Claude Resources Inc. Files Seabee Gold Operation Technical Report on SEDAR
TSX – CRJ
NYSE Amex – CGR
SASKATOON, May 2, 2012 /PRNewswire/ – Claude Resources Inc. (TSX-CRJ) (NYSE
Amex-CGR) (“Claude” or the “Company”) today reported that it has filed
an updated National Instrument 43-101 “NI 43-101″ technical report for
the Seabee Gold Operation on SEDAR (www.sedar.com).
Highlights include the following:
-- Mineral reserves increased, net of mining depletion, to 355,600 ounces at 5.37 grams per tonne from 352,600 ounces at 5.58 grams per tonne. Mineral reserves increased 18 percent at the Seabee Gold Mine, while reserves decreased 19 percent at the Santoy 8 Gold Mine. -- Measured and indicated mineral resources increased to 70,700 ounces at 5.35 grams per tonne from 49,600 ounces at 5.70 grams per tonne, representing a 43 percent increase from 2010. -- Inferred mineral resources increased to 873,400 ounces at 6.48 grams per tonne from 260,100 ounces at 6.23 grams per tonne in 2010, representing a 236 percent increase in contained ounces year over year. -- A significant portion of these increases came from the discovery and delineation of the L62 and Santoy Gap deposits. Individually, the L62 deposit added 70,400 ounces to the probable reserve and 40,300 ounces to the inferred resource and the Santoy Gap deposit added 495,000 ounces to the inferred resource. Both deposits are proximal to existing mine infrastructure. -- In 2012, the Company has budgeted 130,000 metres of drilling at the Seabee Gold Operation with a focus on continued reserve and resource growth at the Seabee and Santoy 8 mines and at Santoy Gap.
Table 1: Seabee Gold Operation, Mineral Reserves andMineral Resources as at December 31, 2011. 2011 2010 Year over Year Tonnes Grade Gold Tonnes Grade Gold Oz Percent (g/t) Ounces (g/t) Ounces Change Change Proven and Probable Mineral Reserves Seabee 1,062,900 6.58 224,900 887,100 6.69 190,800 Santoy 8 997,100 4.08 130,600 1,079,900 4.66 161,900 Total 2,059,900 5.37 355,600 1,967,100 5.58 352,600 3,000 1% Mineral Reserves Measured and Indicated Mineral Resources Seabee 127,400 4.65 19,000 - - - Santoy 8 12,600 5.04 2,000 - - - Porky 160,000 7.50 38,600 160,000 7.50 38,600 Main Porky 111,000 3.10 11,000 111,000 3.10 11,000 West Total Measured and Indicated Resources 410,900 5.35 70,700 271,000 5.70 49,600 21,100 43% Inferred Mineral Resources Santoy 2,321,000 6.63 495,000 - - - Gap Seabee 813,900 6.83 178,800 705,500 6.33 143,600 Santoy 8 850,000 5.46 149,300 384,800 5.35 66,200 Porky 70,000 10.43 23,500 70,000 10.43 23,500 Main Porky 138,300 6.03 26,800 138,300 6.03 26,800 West Total 4,193,200 6.48 873,400 1,298,600 6.23 260,100 613,300 236% Inferred Resources Notes: 1. Mineral reserves and resources were estimated by Claude Resources Inc. personnel and audited by SRK Consulting (Canada) Inc. 2. Mineral reserves and mineral resources estimates have been completed in accordance with CIM Standards and are reported in accordance with Canadian Securities Administrators' National Instrument 43-101. Mineral resources are exclusive of mineral reserves. 3. Seabee reserves and resources are estimated at a cut-off grade of 4.57 grams of gold per tonne and Santoy 8, Santoy Gap, Porky West and Porky Main resources are estimated at a cut-off grade of 3.0 grams of gold per tonne. 4. Cut-off grades were calculated using a two year trailing price of CDN. $1,400 per ounce of gold, a U.S./CDN$ exchange rate of 1:1 and overall ore mining and processing costs are based on actual operating costs. 5. All figures are rounded to reflect the relative accuracy of the 2011 estimates. Totals may not represent the sum of the parts due to rounding. 6. Mineral resources are not mineral reserves and do not have demonstrated economic viability. 7. L62 mineral reserves and mineral resources are included in the Seabee totals.
Please visit www.clauderesources.com to review the technical report, a detailed longitudinal map of the
Seabee and Santoy deposits and location map of the Seabee Gold
Mineral reserve and resource estimates for the Seabee Gold Operation
were prepared by Claude Resources Inc. personnel Brian Skanderbeg, P.
Geo., Vice President Exploration and Peter Longo, P. Eng., Vice
President Operations. Both are a “qualified person” as defined by
National Instrument 43-101 and have reviewed the content of this Media
Release for accuracy.
Claude Resources Inc. is a public company based in Saskatoon,
Saskatchewan, whose shares trade on the Toronto Stock Exchange
(TSX-CRJ) and the NYSE Amex (NYSE Amex-CGR). Claude is a gold
exploration and mining company with an asset base located entirely in
Canada. Since 1991, Claude has produced over 973,000 ounces of gold
from its Seabee mining operation in northeastern Saskatchewan. The
Company also owns 100 percent of the 10,000 acre Madsen Property in the
prolific Red Lake gold camp of northwestern Ontario and owns 100
percent of the Amisk Gold Project in northeastern Saskatchewan.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This Press Release may contain ‘forward-looking’ statements regarding
the plans, intentions, beliefs and current expectations of the Company,
its directors, or its officers with respect to the future business
activities and operating performance of the Company. The words “may”,
“would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”,
“estimate”, “expect” and similar expressions, as they relate to the
Company, or its management, are intended to identify such
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future business
activities or performance and involve risks and uncertainties, and that
the Company’s future business activities may differ materially from
those in the forward-looking statements as a result of various
factors. Such risks, uncertainties and factors are described in the
periodic filings with the Canadian securities regulatory authorities,
including the Company’s Annual Information Form and quarterly and
annual Management’s Discussion & Analysis, which may be viewed on SEDAR
at www.sedar.com. Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected. Although the Company has attempted to identify important
risks, uncertainties and factors which could cause actual results to
differ materially, there may be others that cause results not
anticipated, estimated or intended. The Company does not intend, and
does not assume any obligation, to update these forward-looking
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.