Trading Symbols: TSX: CRJ, OTCQB: CLGRF
SASKATOON, SK, June 25, 2014 /PRNewswire/ - Claude Resources
Inc.'s ("Claude" and or the "Company") board of directors
("Board") today announced the retirement of its Chair, Ted Nieman,
Q.C., who guided the Company through one of the most challenging
periods faced by the gold sector. During his tenure, the Company
met several milestones which included reaching one million ounces
of gold produced at the Seabee Gold Operation and the discovery and
advancement of the Santoy Gap deposit.
The Company also announces the retirement of
another long time director, Ray
McKay, who brought understanding and insight into the
Company's operation in northern Saskatchewan. Both retirements are effective
June 30, 2014.
The Board and management wish to thank Mr.
Nieman and Mr. McKay for their significant contributions and
leadership over the past seven years.
Interim President and Chief Executive Officer,
Mike Sylvestre, will become Chair of
the Board. In addition, director Brian
Booth was selected by the Board to act as the lead
independent director. Mr. Booth has been a non-executive director
of the Company since 2012 and has significant experience in the
gold sector and currently serves as the President and Chief
Executive Officer of Pembrook Mining Corp.
In addition, the Board has reduced both its
number of directors as well as its committee structure. The Board
will move forward with five directors and with two committees,
Audit and Safety, Health and Environment. Board compensation is
also under review. These measures are part of the Company's
commitment to a cash optimization plan and will contribute to
ongoing cost reductions.
Mike Sylvestre,
Interim President and CEO commented, "Although we continue to face
a challenging gold price environment, we are seeing a positive
turnaround at Claude with very encouraging results from our
operations. Over the last year, the Company has successfully
executed on its cash flow optimization plan, made key improvements
to production and safety and significantly reduced its debt. I look
forward to the Company building shareholder value through ongoing
financial discipline, meeting production targets and moving the
Santoy Gap towards production."
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.