"Claude Intercepts 29.08 g/tonne over 2.0 m at Russet South"
Toronto Stock Exchange
Trading symbol - CRJ
AMEX - CGR
SASKATOON, SK, Feb. 26 /CNW Telbec/ - Claude Resources Inc. (TSX: CRJ /
AMEX: CGR) today reported on its gold exploration results from Phase 1 of the
drill program at the Russet South area of the Madsen property located at Red
A twenty-two hole drill program, which was completed in October 2007,
tested six hundred meters of strike continuity along the Mafic/Ultramafic
contact. Highlights of the program include:
Hole ID From (m.) Grams/Tonne Width (m.)
RUM-07-04 347.00 6.10 g / t 1.0 m.
RUM-07-18 184.00 3.19 g / t 2.0 m.
RUM-07-20 604.00 6.07 g / t 1.0 m.
RUM-07-25 155.00 29.08 g / t 2.0 m.
The program targeted the main Ultramafic body for the upward extension of
high grade Zone 8 mineralization, discovered and mined in the 1970's on the
2200 to 2700 levels of the mine (1,100 to 1,200 metres depth). This zone,
along a Mafic/Ultramafic horizon, possesses the same geological
characteristics as other high grade deposits in the Red Lake area, notably at
Goldcorp's Campbell and Red Lake Mines.
Claude Resources plans to return in the future to the Russet South area
to continue exploration activities.
Following the Phase 1 drilling at Russet South, the Company completed a
program testing the Fork Zone, 600 meters south along the Mafic/Ultramafic
trend. Results are being compiled at this time.
Claude Resources has since redeployed its two drilling units, one to the
Starratt Footwall target area and one to the Polymetallic target.
"The results of the Russet South program and ongoing drilling at the Fork
Zone and Starratt highlight the potential for development of high grade
resources associated with the Mafic/Ultramafic trend." said Brian Skanderbeg,
Exploration Manager with Claude Resources Inc.
(A map of the Madsen property is available on the Claude Resources
website at www.clauderesources.com).
Philip Ng, P.Eng. and Claude's Vice-President of Mining Operations, is
the Qualified Person who has reviewed and approved this news release. Drill
core was halved and samples averaging 1.0 to 1.5 meters were submitted to TSL
Laboratory, an ISO approved facility, in Saskatoon, Saskatchewan. Rigorous
quality assurance and quality control procedures have been implemented
including the use of blanks, standards and duplicates (1 in 20 samples). Core
samples were analyzed by a 30 gram gold fire assay with an atomic absorption
and gravimetric finish. Intercepts are reported as drilled widths and range
from 70% to 95% of true widths. Composite intervals were calculated using a
3.00 g/t cut-off.
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 mine 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., (306) 668-7505 or Brian Skanderbeg, Exploration Manager,
Claude Resources Inc., (306) 668-7505 or Dwight Percy, Communications and
Corporate Development Manager, Claude Resources Inc., (306) 668-7501,
firstname.lastname@example.org; www.clauderesources.com; Renmark
Financial Communications Inc.: Neil Murray-Lyon: nmurraylyon@
renmarkfinancial.com; James Buchanan: email@example.com, (514)
939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com