Claude Announces Closing of the Madsen Gold Project Sale and Engages Financial Advisor

March 4, 2014

Trading Symbol



SASKATOON, March 4, 2014 /PRNewswire/ – Claude Resources Inc. (“Claude” and or
the “Company”) (TSX: CRJ; OTCQB: CLGRF) today announced the closing of its previously announced agreement (the
“Agreement”) whereby Laurentian Goldfields Ltd. (“Laurentian”) (TSX.V:
LGF) acquired Claude’s 100 percent interest in the Madsen Gold Project
in Red Lake, Ontario Canada.

Claude received CDN $6.25 million cash upon closing of the transaction
and will receive CDN $2.5 million cash or equity (at Laurentian’s
option) payable six months following the close of the transaction. Cash
proceeds will be utilized to reduce bank debt and for working capital
purposes. In addition, Claude received approximately 9.8 million
shares of Laurentian, representing approximately 10.1 percent ownership
in Laurentian. Claude will have the option to participate in any future
equity offerings to maintain ownership position in Laurentian so long
as Claude retains a minimum 9.9 percent ownership interest in

Neil McMillan, President and CEO stated, “We are pleased to see the
support Laurentian has received in raising the capital to advance the
Madsen Gold Project. The closing of the transaction will provide Claude
short term benefits through cash considerations, and through our equity
ownership, provide our shareholders with exposure to the Madsen

Laurentian intends to focus exploration efforts on increasing the
existing high grade gold resource at the Madsen Gold Project, through
development of prospective targets along the 12 kilometre long Madsen
Mine Trend and the 10 kilometre long ’8 Zone’ corridor, while
simultaneously assessing a low-capital production opportunity.

Clarus Securities Inc. acted as financial advisor to Claude and
Macquarie Capital Markets Canada Ltd. acted as financial advisor to

Strategic Review

In addition, the Company has engaged Deloitte Corporate Finance Inc. as
strategic and financial advisor to undertake a strategic review of
Claude’s business plan and capital structure and to explore
alternatives with the objective to maximize value for all shareholders.

The Company has not established a definitive timeline to complete its
review and there can be no assurance that this process will result in
any specific strategic or financial or other value-creating
transaction. The Company does not currently intend to disclose further
developments with respect to this process, unless and until the Company
approves a specific transaction, concludes its review of the strategic
alternatives or otherwise determines there is material information to

About Claude Resources Inc.

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.

About Laurentian Goldfields Ltd.

Laurentian Goldfields Ltd. is a team of highly skilled exploration
professionals led by Darin Labrenz, President & CEO, focused on the
generation of high quality exploration projects. Laurentian’s use of
leading edge exploration concepts and techniques has attracted major
mining companies as strategic mining investors and
partners. Laurentian’s experienced management team and board of
directors is committed to utilizing its extensive industry experience
to identify and acquire exceptional exploration and development
opportunities, unlocking value and shareholder growth.

As part of this transformational acquisition, upon closing Laurentian
will take the necessary steps and seek shareholder approval to compose
its Board of the following mining professionals:

Darin Labrenz

Mark O’Dea

Graeme Currie

Troy Fierro

Lenard Boggio


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,

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.

Source: PR Newswire

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