Claude Resources Inc. Records Net Profit of $3.0 Million in Third Quarter of 2012


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SASKATOON, Nov. 14, 2012 /PRNewswire/ - Claude Resources Inc. ("Claude" and or the "Company") today reported its 2012 third quarter operating and financial results. All dollar amounts are in Canadian dollars unless stated otherwise.

Third Quarter Highlights Include:

  • Net profit of $3.0 million, or
    .02 per share, after a $1.3 million non-cash deferred income tax expense.
  • Cash flow from operations before net changes in non-cash operating working capital (1) of $8.6 million, or
    .05 per share.
  • Production of 15,073 ounces of gold for the quarter ended September 30, 2012.
  • Gold sales of 14,088 ounces at an average realized price of $1,663 (U.S. $1,671) for revenue of $23.4 million.
  • Total cash cost per ounce of gold (1) for the third quarter of 2012 was $920 (U.S. $924).
  • L62 Zone has been accessed and development is active on three levels.  Development tonnage was accessed during the third quarter with production tonnage scheduled for the fourth quarter
  • Final leg of the shaft extension will be completed in stages starting in the fourth quarter and finish in the first quarter of 2013.
  • Santoy Gap drill results, released during the third quarter, extended the mineralized system up-dip, along strike to the north and at depth as well as confirmed continuity within the existing mineral resource. Drill hole JOY-12-677 returned the widest intercept to date, 14.58 grams of gold per tonne over 29.74 metres, confirming a high grade core that hosts multiple vein sets over combined widths of between 20 and 30 metres.
  • Seabee Gold Operation reaches one millionth ounce milestone.

"The Seabee Gold Operation delivered positive earnings and higher grade ore from Seabee Deep and the L62 Zone. With the tie-in of the shaft extension during Q1 2013 and higher grade ore anticipated from Seabee Deep and the L62 Zone, improved unit costs are expected to continue," stated Neil McMillan, President and Chief Executive Officer. "In addition to encouraging production and operating results, the Company's exploration drill results from Santoy Gap continue to deliver above average and consistent grade and widths which will be incorporated into and add materially to the Company's new life of mine plan and resource estimate. Finally, I am also excited with the new additions to our operating team. With their years of experience, I am confident that they will be able to execute on our new life of mine plan going forward."


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PS.  Great small gold miner.




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