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Claude Resources (CRJ.TSX, AMEX: CGR) announced that it expects to produce approximately 50,500 ounces of gold in 2012 from its 100%-owned Seabee Gold Operation. The Canadian-based gold miner also reported fourth quarter 2011 production of 11,270 ounces and full-year production of 44,760 ounces.
Highlights:
* The Company intends to release an updated Seabee Resource and Technical Report, inclusive of both the Santoy Gap and L62, during the first quarter of 2012
* In 2012, Claude Resources plans to drill 130,000 meters at the Seabee Gold Operation, 70,000 meters regionally and 60,000 meters underground
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* The Company is continuing Phase II underground drilling and delineation drilling of the known Austin Tuff at its 100%-owned Madsen Property in Red Lake
* At its 100%-owned Amisk Gold Project, Claude plans on delivering a Preliminary Economic Assessment by the third quarter, an updated mineral resources calculation and conducting further exploration
Neil McMillan, President and CEO:
“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.”
Company Management:
“We had a very successful exploration year with two new discoveries, the Santoy Gap and the L62. Both discoveries are expected to play important roles in the Company’s life of mine plan beginning in 2013. We believe these discoveries will materially impact our reserve and resource growth in 2012 and improve the near term production profile of the Seabee Gold Operation due to the proximity to current infrastructure.”
