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Claude Resources Inc. Records Net Profit of $3.0 Million in Third Quarter of 2012

November 14, 2012

Trading Symbols
TSX – CRJ  
NYSE MKT – CGR

SASKATOON, Nov. 14, 2012 /PRNewswire/ – Claude Resources Inc. (“Claude” and or
the “Company”) today reported its 2012 third quarter operating and
financial results. All dollar amounts are in Canadian dollars unless
stated otherwise.

Third Quarter Highlights Include:

        --  Net profit of $3.0 million, or $0.02 per share, after a $1.3
            million non-cash deferred income tax expense.
        --  Cash flow from operations before net changes in non-cash
            operating working capital (1) of $8.6 million, or $0.05 per
            share.
        --  Production of 15,073 ounces of gold for the quarter ended
            September 30, 2012.
        --  Gold sales of 14,088 ounces at an average realized price of
            $1,663 (U.S. $1,671) for revenue of $23.4 million.
        --  Total cash cost per ounce of gold(1) for the third quarter of
            2012 was $920 (U.S. $924).
        --  L62 Zone has been accessed and development is active on three
            levels.  Development tonnage was accessed during the third
            quarter with production tonnage scheduled for the fourth
            quarter
        --  Final leg of the shaft extension will be completed in stages
            starting in the fourth quarter and finish in the first quarter
            of 2013.
        --  Santoy Gap drill results, released during the third quarter,
            extended the mineralized system up-dip, along strike to the
            north and at depth as well as confirmed continuity within the
            existing mineral resource. Drill hole JOY-12-677 returned the
            widest intercept to date, 14.58 grams of gold per tonne over
            29.74 metres, confirming a high grade core that hosts multiple
            vein sets over combined widths of between 20 and 30 metres.
        --  Seabee Gold Operation reaches one millionth ounce milestone.

“The Seabee Gold Operation delivered positive earnings and higher grade
ore from Seabee Deep and the L62 Zone. With the tie-in of the shaft
extension during Q1 2013 and higher grade ore anticipated from Seabee
Deep and the L62 Zone, improved unit costs are expected to continue,”
stated Neil McMillan, President and Chief Executive Officer. “In
addition to encouraging production and operating results, the Company’s
exploration drill results from Santoy Gap continue to deliver above
average and consistent grade and widths which will be incorporated into
and add materially to the Company’s new life of mine plan and resource
estimate. Finally, I am also excited with the new additions to our
operating team. With their years of experience, I am confident that
they will be able to execute on our new life of mine plan going
forward.”

Financials

A copy of Claude’s Management’s Discussion and Analysis as well as
Claude’s 2012 third quarter financial statements and notes (unaudited)
can be viewed at www.clauderesources.com.


    Table 1: Highlights of Financial Results of Operations
                  (in Canadian dollars or as otherwise noted)

                          Three months ended             Nine months ended

                        Sept.       Sept. 30       Sept. 30       Sept. 30
                           30

                         2012           2011           2012           2011

    Revenue          $ 23,422     $   18,203     $   59,565     $   49,764
    (CDN$ 000's)

    Divided by         14,088         10,898         35,941         32,777
    ounces sold

    Average          $  1,663     $    1,670     $    1,657     $    1,518
    realized
    price per
    ounce

    Production       $ 12,955     $    9,488     $   38,070     $   27,143
    costs (CDN$
    000's)

    Divided by         14,088         10,898         35,941         32,777
    ounces sold

    Total cash       $    920     $      871     $    1,059     $      828
    costs per
    ounce

    Net cash         $    743     $      799     $      598     $      690
    margin per
    ounce sold

    Depreciation     $  4,172     $    2,895     $   11,324     $    7,463
    and
    depletion
    (CDN$ 000's)

    Gross profit     $  6,295     $    5,820     $   10,171     $   15,158
    (CDN$ 000's)

    Net profit       $  2,958     $    2,643     $    3,146     $    9,656
    (CDN$ 000's)

    Earnings per     $   0.02     $     0.02     $     0.02     $     0.06
    share (basic
    and diluted)

For the three months ended September 30, 2012, the Company recorded net
profit of $3.0 million, or $0.02 per share, after a non-cash deferred
income tax expense of $1.3 million.  This compares to a net profit of
$2.6 million, or $0.02 per share, for the three months ended September
30, 2011.  Year to date, the Company recorded net profit of $3.1
million, or $0.02 per share (YTD 2011 – $9.7 million, or $0.06 per
share), after a non-cash deferred income tax expense on $1.7 million.

