Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Nice CLGRF!
Claude Generates Q2 Net Profit of $3.3 Million
Trading Symbols: TSX: CRJ; OTCQB: CLGRF
SASKATOON, Aug. 6, 2014 /CNW/ - Claude Resources Inc. ("Claude" and or the "Company") today reported its 2014 second quarter operating and financial results. All dollar amounts are in Canadian dollars unless stated otherwise.
Financial Highlights:
Revenue of $24.7 million, representing a 53% increase period over period, from the sale of 17,690 ounces of gold.
Total cash cost per ounce of gold (1) was $753 (U.S. $691), a 14% decrease from the second quarter in 2013.
Cash flow from operations before net changes in non-cash operating working capital (1) of $9.9 million, or $0.05 per share.
Net profit of $3.3 million, or $0.02 per share.
Debt reduction totaling $7.1 million during the first half of 2014.
Production and cost guidance revised to reflect better than expected operating performance.
Operating Highlights:
Set new highs in safety and environment performance.
Record production of 18,742 ounces of gold, a 51% increase period over period.
50% improvement on head grade from Q2 2013 of 7.7 grams per tonne.
Santoy Gap initial production averaged 110 tonnes per day at approximately 7.1 grams per tonne in May and June.
Mike Sylvestre, Interim President and Chief Executive Officer, commented, "The increase in production and the decrease in unit costs were driven by an increase in grade and the continued success of our cash flow optimization plan. The Seabee and Santoy Mines have performed consistently over the past four quarters by producing over 50,000 ounces and I expect that trend to continue. Based on our first half performance, the Company has raised its production guidance to 50,000 to 54,000 ounces of gold for 2014."
"Not only did we improve operating performance, we are also ahead of schedule in the development of the Santoy Gap and will begin long-hole mining during the latter part of the third quarter. Santoy Gap provides the Company with the ability to grow our production profile and margins with minimal capital expenditures. In addition, since the start of this year, we have been able to reduce our debt by over $7.0 million. With improved production, lower unit costs and continued debt reduction, the Company is well positioned to deliver shareholder value."
Financial Results
Highlights of Financial Results of Operations
Three Months Ended Six Months Ended
June 30 June 30 June 30 June 30
2014 2013 2014 2013
Revenue $ 24,718 $ 16,070 $ 40,342 $ 31,348
Production costs $ 12,594 $ 10,088 $ 23,222 $ 21,672
Production royalty (NSR) $ 734 $ - $ 792 $ -
Depreciation and depletion $ 6,644 $ 5,794 $ 12,237 $ 10,343
Gross profit (loss) $ 4,746 $ 188 $ 4,091 $ (667)
Net profit (loss) $ 3,327 $ (9,915) $ (1,784) $ (12,452)
Earnings (loss) per share (basic and diluted) $ 0.02 $ (0.06) $ (0.01) $ (0.07)
Average realized price per ounce (CDN$) $ 1,397 $ 1,393 $ 1,413 $ 1,505
Total cash costs per ounce (CDN$) $ 753 $ 875 $ 841 $ 1,040
Net cash margin per ounce sold (CDN$) $ 644 $ 518 $ 572 $ 465
Gold revenue from the Company's Seabee Gold Operation for the quarter increased 53% to $24.7 million from $16.1 million reported in the second quarter of 2013. The increase in gold revenue period over period was attributable to 53% higher gold sales volume (Q2 2014 - 17,690; Q2 2013 - 11,532 ounces). Year to date, the Company generated $40.3 million in revenue, a 29% increase over the first half of 2013.
During the quarter, mine production costs were $12.6 million (Q2 2013 - $10.1 million). Total cash cost per ounce of gold (1) for the second quarter decreased 14% to $753 (U.S. $691) from $875 (U.S. $855) during the second quarter of 2013. Year to date, cash cost per ounce of gold was $841 (U.S. $767), a 19% decrease from the cash cost per ounce of $1,040 (U.S. $1,024) reported during the first half of 2013.
Cash flow from operations before net changes in non-cash operating working capital (1) of $9.9 million, or $0.05 per share, was significantly up from the $3.7 million, or $0.02 per share, reported in the second quarter of 2013. Year to date, cash flow from operations before net changes in non-cash working capital (1) of $11.6 million, or $0.06 per share was considerably higher than the $5.0 million or $0.03 per share during the comparable period.
During the second quarter, the Company recorded net profit of $3.3 million, or $0.02 per share (Q2 2013 - net loss of $9.9 million, or $0.06 per share). For the six months ended June 30, 2014, the Company recorded a net loss of $1.8 million, or $0.01 per share (YTD 2013 - net loss of $12.5 million, or $0.07 per share). The increase in net profit is primarily related to an increase in gold sales volume, the successful integration of the Company's cash flow optimization plan and continued operational improvements.
Operations
During the second quarter of 2014, the Company milled 79,746 tonnes at a grade of 7.70 grams of gold per tonne (Q2 2013 - 79,077 tonnes at a grade of 5.13 grams of gold per tonne) for total production of 18,742 ounces of gold (Q2 2013 - production of 12,438 ounces of gold). This 51% increase in ounces produced is attributable to a 51% increase in grade while tonnes milled were consistent with the comparable period in 2013. The increase in grade is mainly attributable to the L62 deposit and the production ramp up of Santoy Gap. Year to date, the Company milled 144,116 tonnes at a grade of 6.83 grams per tonne for total production of 30,086 ounces of gold representing a 47% increase from the first half of 2013.
In addition to record production, the Company set new highs in safety and environment performance.
Seabee Gold Operation Production Data
Q2 Q2 YTD YTD
2014 2013 2014 2013
Tonnes Milled 79,746 79,077 144,116 140,954
Head Grade (grams per tonne) 7.70 5.13 6.83 4.77
Recovery (%) 95.0 95.3 95.0 94.9
Gold Produced (ounces) 18,742 12,438 30,086 20,520
Gold Sold (ounces) 17,690 11,532 28,555 20,833
Santoy Gap Update
In June, the Company completed the Santoy Gap ventilation raise to surface ahead of schedule. This is a significant milestone as it allows the Company to improve development rates by increasing the underground activity to advance the ore body towards safe and sustainable production.
During the quarter, development was ongoing in the eastern portion of the ore body on four levels with long-hole production expected to begin ahead of schedule during the third quarter. Ramp-up will continue throughout 2014 with targeted production of 200 to 300 tonnes per day by the end of the fourth quarter.
To support the production ramp-up, the Company is conducting a 27,000 metre infill drilling program to better define the Santoy Gap resource and optimize mine design. To date, the results have been very positive in terms of grade continuity and are above the current Mineral Reserve grade.
Exploration
Drilling at the Seabee Gold Operation is anticipated to increase to 60,000 metres (formerly 52,000 metres). Focus will continue to be on low cost per ounce targets, proximal to infrastructure with the potential to materially impact near-term production, drive resource growth and to positively impact the Company's Mineral Reserves and Mineral Resources.
Outlook
Based on the production improvements during the first half of 2014, the Company has increased its total 2014 gold production forecast to 50,000 to 54,000 ounces of gold (previously 47,000 to 51,000 ounces) from the Seabee Gold Operation. The Company has also revised its unit cash cost target for 2014 to be approximately 10% lower than 2013's unit cash cost of $983 per ounce. Quarterly operating results are expected to fluctuate throughout 2014; as such, they will not necessarily be reflective of the full year average.
Conference Call and Webcast
We invite you to join our Conference Call and Webcast today at 1:30 PM Eastern Time.
To participate in the conference call please dial 1-647-427-7450 or 1-888-231-8191. A replay of the conference call will be available until August 13, 2014 by calling 1-855-859-2056 and entering the password 74718562.
To view and listen to the webcast please use the following URL in your web browser: http://www.newswire.ca/en/webcast/detail/1386603/1538291
A copy of Claude's 2014 Q2 Management's Discussion & Analysis, Financial Statements and Notes thereto (unaudited) can be viewed at www.clauderesources.com. Further information relating to Claude Resources Inc. has been filed on SEDAR and may be viewed at www.sedar.com.
Claude Resources Inc. is a public company based in Saskatoon, Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX: CRJ) and the OTCQB (OTCQB: CLGRF). Claude is a gold mining and exploration company with an asset base located entirely in Canada. Since 1991, Claude has produced over 1,000,000 ounces of gold from its Seabee Gold Operation in northeastern Saskatchewan. The Company also owns 100 percent of the Amisk Gold Project in northeastern Saskatchewan.
