Trading Symbols
TSX - CRJ
OTCQB - CLGRF
SASKATOON,
Jan. 29, 2014 /PRNewswire/ -
Claude Resources Inc. ("Claude" and or the "Company") (TSX:
CRJ; OTCQB: CLGRF) today announced fourth quarter and full year
2013 gold production results and highlights. All dollar figures are
in Canadian dollars.
Full year 2013 gold sales were 44,823 ounces at an
average gold price of approximately $1,423 per ounce from its Seabee Gold Operation
in Saskatchewan, Canada. In 2013,
the Seabee Gold Operation achieved record mill throughput of
280,054 tonnes at a head grade of 5.11 grams per tonne with an
average mill recovery of 95.25 percent to produce approximately
43,850 ounces.
During the fourth quarter, gold sales were
13,209 at an average price of $1,325.
Production in the quarter was 12,789 ounces of gold at a head grade
of 5.60 grams per tonne. Further operating and financial results
will be announced in March of 2014.
2013 Highlights:
- Achieved record mine production of 286,145 tonnes with a 10
percent reduction in mine site personnel;
- Record mill throughput of 280,054 tonnes at a head grade of
5.11 grams per tonne;
- Gold production of 43,850;
- Gold sales of 44,823 at an average gold price of $1,423;
- Increased mineral reserves by 78 percent or 243,000 ounces of
gold from the Santoy Gap;
- Decreased overall corporate expenditures by approximately 20
percent;
- Exceeded safety and environment targets and set Company
records;
- Continued development and drilling on the Santoy Gap
deposit;
- Initiated new mining method in the L62 zone to reduce dilution
rates, development requirements and total all in costs; and
- Completed major shaft extension from 550 metres to 980
metres.
Neil McMillan,
President and CEO, stated, "We made significant progress in 2013 at
the Seabee Gold Operation. I am proud to say that we exceeded our
safety and environment targets; successfully completed several
upgrades including the completion of the shaft extension project;
mining and development crews were well below budgeted expenditures
and the Company decreased its overall corporate costs
substantially. We are not satisfied with our gold production which
was below budget in large part due to lower than anticipated grades
from the Seabee Mine. The Company has and continues to make efforts
to improve mining grade and lower dilution rates one of which is a
change in the mining techniques at the Seabee Mine. In 2014, the
Company will continue to focus on more efficient operations and
increasing margins while advancing the Santoy Gap towards
production."
2014 Outlook
At the Seabee Gold Operation in 2014, the
Company plans to produce between 47,000 and 51,000 ounces of gold
from the Seabee Mine and the Santoy Mine Complex, an increase of
approximately 10 percent from 2013. Unit cash cost are expected to
be $850 to $950 per ounce. Based on
current gold prices, the Company will focus on increasing margins
and lowering capital expenditures without impacting the advancement
of the Santoy Gap deposit. Overall, company expenditures are
budgeted to be significantly less than previous years with lower
capital costs, development costs, exploration expenditures and
corporate general and administration costs.
Claude Resources Inc. is a publicly
traded gold exploration and mining company based in Saskatoon, Saskatchewan, whose shares trade on
the Toronto Stock Exchange (TSX: CRJ) and the OTCQB (OTCQB: CLGRF).
Its asset base is located entirely in Canada and 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 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.
SOURCE Claude Resources Inc.