Trading Symbols: TSX: CRJ; OTCQB: CLGRF
SASKATOON, Jan. 29, 2015 /PRNewswire/ - Claude
Resources Inc.'s ("Claude" and or the "Company") Board of Directors
("Board") is pleased to announce that Mr. Patrick Downey has joined the Board, effective
January 30, 2015.
"Mr. Downey is a veteran mining executive and will add
significant technical and strategic depth to our Board," stated
Brian Booth, Chair of the Board.
"His proven track record for operational success comes at a vital
time for the Company as we advance Santoy Gap and grow both our
margins and production at the Seabee Gold Operation."
Mr. Downey brings over 25 years of international experience in
the resource industry. Most recently, Mr. Downey was the President
and Chief Executive Officer ("CEO") of Elgin Mining Inc., which was
acquired by Mandalay Resources Inc. in June of 2014. Prior to
joining Elgin Mining Inc., Mr. Downey held the position of
President, CEO and Director of Aura Minerals Inc. Mr. Downey was
President, CEO and Director of Viceroy Exploration Ltd. before its
acquisition by Yamana Gold Inc. in 2006. He also served as
President of Oliver Gold Corporation and completed the merger of
that company to form Canico Resources which was subsequently
purchased by Vale Corporation for over $800
million. He has held numerous senior engineering positions
at several large scale gold mining operations and has also held
operating positions at several mining projects for Anglo American
Corporation in South Africa. Mr.
Downey holds a Bachelor of Science (Hon.) degree in Engineering
from Queen's University in Belfast, Ireland.
Mr. Downey stated, "I am very pleased to join Claude's Board at
this exciting time in its growth. The Santoy project offers
significant long term growth with excellent margins and the Seabee
Gold Operation is also producing very strong
and sustainable cash flow. The Company has worked
diligently over the past 12 months to improve its balance
sheet and is now well positioned to provide excellent returns to
its investors."
In addition, the Company has ended its formal strategic review
process and its engagement with Deloitte Corporate Finance Inc. In
2014, the Company successfully improved its capital structure and
exceeded its operating guidance with record gold production from
the Seabee Gold Operation. During 2015, the Company will remain
focused on safety and environment, cost containment, improving
margins and growing production at the Seabee Gold Operation and
will continue to explore opportunities to maximize shareholder
value.
Claude Resources Inc. is a public gold exploration and
mining company based in Saskatoon,
Saskatchewan, with an asset base located entirely in
Canada. Its shares trade on the
Toronto Stock Exchange (TSX: CRJ) and the OTCQB (OTCQB: CLGRF).
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.