Footnotes
(1) See description and reconciliation of non-IFRS financial measures in the "Non-IFRS Financial Measures and Reconciliations" section in the Company's 2014 Q2 MD&A available on the Company's website at www.clauderesources.com or on www.sedar.com.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
All statements, other than statements of historical fact, contained or incorporated by reference in this news release and constitute "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as "forward-looking statements"). Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes", or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour, and that the political environment within Canada will continue to support the development of mining projects in Canada.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Claude to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: actual results of current exploration activities; environmental risks; future prices of gold; possible variations in ore reserves, grade or recovery rates; mine development and operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approvals or financing or in the completion of development or construction activities; and other risks and uncertainties, including but not limited to those discussed in the section entitled "Business Risk" in the Company's Annual Information Form. These risks and uncertainties are not, and should not be construed as being, exhaustive.
Although Claude has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements in this news release are made as of the date of this news release and accordingly, are subject to change after such date. Except as otherwise indicated by Claude, these statements do not reflect the potential impact of any non-recurring or other special items that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment.
Claude does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
CAUTIONARY NOTE TO US INVESTORS CONCERNING RESOURCES ESTIMATES
The resource estimates in this document were prepared in accordance with National Instrument 43-101, adopted by the Canadian Securities Administrators. The requirements of National Instrument 43-101 differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"). In this document, we use the terms "measured", "indicated" and "inferred" resources. Although these terms are recognized and required in Canada, the SEC does not recognize them. The SEC permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that constitute "reserves". Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally extracted at the time the determination is made. United States investors should not assume that all or any portion of a measured or indicated resource will ever be converted into "reserves". Further, "inferred resources" have a great amount of uncertainty as to their existence and whether they can be mined economically or legally, and United States investors should not assume that "inferred resources".
SOURCE Claude Resources Inc.
For further information:
Mike Sylvestre, Chair, Interim President & CEO
Phone: (306) 668-7505
or
Marc Lepage, Manager, Investor Relations
Phone: (306) 668-7505
Email: ir@clauderesources.com
Website: www.clauderesources.com
Shortened URL
SAVE
ORGANIZATION PROFILE
Claude Resources Inc.
Visit websiteClaude Provides Date for Q2 Results and Conference CallClaude Achieves Record Quarterly Results by Producing 18,742 Gold OuncesClaude Announces Board Retirements and RestructuringMore on this organization
Claude Provides Date for Q2 Results and Conference Call
July 21, 2014 - Saskatoon, Saskatchewan, Canada: Claude Resources Inc. (“Claude” and or the “Company”)
will release its second quarter operating and financial results prior to market open on August 6, 2014.
In addition to the news release, the Company will host a conference call and webcast on August 6, 2014 beginning at
1:30 PM Eastern Time to discuss the results.
To participate in the conference call please dial 1-647-427-7450 or 1-888-231-8191. A replay of the conference call
will be available until August 13, 2014 by calling 1-855-859-2056 and entering the password 74718562.
To view and listen to the webcast on August 6, 2014 please use the following URL in your web
browser: http://www.newswire.ca/en/webcast/detail/1386603/1538291.
Claude Resources Inc. is a public company based in Saskatoon, Saskatchewan, whose shares trade on the Toronto
Stock Exchange (TSX: CRJ) and the OTCQB (OTCQB: CLGRF). Claude is a gold exploration and mining company with
an asset base located entirely in Canada. Since 1991, Claude has produced over 1,000,000 ounces of gold from its
Seabee Gold Operation in northeastern Saskatchewan. The Company also owns 100 percent of the Amisk Gold
Project in northeastern Saskatchewan.
For further information please contact:
Marc Lepage, Manager, Investor Relations
Phone: (306) 668-7501
Email: ir@clauderesources.com
Website: www.clauderesources.com
For the year ended April 30, 2014 as compared to the year ended April 30, 2013.
Results of Operations
Revenues and Gross Profit. We realized revenues of $1,537,051 for the year ended April 30, 2014, as compared to revenues of $1,933,298 for the year ended April 30, 2013. The decrease is primarily due to lower than anticipated rates earned from multiple advertising networks and certain direct advertising campaigns that did not reoccur during the year ended April 30, 2014 as compared to the prior year.
Our cost of revenue for the year ended April 30, 2014, was $3,980, as compared to cost of revenue of $52,805 for the year ended April 30, 2013. The decrease in cost of revenue was due to reduced purchases of ad inventory on behalf of direct advertisers and their agencies during the year ended April 30, 2014 as compared to the prior year.
