"Seabee Mine Production On Track With 2008 Target"
Toronto Stock Exchange Trading symbol - CRJ
AMEX - CGR
SASKATOON, July 8 /CNW/ - Claude Resources Inc. (CRJ.TSX : CGR.AMEX)
today reported First Half 2008 gold production results of 19,953 ounces from
the Company's Seabee mining operation, an increase of 17% over the First Half
The Company is on track with its previously announced production target
of 48,000 to 52,000 ounces for 2008. The stated expectation at the beginning
of 2008 was that 40% of production would take place in the first half of 2008
and 60% in the second half. The 2008 target range represents an increase of 8%
to 17% over 2007 production.
"The 2008 production target has been raised above 2007 results because of
the investment Claude Resources made at the Seabee mining operation, much of
which was facilitated by its recent debenture offering," stated Vice President
of Mining Operations Philip Ng. "Production results that are on target, year
to date, are proving the value of that investment."
In 2007 the capacity of the Seabee mill was expanded. In early 2008,
rolling stock was significantly upgraded, enabling Claude to get more ore to
the mill. Ongoing is the development of satellite deposits at Santoy 8 and
Porky West that give the Company access to additional gold resources beyond
those at the Seabee Mine and Santoy 7 Mine.
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 820,000 ounces of gold from its Seabee mining 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 and Chief Executive
Officer, (306) 668-7505; Philip Ng, Vice President Mining Operations, (306)
668-7505; Email: email@example.com, Website: