Claude Resources Inc. is a gold mining and oil and gas producing company based in Saskatoon, Saskatchewan.
-- 48.5 million shares outstanding
-- free of long term debt
-- principal asset is the Seabee gold mine
-- five year average cash cost under US $200/oz
In 1998, Claude acquired Madsen Gold Corp., located in the prolific Red Lake gold camp in northwestern Ontario. This 10,000 acre (4,000 hectare) property produced 2.6 million ounces of gold before being closed in 1976. Mineral resources at Madsen include 790,000 tonnes grading 11 grams per tonne in the measured and indicated categories and 740,000 tonnes grading 8.5 grams per tonne in the inferred category.
In December, 2000 Claude entered into an option/joint venture agreement with Placer Dome, whereby Placer can earn a 55% interest in the Madsen project by spending CDN $8.2 million within three years and delivering a positive feasibility study by the end of the fifth year. Placer Dome has completed two phases and is midway through a third phase to test for high grade gold-bearing quartz structures associated with a mafic-ultramafic contact. This target model is substantially identical to those hosting multi-ounce per tonne structures at Placer Dome’s Campbell mine and Goldcorp’s mine, both in the Red Lake area.