"Dewatering Passes 11th Level, Hoist Passes Brake Testing,
Underground Exploration Permitting In Place"
Toronto Stock Exchange Trading symbol - CRJ
AMEX - CGR
SASKATOON, July 21 /CNW/ - Claude Resources Inc. (CRJ.TSX : CGR.AMEX)
today announced that the dewatering of the shaft at the Madsen mine at Red
Lake, Ontario passed the 11th Level on July 14, 2008.
The dewatering process remains on track to enable Claude Resources to
commence underground drilling from the 12th Level, as previously announced, in
the 4th Quarter 2008.
Concurrently, the certification received on July 2, 2008 for the
underground hoisting plant and shaft allow for full access beyond shaft
confines to the underground levels. The Madsen mine is permitted as an
"Advanced Exploration" project.
The initial underground drilling target is expected to be the 8 Zone
which was mined between the 2300 and 2700 levels from its discovery in 1969
until the mine closure in 1976. Underground mapping and historic documentation
shows the development of a series of high-grade, quartz-vein systems and
silicification associated with a complexly-folded package of mafic and
ultramafic lithologies. The system remains open in all directions and shows
strong similarities to high grade mineralization presently being mined at
Goldcorp's Red Lake Complex.
Claude Resources' surface drill program will continue concurrent with the
underground drill program. Results will be released as assays are received and
The Madsen mine operation contains extensive infrastructure with a 600
tonne per day mill that has capacity for expansion, a permitted tailings
management facility and a five compartment 4,000 foot operating shaft.
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: Philip Ng, Vice President Mining Operations,
(306) 668-7505; Brian Skanderbeg, Vice President Exploration, (807) 749-3182;
Email: email@example.com, Website: www.clauderesources.com