Trading Symbol
TSX - CRJ
OTCQB - CLGRF
SASKATOON, Dec. 23, 2013 /PRNewswire/ - Claude Resources
Inc. ("Claude" and or the "Company") (TSX: CRJ; OTCQB: CLGRF)
today reported that it has filed its updated National Instrument
43-101 ("NI 43-101") technical report for the Seabee Gold Operation
in support of the Company's news release on November 7, 2013. A copy of the document is
available on SEDAR at www.sedar.com and on the Company's website at
www.clauderesources.com.
Highlights Include:
- Seabee Gold Operation Mineral Reserves increased by 78 percent
to 554,100 ounces of gold.
- Initial Mineral Reserves of 243,000 ounces of gold at 6.24
grams per tonne at the Santoy Gap deposit.
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., full time employee of Claude and has 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.
Please visit www.clauderesources.com to review
the technical report, a detailed longitudinal map of the Seabee and
Santoy deposits and location map of the Seabee Gold Operation.
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.