Our gross profit for the year ended April 30, 2014 was $1,533,071 as compared to gross profit of $1,880,493 for the year ended April 30, 2013.
As a result of the Merger with Plaor, we expect to devote a significant portion of our operations to the business of Plaor in order to expand our operations. To grow our business during the next twelve months, we need to generate increased revenues from users engaging with Plaor social casino games and our online forum communities. Our failure to increase revenues will hinder our ability to increase the size of our operations. If we are not able to generate additional revenues to cover our operating costs, we may not be able to expand our operations.
Operating Expenses. For the year ended April 30, 2014, our total operating expenses were $9,252,665 as compared to total operating expenses of $4,651,945 for the year ended April 30, 2013. The increase between the comparable periods of $4,600,720 is primarily due to impairment of goodwill and loss on disposal of assets of $5,909,187. During the year ended April 30, 2014, we recorded $4,500,202 of impairment loss, $140,026 of which related to a settlement agreement with the former shareholders of Adisn, Inc. whereby the trademarks and trade names originally purchased from Adisn, Inc. were returned, and $4,360,176 relating to the writedown of the goodwill relating to our subsidiary Adisn, Inc. Additionally, we recorded a $1,408,985 loss on the intellectual property relating to Adisn, Inc. offset by a gain on the disposal of assets relating to the sale of certain forums. During the 2014 fiscal year, we had been developing a solution to create an ad serving marketplace based on the technology originally purchased from Adisn. However, due to strategic changes in the 4th quarter of fiscal 2014, we discontinued the marketplace project based on Adisn's technology, and focused instead on the merger with Plaor and the development of social casino games, some of which will be integrated onto our forum network. We are still focused on fully monetizing our forum network through advertising, but we will also leverage our user base to engage with Plaor’s suite of social casino games. We do not anticipate using the Adisn technology as part of our go-forward strategy.
Offsetting the increases discussed above was a reduction of Payroll and related expenses of $660,699 from $1,850,509 for the year ended April 30, 2013 to $1,189,810 for the year ended April 30, 2014 as a result of our expense reduction plan. We also had a decrease in general and administrative expenses of $701,168 from $2,193,436 for the year ended April 30, 2013 to $1,492,268 for the year ended April 30, 2014, as a result of our expense reduction plan. Last, we had an increase of $53,400 from $608,000 for the year ended April 30, 2013 to $661,400 for the year ended April 30, 2014 primarily due to the issuance of restricted common stock.
Other Income (Expense). For the year ended April 30, 2014, we had other expense (net) of $5,376 as compared to other expense (net) of $10,199, consisting primarily of interest expense related to our capital lease obligation.
Net Loss. For the year ended April 30, 2014, our net loss was $7,725,770, as compared to a net loss of $2,782,451 for the year ended April 30, 2013.
Western Forest Products Announces Release Date of
Second Quarter 2014 Results and Conference Call Details
July 3, 2014 – Vancouver, British Columbia. Western Forest Products’ second quarter 2014 financial
and operating results will be released on Wednesday, July 30, 2014.
Analysts, investors and media are invited to participate in Western Forest Products’ second quarter 2014
conference call on Thursday, July 31, 2014 at 9:00 a.m. PST (12:00 p.m. EST).
Don Demens, President and CEO, and Brian Cairo, Chief Financial Officer, will discuss the Company’s
second quarter 2014 results followed by a question and answer session.
To join the conference call, dial:
From Toronto: 416-340-8530
Toll-free from Canada and U.S.: 1-800-769-8320
To access the instant replay of the call, dial:
From Toronto: 905-694-9451 (passcode: 4064354)
Toll-free from Canada and U.S.: 1-800-408-3053 (passcode: 4064354)
The instant replay will be available until August 6, 2014 at 8:59 p.m. PST (11:59 p.m. EST).
AVCVF and the new energy paradigm
http://oilprice.com/Alternative-Energy/Renewable-Energy/Does-Vanadium-Hold-the-Key-to-Energy-Storage-Conundrum.html
Mandalay Resources Announces Multiple High-Grade Drill Intercepts On Several Veins And Begins Infill Drilling At Its Cerro Bayo Silver-Gold Mine, Chile (Dow Jones)
I don't think they can be pronounced dead, with $59,000 in cash and current filing. On the other hand, they currently have no operational business. They do claim to be looking for "opportunities". Their history argues against anything substantial here, other than wild speculation.
