Claude Resources, Inc. (fka CLGRF)

[Stinky_pinky]

Claude earnings bouncing back
By Cassandra Kyle, Saskatchewan News Network November 9, 2010 Local gold producer Claude Resources Inc. recorded net earnings of $4.3 million in the third quarter -- rebounding from its loss of $400,000 during the same period last year.

Claude released its third-quarter results Monday, saying positive production results and decreasing cash costs at its Seabee operation in northern Saskatchewan helped the company.

Between January and Sept. 30, the company brought in net earnings of $4.4 million, thanks in part to a $1.6-million non-cash recovery related to income tax benefits and $1.1 million related to the sale of its oil and natural gas assets in Alberta.

During the first nine months of 2009, Claude recorded a net loss of $5.3 million.

"Claude continued to achieve positive financial and operating results quarter-over-quarter," said Neil McMillan, the company's president and CEO.

"Going forward we expect steadily increasing gold production and improvement in our unit operating costs.

During the third quarter, Claude produced 12,931 ounces of gold from Seabee and sold 12,081 ounces. During the same period last year, the company produced 14,180 ounces of gold from Seabee and sold 12,085 ounces.


Read more: http://www.leaderpost.com/business/Claude+earnings+bouncing+back/3797795/story.html#ixzz14pelO400