Gold revenue from the Company’s Seabee Gold Operation for the three
months ended September 30, 2012 increased 29 percent to $23.4 million
from $18.2 million reported for the three months ended September 30,
2011.  The increase in gold revenue period over period was attributable
to a 29 percent improvement in gold sales volume (Q3 2012 – 14,088
ounces; Q3 2011 – 10,898 ounces); gold price was relatively unchanged
period over period.

Gold revenue for the first nine months of 2012 increased 20 percent to
$59.6 million from the $49.8 million reported in the first nine months
of 2011.  This increase was attributable to a nine percent improvement
in Canadian dollar gold prices realized: YTD 2012 – $1,657 (U.S.
$1,654); YTD 2011 – $1,518 (U.S. $1,553) and a 10 percent increase in
gold sales volume (YTD 2012 – 35,941 ounces; YTD 2011 – 32,777 ounces)
period over period.

Total Canadian dollar cash cost per ounce of gold( (1)) for the third quarter of 2012 decreased 15 percent to $920 (U.S. $924)
per ounce from $1,082 (U.S. $1,071) in the second quarter, but still up
six percent from the third quarter of 2011 (Q3 2011: $871 (U.S. $888),
principally as a result of the higher operating costs period over
period.  Year to date, total cash cost per ounce of $1,059 (U.S.
$1,057) was 28 percent higher than the total cash cost per ounce of
$828 (U.S. $847) reported during the first nine months of 2011.

Cash flow from operations before net changes in non-cash operating
working capital ((1)) of $8.6 million, or $0.05 per share, for the three months ended
September 30, 2012, was up 54 percent from $5.6 million, or $0.03 per
share, for the three months ended September 30, 2011.  Year to date,
cash flow from operations before net changes in non-cash operating
working capital was $16.4 million, or $0.09 per share (YTD 2011 – $17.6
million, or $0.11 per share).

Operations:

For the three months ended September 30, 2012, Claude milled 66,173
tonnes at a grade of 7.34 grams of gold per tonne (Q3 2011 – 66,722
tonnes at 5.51 grams of gold per tonne).  Year to date, the Company
milled 205,537 tonnes at a grade of 5.83 grams of gold per tonne (YTD
2011 – 182,725 tonnes at a grade of 5.97 grams of gold per tonne).

During the third quarter of 2012, produced ounces were 33 percent higher
period over period (Q3 2012 – 15,073; Q3 2011 – 11,324 ounces); these
results were in line with Management’s expectation for the quarter and
were attributable to higher grade ore.  Year to date, produced ounces
were 36,813 (YTD 2011 – 33,487 ounces) with mill recoveries relatively
unchanged period over period.


    Table 2: Seabee Gold Operation Quarterly Production and Cost Statistics

                               Three months ended         Nine months ended

                            Sept. 30     Sept. 30     Sept. 30     Sept. 30

                                2012         2011         2012         2011

    Tonnes Milled             66,173       66,722      205,537      182,725

    Head Grade (grams
    per tonne)                  7.34         5.51         5.83         5.97

    Recovery                   96.5%        95.8%        95.5%        95.5%

    Gold Produced
    (ounces)                  15,073       11,324       36,813       33,487

    Gold Sold (ounces)        14,088       10,898       35,941       32,777

    Production Costs
    (CDN$ 000's)              12,955        9,488       38,070       27,143

