Trading Symbols: TSX: CRJ; OTCQB: CLGRF
SASKATOON, July 7, 2014 /PRNewswire/ - Claude Resources
Inc. ("Claude" and or the "Company") today announced record
production results of 18,742 ounces during the second quarter,
representing a 51% increase over the 12,438 ounces produced in the
second quarter of 2013. Year to date, the Company has produced
30,086 ounces of gold, a 47% increase from the second half of 2013.
Total ounces sold during the quarter increased approximately 53%
from the second quarter of 2013. Year to date, the Company sold
approximately 28,600 ounces of gold, representing a 37% increasing
from the first half of 2013. The grade in the second quarter also
increased significantly by 50% to 7.70 grams per tonne from the
5.13 grams per tonne during the second quarter of 2013.
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Seabee Gold Operation Production
Data |
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Q2 |
Q2 |
YTD |
YTD |
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2014 |
2013 |
2014 |
2013 |
Tonnes Milled |
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79,746 |
79,077 |
144,116 |
140,954 |
Head Grade (grams per tonne) |
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7.70 |
5.13 |
6.83 |
4.77 |
Recovery (%) |
|
95.0 |
95.3 |
95.0 |
94.9 |
Gold Produced (ounces) |
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18,742 |
12,438 |
30,086 |
20,520 |
Gold Sold (ounces) |
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17,700 |
11,532 |
28,600 |
20,833 |
Mike Sylvestre,
Interim President and CEO stated, "During the second quarter we set
new operating records in ounces produced and poured. Specifically
in June, we achieved both record ounces produced sold of 7,798
ounces and 9,751 ounces of gold, respectively. The main
contributors in the second quarter performance came from both
improved grade and increased tonnage from the new Alimak mining
method on the L62 deposit at the Seabee Mine and with the Santoy
Gap deposit ramping up ahead of schedule. The Cash Flow
Optimization Plan, which is designed to focus on higher margin
ounces and cost containment, also played an important role in
improved production and with anticipated improvement in costs. I am
confident that we can continue this momentum with our cash flow
optimization plan solidly in place and with a current stockpile of
ore at the mill of approximately 20,000 tonnes. Along with improved
operating performance, the Company has made significant advancement
in decreasing its debt and expects, at forecast production rates,
to effectively manage its interest and principal payments."
In addition, the Company continues to make
progress in advancing the Santoy Gap deposit. The Company had
scheduled to begin long-hole mining in the fourth quarter of 2014;
however, with the early completion of the ventilation raise, this
is now forecast to begin during the third quarter. During the
second quarter, the Santoy Gap produced approximately 125 tonnes
per day and is expected to ramp up to approximately 200 to 300
tonnes per day by the end of the year. The addition of the Santoy
Gap deposit is expected to increase production and margins by the
beginning of 2015.
The Company remains confident that it will meet
or exceed its 2014 production guidance of 47,000 to 51,000 ounces
of gold. Further operating and financial details of the second
quarter will be announced at the beginning of August.
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.