Toronto Stock Exchange
Trading symbol - CRJ
AMEX - CGR
SASKATOON, June 3 /CNW/ - Claude Resources Inc. (TSX.CRJ : AMEX.CGR)
today announced that it plans to initiate the underground drill program at its
Madsen Property at Red Lake, Ontario from the 12th Level.
The targeted time frame is now moved ahead to the 4th Quarter of 2008.
The initial strategy was to launch the Madsen underground drill program
from the 16th level toward the end of the 1st Quarter 2009.
"The analysis we have undertaken since the beginning of 2008 has
convinced us that the 12th level is the opportune platform from which to
initiate a Phase One 10,000 meter - 10 drill hole program. This enables us to
commence underground drilling and resource expansion months ahead of
schedule," said Brian Skanderbeg, Vice President Exploration with Claude
The mine shaft dewatering, which began at the 6th level in June 2007 has
surpassed the 10th level as of May 2008.
"Claude plans to continue the dewatering until it reaches the bottom of
the shaft at the 24th level while concurrently operating its underground drill
program where it will target the historic high grade 8 Zone," stated Brian
Exploration programs are conducted under the direction of Qualified
Person Brian Skanderbeg, P.Geo., Vice President Exploration pursuant to NI
43-101 of the Canadian Securities Administrators. He has reviewed the contents
of this news 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 American Stock Exchange (AMEX.CGR). Claude is a gold exploration and
mining company. The Company also owns producing oil and natural gas assets.
The Company's entire asset base is located in Canada. Since 1991, Claude has
produced approximately 800,000 ounces of gold from its Seabee operation in
northeastern Saskatchewan. The Company also owns 100% of the 10,000 acre
Madsen property in the prolific Red Lake gold camp of northwestern Ontario.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking statements relating
but not limited to the Company's expectations, intentions, plans and beliefs.
Forward-looking information can often be identified by forward-looking words
such as "anticipate", "believe", "expect", "goal", "plan", "intent",
"estimate", "may" and "will" or similar words suggesting future outcomes or
other expectations, beliefs, plans, objectives, assumptions, intentions or
statements about future events or performance. Forward-looking information may
include reserve and resource estimates, estimates of future production, unit
costs, costs of capital projects and timing of commencement of operations, and
is based on current expectations that involve a number of business risks and
uncertainties. Factors that could cause actual results to differ materially
from any forward-looking statement include, but are not limited to, failure to
establish estimated resources and reserves, the grade and recovery of mined
ore varying from estimates, capital and operating costs varying significantly
from estimates, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, inflation, changes in
exchange rates, fluctuations in commodity prices, delays in the development of
projects and other factors. Forward-looking statements are subject to risks,
uncertainties and other factors that could cause actual results to differ
materially from expected results.
Potential shareholders and prospective investors should be aware that
these statements are subject to known and unknown risks, uncertainties and
other factors that could cause actual results to differ materially from those
suggested by the forward-looking statements. Shareholders are cautioned not to
place undue reliance on forward-looking information. By its nature,
forward-looking information involves numerous assumptions, inherent risks and
uncertainties, both general and specific, that contribute to the possibility
that the predictions, forecasts, projections and various future events will
not occur. Claude Resources undertakes no obligation to update publicly or
otherwise revise any forward-looking information whether as a result of new
information, future events or other such factors which affect this
information, except as required by law.
%SEDAR: 00000498E %CIK: 0001173924
For further information:
For further information: Neil McMillan, President & CEO, Claude
Resources Inc., Phone: (306) 668-7505 or Email:
firstname.lastname@example.org; or Brian Skanderbeg, Vice President
Exploration, Claude Resources Inc., Phone: (306) 668-7505 or Email:
email@example.com; or Dwight Percy, Vice President Corporate
Development, Claude Resources Inc., Phone: (306) 668-7501 or Email:
firstname.lastname@example.org, Website: www.clauderesources.com