Trading Symbols TSX - CRJ NYSE Amex - CGR
SASKATOON, Feb. 10, 2012 /PRNewswire/ - Claude Resources Inc. ("Claude" and or the "Company") today reported that it expects to produce approximately 50,500 ounces of gold from its 100 percent owned Seabee Gold Operation during 2012. In 2011, the Company produced approximately 11,270 ounces of gold in the fourth quarter for a total of 44,760 ounces of gold during the year, representing a decrease of five percent year over year.
President and Chief Executive Officer, Neil McMillan stated, "Although we were able to do a lot of things right in 2011, we were disappointed with the production results. We were able to get the Santoy 8 Mine to commercial production but lower grade ore and unexpected circumstances affected the ability to produce forecasted production levels. To improve and sustain future production and reduce unit costs, the Company initiated the shaft extension and mill expansion, as well as increased investment in mine development, production equipment and infrastructure. We believe these plans will position the Company to expand production on a sustainable basis. In 2012, the Company plans on producing approximately 50,500 ounces of gold with the majority of these ounces expected to come in the second and fourth quarters."
In 2011 at the Seabee Gold Operation, Claude drilled 56,000 metres underground and an additional 44,700 metres from surface. An updated Seabee Resource and Technical Report, inclusive of both the Santoy Gap and L62 are in progress and planned for release during the first quarter of 2012. In 2012, the Company plans to drill 130,000 metres at the Seabee Gold Operation, 70,000 metres regionally and 60,000 metres underground. The focus will be on expansion of the Santoy Gap, L62, Santoy 8 and Seabee deposits, as well as continued advancement of Neptune and other regional targets.