,900 |
| Santoy Gap |
1,210,000 |
6.24 |
243,000 |
| Totals |
2,785,200 |
6.19 |
554,100 |
| Measured and Indicated Mineral
Resources |
| Projects |
Tonnes |
Grade (g/t) |
Ozs |
| Seabee |
45,400 |
4.86 |
7,100 |
| Santoy 8 |
59,300 |
3.28 |
6,200 |
| Santoy Gap |
94,000 |
4.65 |
14,000 |
| Porky Main |
160,000 |
7.50 |
38,600 |
| Porky West |
111,000 |
3.10 |
11,000 |
| Totals |
469,600 |
5.10 |
77,000 |
| Inferred Mineral
Resources |
| Projects |
Tonnes |
Grade (g/t) |
Ozs |
| Seabee |
355,600 |
8.55 |
97,700 |
| Santoy 8 |
518,700 |
5.91 |
98,600 |
| Santoy Gap |
1,875,000 |
5.92 |
356,900 |
| Porky Main |
70,000 |
10.43 |
23,500 |
| Porky West |
138,300 |
6.03 |
26,800 |
| Totals |
2,957,600 |
6.35 |
603,400 |
Footnotes to the Mineral Reserve and Mineral Resource
Statement:
1. Mineral Reserves and Mineral Resources for the Seabee deposit
are reported at a cut-off of 4.5 grams of gold per tonne and, at
Santoy 8 and Santoy Gap at a cut-off of 3.00 grams of gold per
tonne. Additional assumptions include, a CDN $1,500 per ounce
of gold using metallurgical and process recovery of 95.2 percent
and overall ore mining and processing costs derived from 2012
realized costs. All figures are rounded to reflect the
relative accuracy of the estimates. Summation of individual
columns may not add-up due to rounding.
2. Mineral resources are not mineral reserves and do not have
demonstrated economic viability. There is no certainty that
all or any part of the mineral resource will be converted into
mineral reserves. The resource and reserve evaluation work
was completed by a team of geologists and engineers under the
supervision of Brian Skanderbeg, P.Geo., and Peter Longo, P. Eng.,
both full time employees of Claude. Both have sufficient
experience, which is relevant to the style of mineralization and
type of deposit under consideration and to the activities
undertaken to qualify as a Qualified Person as defined by NI
43-101.
3. The Mineral Reserves and Mineral Resources reported herein have
been estimated in conformity with generally accepted CIM
"Estimation of Mineral Resource and Mineral Reserves Best
Practices" guidelines and are reported in accordance with Canadian
Securities Administrators' NI 43-101.
4. Considering the effective date of this Mineral Reserve and
Mineral Resource is December 31, 2012, year to date 2013 production
from both the Seabee and Santoy 8 mines is not reflected in this
statement. |
The 78 percent increase in Proven and Probable
Reserves reflects the Company's ongoing strategy of advancing the
Santoy Gap deposit towards a production scenario which includes
processing development ore in the first half of 2014 and reaching
commercial production in 2015. Claude has evaluated Santoy
Gap's potential capital and operating costs at a preliminary level
and results indicate that the deposit has the potential to provide
significant economic value to the Seabee Gold Operation.
In 2013, the Company completed three step-out
drill holes targeting the down plunge extension of the Santoy Gap
and Santoy 8 deposits, two of which returned significant intercepts
of 330.35 grams of gold per tonne over 1.55 metres and 18.80 grams
of gold per tonne over 13.86 metres. These results, combined with
ongoing infill drilling, provide a high probability of future
resource growth within and outside the current domain. Infill and
exploration drilling completed in 2013 was not incorporated in this
resource update. As such, an updated NI 43-101 Mineral Reserve and
Mineral Resource statement is planned to be released during the
first quarter of 2014.
The Santoy Mine Complex, located approximately
14 kilometres from the Seabee Mine and Central Milling Facility, is
accessible by an all-weather road and includes the producing Santoy
8 Mine and the Santoy Gap deposits. The Santoy Gap deposit
was initially discovered in 2011 and is located approximately 500
metres from the producing Santoy 8 Mine. The Santoy Gap resource
has been defined to depths in excess of 690 metres below surface
and over a strike length of 800 metres. The deposit is
located between 200 and 1,000 metres north of the existing Santoy 8
resource and remains open down plunge to the north and at depth. To
view the longitudinal and plan maps of the Santoy Mine Complex use
or click on the following URL;
http://www.clauderesources.com/html/operations/exploration/Seabee_Mine/Santoy_Gap/index.cfm.
Samples were assayed by at ALS Chemex in
Vancouver, an ISO approved
facility. Rigorous quality assurance and quality control procedures
have been implemented including the use of blanks, standards and
duplicates. Core samples were analyzed by a 30 gram gold fire assay
with an atomic absorption, conventional gravimetric and/or screen
fire techniques.
Mineral Reserve and Mineral Resource estimates
for the Seabee Gold Operation were prepared by Claude Resources
Inc. personnel, under the supervision of Brian Skanderbeg, P. Geo., Senior Vice President
and Chief Operating Officer and Peter
Longo, P. Eng., Vice President, Operations. Both are a
"qualified person" as defined by National Instrument 43-101
and have reviewed the content of this Media Release for
accuracy.
Claude Resources Inc. is a public company
based in Saskatoon, Saskatchewan,
whose shares trade on the Toronto Stock Exchange (TSX: CRJ) and the
OTCQB (OTCQB: CLGRF). Claude is a gold exploration and mining
company with an asset base located entirely in Canada. Since 1991, Claude has produced over
1,000,000 ounces of gold from its Seabee Gold 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 |
| |
| 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 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 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.