I suppose today's good news from HL will be lost in the midst of the gold and silver smack down currently underway. I'm torn between buying more HL today or waiting to see how long the elites can keep this head fake going.
I suppose today's good news from HL will be lost in the midst of the gold and silver smack down currently underway. I'm torn between buying more HL today or waiting to see how long the elites can keep this head fake going.
Yes, it's perhaps the saddest part of what happened here, in that success was virtually assured before it was squandered by those who could.
Yes, it's perhaps the saddest part of what happened here, in that success was virtually assured before it was squandered by those who could.
Impressive, HL!
Silver production increased 14% and gold production increased 96% over Second Quarter 2013
Technically, your post could be classified as "something new", I suppose. Unfortunately, I don't know the answer, although I don't plan to count on anything but more disappointment.
If Mama's happy, everyone's happy. (Of course, some may be nervous)
Yellen's Inflation Dismissal Unleashes Massive Gold And Silver Futures Buying
http://seekingalpha.com/article/2311065-yellens-inflation-dismissal-unleashes-massive-gold-and-silver-futures-buying
If Mama's happy, everyone's happy. (Of course, some may be nervous)
Yellen's Inflation Dismissal Unleashes Massive Gold And Silver Futures Buying
http://seekingalpha.com/article/2311065-yellens-inflation-dismissal-unleashes-massive-gold-and-silver-futures-buying
Be well, my friend.
I haven't Ron, but perhaps he will tune in for the final season of the FPFX saga.
Okay, I think I now know what happened. The central banksters trotted out Esther George of the Kansas City Fed to make the claim they might raise interest rates THIS year. Nice slap down and it worked for now! Now let's see if they can make the story stick. It's a little like stopping the proverbial leak in a dike with one of your fingers and a new hole forms each time you plug one. Eventually, you run out of fingers.
Not sure what's going on as the miners are turning negative now even in the face of a 1% rise in gold. It's hard not to join the conspiracy theorists on days like this.
Ron, according to some on Raging Bull there will be a distribution of assets at some point, but I suspect it will just be one final disappointment in what has been a seemingly endless string. We shall see, but I think there are probably too many lawyer and administrative hands out for anything to be left at the end.
Apparently, a major bank failure in Portugal, Espirito Santo Financial, is another major contributor to the current world financial anxiety attack.
Recent resistance at the 1330 level for gold has fallen this morning. I assume the situation in Israel is driving much of this, but we could be approaching a major leg up. It this holds, we should see some very green action in most of the small miners today.
Paintsalot, this is my last response to your posts until you have something new to say or there's news about the CURRENT FPFX situation. I appreciate your contribution to the debate.
That's probably why the courts ruled in the shareholder's favor, they were just dumb.
"Facts" are meaningless to those who refuse to acknowledge them. I freely admit shareholder lawsuits were brought, AND courts ruled in favor of the shareholders. The FBI is my source on the final actions of the "old" crew and the demise of FPFX is their factual legacy. Perhaps they were brilliant businessmen, perhaps they were overwhelmed by bad circumstances, perhaps they have good hearts, but the evidence suggests they were, at best, mediocre and at worst, incompetent. We'll probably never know, and we certainly won't hear anything new from you.
They were saints, paintsalone! Literally, saints! They turned OUR other cheek and ran in order to save us all! Saints, I say! But I digress, it's over. We all need to move on.
Seriously, you should get some help. It's over.
They will upgrade the rating as the price of gold goes up and it becomes completely safe to predict what will happen to small miners with solid balance sheets. It's the reason analysts are pretty much useless except to confirm what is already known.
It's low inflation, stupid!
http://ih.advfn.com/p.php?pid=nmona&article=62834390
I think it probably has more to do with the tense situation in Israel today than anything else.
I think it probably has more to do with the tense situation in Israel today than anything else.
The gold rhetoric is getting louder every day, and CLGRF seems perfectly positioned to move in double digit percentages at any moment. Those who are selling may be thinking they will get an opportunity to get back in at lower levels, but that seems like a huge gamble after today's news. This should be an interesting month.
Wind, after a decade of disappointments, I'll believe it when, and only when, it's actually posted to my brokerage account, but I do appreciate the words of encouragement. I hope you're correct, but this thing of ours has taken a toll. (pun intended)
Claude Resources (CLGRF) reports record results.
