Trading Symbols: TSX: CRJ; OTCQB: CLGRF
SASKATOON,
June 17, 2014 /PRNewswire/ -
Claude Resources Inc. ("Claude" and or the "Company") today
announced initial production from the Santoy Gap deposit is ahead
of schedule. For the month of May, development ore from three
levels in the eastern block of the Santoy Gap deposit produced on
average 125 tonnes per day at a grade of approximately 7.1 grams
per tonne. Production at Santoy Gap began only two and a half years
after its discovery and represents a significant milestone in the
life of mine plan at the Seabee Gold Operation.
Mining crews have now exposed the eastern
portion of the ore body on the 24, 26, 28 and 30 levels. The 28 and
30 levels were the first to be developed and are expected to begin
initial long-hole production ahead of schedule during the third
quarter. To support optimization of the mine design, the
Company is conducting an infill drill program of approximately
27,000 metres. To date, the results have been very positive in
terms of grade continuity and are above the current Mineral Reserve
grade. The Santoy Gap deposit hosts Proven and Probable Mineral
Reserves of 266,100 ounces of gold at 5.68 grams per tonne,
Measured and Indicated Mineral Resources of 83,900 ounces of gold
at 8.44 grams per tonne and Inferred Mineral Resources of 270,800
ounces of gold at 6.96 grams per tonne.
In addition to ongoing development work and the
infill drill program, the Company completed the 290 metre
ventilation raise at the Santoy Gap deposit. The completion of the
ventilation raise marked a critical milestone in driving increased
underground productivity to advance the ore body towards safe and
sustainable production.
Brian Skanderbeg,
Senior Vice President and COO stated, "We are very pleased with the
pace at which the Santoy Gap deposit is being developed. We are
ahead of schedule in delivering ore to the Seabee Mill and continue
to see, through positive results from the infill drill program and
development sampling, the opportunity at the Santoy Gap. We
anticipate continued ramp-up of the Santoy Gap throughout 2014,
targeting to produce 200 to 300 tonnes per day by the end of the
fourth quarter. Due to its proximity to mine infrastructure, low
development cost and its high-grade nature and size, the Santoy Gap
demonstrates the potential that exists to grow production and
margins at the Seabee Gold Operation."
Mike Sylvestre,
Interim President and CEO commented, "The Santoy Gap deposit plays
an important role in our future and I congratulate our operating
team on completing the ventilation raise and advancing the Santoy
Gap deposit towards production safely and ahead of schedule."
To view longitudinal sections and plan maps of
the Santoy Mine Complex please go to www.clauderesources.com.
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 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 U.S. 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.