Trading symbol - CRJ
AMEX - CGR
SASKATOON, Sept. 22 /CNW/ - Claude Resources Inc. (TSX:CRJ ; AMEX: CGR)
today announced that it has entered into an agreement to sell the assets of
the Tartan Lake Gold Mining Property as well as the Amisk Lake Property to St.
Eugene Mining Corporation Ltd. ("St. Eugene") (TSXv:SEM).
"This property divestiture is in line with our corporate strategic plan,"
said Claude Resources' President and Chief Executive Officer Neil McMillan,
"wherein we have made the commitment to focus on the Company's core assets -
namely, the Seabee mining operation and the Madsen exploration property at Red
The sale of the assets of the Tartan Lake Property, located forty
kilometres from Flin Flon, Manitoba as well as the Amisk Lake exploration
property located in close proximity in northeastern Saskatchewan, are subject
to satisfactory due diligence by St. Eugene and acceptance for filing by the
TSX Venture Exchange.
In addition to a fee of $100,000 payable in cash or shares of St. Eugene,
the purchase price for the Tartan Lake Property is $3,000,000, also payable in
cash or shares of St. Eugene, and a sliding Net Smelter Royalty fee. A Net
Smelter Royalty is also payable on the Amisk Lake Property.
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's entire asset base is located in Canada. Since
1991, Claude has produced approximately 820,000 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
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, Email:
firstname.lastname@example.org, Website: www.clauderesources.com