SASKATOON, July 7, 2014 /PRNewswire/ - Claude Resources Inc. ("Claude" and or the "Company") today announced record production results of 18,742 ounces during the second quarter, representing a 51% increase over the 12,438 ounces produced in the second quarter of 2013. Year to date, the Company has produced 30,086 ounces of gold, a 47% increase from the second half of 2013. Total ounces sold during the quarter increased approximately 53% from the second quarter of 2013. Year to date, the Company sold approximately 28,600 ounces of gold, representing a 37% increasing from the first half of 2013. The grade in the second quarter also increased significantly by 50% to 7.70 grams per tonne from the 5.13 grams per tonne during the second quarter of 2013.
Seabee Gold Operation Production Data
-------------------------------------- ------ ------ ------- -------
Q2 Q2 YTD YTD
2014 2013 2014 2013
-------------------------------------- ------ ------ ------- -------
Tonnes Milled 79,746 79,077 144,116 140,954
Head Grade (grams per tonne) 7.70 5.13 6.83 4.77
Recovery (%) 95.0 95.3 95.0 94.9
Gold Produced (ounces) 18,742 12,438 30,086 20,520
Gold Sold (ounces) 17,700 11,532 28,600 20,833
--------------------------------------- ------ ------ ------- -------
Mike Sylvestre, Interim President and CEO stated, "During the second quarter we set new operating records in ounces produced and poured. Specifically in June, we achieved both record ounces produced sold of 7,798 ounces and 9,751 ounces of gold, respectively. The main contributors in the second quarter performance came from both improved grade and increased tonnage from the new Alimak mining method on the L62 deposit at the Seabee Mine and with the Santoy Gap deposit ramping up ahead of schedule. The Cash Flow Optimization Plan, which is designed to focus on higher margin ounces and cost containment, also played an important role in improved production and with anticipated improvement in costs. I am confident that we can continue this momentum with our cash flow optimization plan solidly in place and with a current stockpile of ore at the mill of approximately 20,000 tonnes. Along with improved operating performance, the Company has made significant advancement in decreasing its debt and expects, at forecast production rates, to effectively manage its interest and principal payments."
In addition, the Company continues to make progress in advancing the Santoy Gap deposit. The Company had scheduled to begin long-hole mining in the fourth quarter of 2014; however, with the early completion of the ventilation raise, this is now forecast to begin during the third quarter. During the second quarter, the Santoy Gap produced approximately 125 tonnes per day and is expected to ramp up to approximately 200 to 300 tonnes per day by the end of the year. The addition of the Santoy Gap deposit is expected to increase production and margins by the beginning of 2015.
The Company remains confident that it will meet or exceed its 2014 production guidance of 47,000 to 51,000 ounces of gold. Further operating and financial details of the second quarter will be announced at the beginning of August.
Claude Resources Inc. is a publicly traded gold exploration and mining company based in Saskatoon, Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX: CRJ) and the OTCQB (OTCQB: CLGRF). Its asset base is located entirely in Canada and since 1991, Claude has produced over 1,000,000 ounces of gold from its Seabee Gold Operation in northeastern Saskatchewan. The Company also owns 100 percent of the Amisk Gold Project in northeastern Saskatchewan.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
All statements, other than statements of historical fact, contained or incorporated by reference in this news release and constitute "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as "forward-looking statements"). Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes", or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour, and that the political environment within Canada will continue to support the development of mining projects in Canada.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Claude to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: actual results of current exploration activities; environmental risks; future prices of gold; possible variations in ore reserves, grade or recovery rates; mine development and operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approvals or financing or in the completion of development or construction activities; and other risks and uncertainties, including but not limited to those discussed in the section entitled "Business Risk" in the Company's Annual Information Form. These risks and uncertainties are not, and should not be construed as being, exhaustive.
Although Claude has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements in this news release are made as of the date of this news release and accordingly, are subject to change after such date. Except as otherwise indicated by Claude, these statements do not reflect the potential impact of any non-recurring or other special items that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment.
Claude does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
SOURCE Claude Resources Inc.
/CONTACT:
Mike Sylvestre, Chairman, Interim President & CEO
Phone: (306) 668-7505
or
Marc Lepage, Manager, Investor Relations
Phone: (306) 668-7501
Email: ir@clauderesources.com
Website: www.clauderesources.com
The Wall Street Journal news department was not involved in the creation of this content.
Claude Resources (CLGRF) Reports results.