    Cash Operating
    Costs (CDN$/oz) (1)          920          871        1,059          828

    Cash Operating
    Costs (US$/oz) (1)           924          888        1,057          847

Exploration:

Claude continued to advance its exploration and development strategy
during the third quarter of 2012.  At the Seabee Gold Operation, the
Company has completed approximately 40,000 metres of regional drilling
and 44,000 metres of underground drilling year to date in 2012. During
the third quarter, exploration continued at Santoy Gap with one rig
performing infill and step-out drilling. Results from this drilling
will be included in the 2012 resource update which will be available in
the first quarter of 2013. At the Amisk Gold Project, work continued on
a Preliminary Economic Assessment and detailed reconnaissance
prospecting and compilation of regional targets for future exploration.
Madsen exploration, which included two underground rigs and one surface
rig, wrapped up in the third quarter. Testing focused on the 8 Zone
Trend as well as the McVeigh and Austin Tuff depth continuity. Results
from Madsen are anticipated during the fourth quarter.

OUTLOOK

Looking forward, the Company will continue to:


    i)        Pursue best practices in the areas of safety, health and the
              environment;

    ii)       Increase production and improve unit operating costs at the
              Seabee Gold Operation by investing in capital projects and
              equipment to further develop satellite deposits;

    iii)      Sustain or increase reserves and resources at the Seabee Gold
              Operation through further exploration and development;

    iv)       Advance the Company's 100 percent owned Madsen Exploration
              Project; and

    v)        Complete a Preliminary Economic Assessment on the Amisk Gold
              Project.

Operating Outlook

The Company expects to meet its forecast gold production of 48,000 to
50,000 ounces at the Seabee Operation. Unit costs for 2012 are
estimated to be about 10 percent higher than 2011 unit cash costs of
$908. Completion of the Seabee Mine Shaft Extension Project, originally
schedule to be completed during the fourth quarter of 2012, has been
deferred until the first quarter of 2013 in order to reduce
interruption to operations. Hoisting down time has been reduced from 40
days to approximately 20 days.

A copy of Claude’s Management’s Discussion and Analysis as well as
Claude’s 2012 third quarter financial statements and notes (unaudited)
can be viewed at www.clauderesources.com.  Further information relating to Claude Resources Inc. has been filed
on SEDAR and may be viewed at www.sedar.com.

Conference Call and Webcast 

We invite you to join our Conference Call and Webcast on November 14,
2012 at 11:00 AM Eastern Standard Time.

To participate in the conference call please dial 1-647-427-7450 or
1-888-231-8191.  A replay will be available until November 21, 2012 at
11:59 PM ET by calling 1-855-859-2056 and entering the passcode
47073064.

To view and listen to the webcast please use the following URL in your
web browser:
http://www.newswire.ca/en/webcast/detail/1053041/1144489.

Claude Resources Inc. is a public company based in Saskatoon, Saskatchewan, whose shares
trade on the Toronto Stock Exchange (TSX-CRJ) and the NYSE MKT (NYSE
MKT-CGR). Claude is a gold exploration and mining company with an asset
base located entirely in Canada. Since 1991, Claude has produced over
1,010,000 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.

Brian Skanderbeg, P.Geo., Senior Vice President and Chief Operating
Officer and Peter Longo, P.Eng., Vice President, Operations, Qualified
Persons, have reviewed the contents of this news release for accuracy.

Footnotes


    (1)    See description and reconciliation of non-IFRS performance
           measures in the "Non-IFRS Performance Measures and
           Reconciliations" section of the Company's MD&A.

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, being November 14, 2012 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 US 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”.

A copy of Claude’s third quarter 2012 Management’s Discussion and
Analysis and financial statements and notes (unaudited) can be viewed
at
www.clauderesources.com.  Further information relating to Claude Resources Inc. has been filed
on SEDAR and may be viewed at
www.sedar.com.

SOURCE CLAUDE RESOURCES INC.


Source: PR Newswire