Toronto Stock Exchange
Trading symbol - CRJ
AMEX - CGR
SASKATOON, SK, Dec. 18 /CNW Telbec/ - Claude Resources Inc. (TSX: CRJ /
AMEX: CGR) today released an overview of exploration activities at its Madsen
Project at Red Lake, Ontario.
The 2008 approved budget for the drilling program at the Madsen Project
will total $9.8 Million compared to expenditures of $5 Million as projected to
the end of 2007.
During 2007, exploration activity focused on surface drilling at the
Treasure Box, Russet Ultramafic and Fork Zone areas. A total of 31,000 metres
have been drilled to date in 2007 with two drilling rigs on site. Assay
results continue to be received and are expected to be released early in 2008.
Dewatering of the mineshaft, which began at the 6th level, continues to
make steady progress and has now reached the 8th level. Surface drilling with
the two drills will continue until the dewatering process reaches the 16th
level. At that point the underground drilling program will be launched.
Shaft dewatering will continue to the bottom of the Madsen Mine at the
24th level, however, after the initiation of the underground drilling program
so as to provide a platform for the testing of deeper targets and continued
"The significantly expanded 2008 Madsen exploration program will focus on
three advanced exploration targets and seven regional and/or conceptual
targets" stated Brian Skanderbeg, Claude Resources' Exploration Manager. "This
approach will enable Claude Resources to execute its strategy of focusing on
the expansion of the existing 500,000 ounce resource at the Madsen Project."
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 775,000 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.
This document contains "forward-looking statements" that are based on
Claude Resources Inc.'s expectations, estimates and projections as of the
dates the statements were made. Generally, these forward-looking statements
can be identified by the use of terminology such as "outlook", "anticipate",
"project", "forecast", "target", "believe", "estimate", "expect", "intent",
"should", "could" and similar expressions. These forward-looking statements
are subject to known and unknown risks and uncertainties and other factors
which may cause actual results, levels of activity and achievements to differ
materially from those expressed or implied by such statements. Such factors
include, but are not limited to, gold price and foreign currency exchange rate
volatility and to uncertainties and costs related to exploration and
development activities, production rates, cash and total costs of production,
or the ability to obtain necessary permitting or financing. A discussion of
these and other factors that may affect Claude Resources Inc.'s actual
results, performance, achievements or financial position is contained in the
filings by Claude Resources Inc. with the Canadian provincial securities
commissions and the United States Securities and Exchange Commission. This
list is not exhaustive of the factors that may affect Claude Resources Inc.'s
forward-looking statements. These and other factors should be considered
carefully and readers should not place undue reliance on forward-looking
statements. Claude Resources Inc. does not undertake any obligation to update
publicly or to revise any of the included forward-looking statements, whether
as a result of new information, future events or otherwise, except in
accordance with applicable securities law.
%SEDAR: 00000498E %CIK: 0001173924
For further information:
For further information: Neil McMillan, President and Chief Executive
Officer, (306) 668-7505; Brian Skanderbeg, Exploration Manager, (306)
668-7505; Renmark Financial Communications Inc.: Neil Murray-Lyon:
firstname.lastname@example.org; James Buchanan:
email@example.com, (514) 939-3989, Fax: (514) 939-3717,