(PR) Claude Achieves Record Quarterly Results by Producing 18,742 Gold Ounces
SASKATOON, July 7, 2014 /PRNewswire/ - Claude Resources Inc. ("Claude" and or the "Company") today announced record production results of 18,742 ounces during the second quarter, representing a 51% increase over the 12,438 ounces produced in the second quarter of 2013. Year to date, the Company has produced 30,086 ounces of gold, a 47% increase from the second half of 2013. Total ounces sold during the quarter increased approximately 53% from the second quarter of 2013. Year to date, the Company sold approximately 28,600 ounces of gold, representing a 37% increasing from the first half of 2013. The grade in the second quarter also increased significantly by 50% to 7.70 grams per tonne from the 5.13 grams per tonne during the second quarter of 2013.
Seabee Gold Operation Production Data
-------------------------------------- ------ ------ ------- -------
Q2 Q2 YTD YTD
2014 2013 2014 2013
-------------------------------------- ------ ------ ------- -------
Tonnes Milled 79,746 79,077 144,116 140,954
Head Grade (grams per tonne) 7.70 5.13 6.83 4.77
Recovery (%) 95.0 95.3 95.0 94.9
Gold Produced (ounces) 18,742 12,438 30,086 20,520
Gold Sold (ounces) 17,700 11,532 28,600 20,833
--------------------------------------- ------ ------ ------- -------
Mike Sylvestre, Interim President and CEO stated, "During the second quarter we set new operating records in ounces produced and poured. Specifically in June, we achieved both record ounces produced sold of 7,798 ounces and 9,751 ounces of gold, respectively. The main contributors in the second quarter performance came from both improved grade and increased tonnage from the new Alimak mining method on the L62 deposit at the Seabee Mine and with the Santoy Gap deposit ramping up ahead of schedule. The Cash Flow Optimization Plan, which is designed to focus on higher margin ounces and cost containment, also played an important role in improved production and with anticipated improvement in costs. I am confident that we can continue this momentum with our cash flow optimization plan solidly in place and with a current stockpile of ore at the mill of approximately 20,000 tonnes. Along with improved operating performance, the Company has made significant advancement in decreasing its debt and expects, at forecast production rates, to effectively manage its interest and principal payments."
In addition, the Company continues to make progress in advancing the Santoy Gap deposit. The Company had scheduled to begin long-hole mining in the fourth quarter of 2014; however, with the early completion of the ventilation raise, this is now forecast to begin during the third quarter. During the second quarter, the Santoy Gap produced approximately 125 tonnes per day and is expected to ramp up to approximately 200 to 300 tonnes per day by the end of the year. The addition of the Santoy Gap deposit is expected to increase production and margins by the beginning of 2015.
The Company remains confident that it will meet or exceed its 2014 production guidance of 47,000 to 51,000 ounces of gold. Further operating and financial details of the second quarter will be announced at the beginning of August.
Claude Resources Inc. is a publicly traded gold exploration and mining company based in Saskatoon, Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX: CRJ) and the OTCQB (OTCQB: CLGRF). Its asset base is located entirely in Canada and since 1991, Claude has produced over 1,000,000 ounces of gold from its Seabee Gold Operation in northeastern Saskatchewan. The Company also owns 100 percent of the Amisk Gold Project in northeastern Saskatchewan.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
All statements, other than statements of historical fact, contained or incorporated by reference in this news release and constitute "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as "forward-looking statements"). Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes", or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour, and that the political environment within Canada will continue to support the development of mining projects in Canada.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Claude to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: actual results of current exploration activities; environmental risks; future prices of gold; possible variations in ore reserves, grade or recovery rates; mine development and operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approvals or financing or in the completion of development or construction activities; and other risks and uncertainties, including but not limited to those discussed in the section entitled "Business Risk" in the Company's Annual Information Form. These risks and uncertainties are not, and should not be construed as being, exhaustive.
Although Claude has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements in this news release are made as of the date of this news release and accordingly, are subject to change after such date. Except as otherwise indicated by Claude, these statements do not reflect the potential impact of any non-recurring or other special items that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment.
Claude does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
SOURCE Claude Resources Inc.
/CONTACT:
Mike Sylvestre, Chairman, Interim President & CEO
Phone: (306) 668-7505
or
Marc Lepage, Manager, Investor Relations
Phone: (306) 668-7501
Email: ir@clauderesources.com
Website: www.clauderesources.com
The Wall Street Journal news department was not involved in the creation of this content.
Wall Street Journal Link:
http://online.wsj.com/article/PR-CO-20140707-905285.html
Spilled milk, we see it very differently, but in the final analysis there's nothing you or I can do about it. Try to move on if you can.
Gee, and I thought my sarcasm was so cute.
Can someone help me out? I'm having trouble finding anything negative in today's operating report.
Claude Resources : Achieves Record Quarterly Results by Producing 18,742 Gold Ounces
07/07/2014 | 09:06am US/EasternRecommend:
0
Trading Symbols: TSX: CRJ; OTCQB: CLGRF
SASKATOON, July 7, 2014 /PRNewswire/ - Claude Resources Inc. ("Claude" and or the "Company") today announced record production results of 18,742 ounces during the second quarter, representing a 51% increase over the 12,438 ounces produced in the second quarter of 2013. Year to date, the Company has produced 30,086 ounces of gold, a 47% increase from the second half of 2013. Total ounces sold during the quarter increased approximately 53% from the second quarter of 2013. Year to date, the Company sold approximately 28,600 ounces of gold, representing a 37% increasing from the first half of 2013. The grade in the second quarter also increased significantly by 50% to 7.70 grams per tonne from the 5.13 grams per tonne during the second quarter of 2013.
Seabee Gold Operation Production Data
Q2 Q2 YTD YTD
2014 2013 2014 2013
Tonnes Milled 79,746 79,077 144,116 140,954
Head Grade (grams per tonne) 7.70 5.13 6.83 4.77
Recovery (%) 95.0 95.3 95.0 94.9
Gold Produced (ounces) 18,742 12,438 30,086 20,520
Gold Sold (ounces) 17,700 11,532 28,600 20,833
Mike Sylvestre, Interim President and CEO stated, "During the second quarter we set new operating records in ounces produced and poured. Specifically in June, we achieved both record ounces produced sold of 7,798 ounces and 9,751 ounces of gold, respectively. The main contributors in the second quarter performance came from both improved grade and increased tonnage from the new Alimak mining method on the L62 deposit at the Seabee Mine and with the Santoy Gap deposit ramping up ahead of schedule. The Cash Flow Optimization Plan, which is designed to focus on higher margin ounces and cost containment, also played an important role in improved production and with anticipated improvement in costs. I am confident that we can continue this momentum with our cash flow optimization plan solidly in place and with a current stockpile of ore at the mill of approximately 20,000 tonnes. Along with improved operating performance, the Company has made significant advancement in decreasing its debt and expects, at forecast production rates, to effectively manage its interest and principal payments."
In addition, the Company continues to make progress in advancing the Santoy Gap deposit. The Company had scheduled to begin long-hole mining in the fourth quarter of 2014; however, with the early completion of the ventilation raise, this is now forecast to begin during the third quarter. During the second quarter, the Santoy Gap produced approximately 125 tonnes per day and is expected to ramp up to approximately 200 to 300 tonnes per day by the end of the year. The addition of the Santoy Gap deposit is expected to increase production and margins by the beginning of 2015.
The Company remains confident that it will meet or exceed its 2014 production guidance of 47,000 to 51,000 ounces of gold. Further operating and financial details of the second quarter will be announced at the beginning of August.
Claude Resources Inc. is a publicly traded gold exploration and mining company based in Saskatoon, Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX: CRJ) and the OTCQB (OTCQB: CLGRF). Its asset base is located entirely in Canada and since 1991, Claude has produced over 1,000,000 ounces of gold from its Seabee Gold Operation in northeastern Saskatchewan. The Company also owns 100 percent of the Amisk Gold Project in northeastern Saskatchewan.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
All statements, other than statements of historical fact, contained or incorporated by reference in this news release and constitute "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as "forward-looking statements"). Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes", or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour, and that the political environment within Canada will continue to support the development of mining projects in Canada.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Claude to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: actual results of current exploration activities; environmental risks; future prices of gold; possible variations in ore reserves, grade or recovery rates; mine development and operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approvals or financing or in the completion of development or construction activities; and other risks and uncertainties, including but not limited to those discussed in the section entitled "Business Risk" in the Company's Annual Information Form. These risks and uncertainties are not, and should not be construed as being, exhaustive.
Although Claude has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements in this news release are made as of the date of this news release and accordingly, are subject to change after such date. Except as otherwise indicated by Claude, these statements do not reflect the potential impact of any non-recurring or other special items that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment.
Claude does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
SOURCE Claude Resources Inc.