Claude Resources (CRJ.TSX, AMEX: CGR) announced exploration results from its new hanging wall discovery at the company’s 100% owned and operated Seabee Gold Mine in northeastern Saskatchewan, Canada. The emerging gold mining company expects to drill approximately 86,500 meters at Seabee in 2011.
Exploration targets include the Seabee Gold Mine, the Santoy 8 Gold Mine, Santoy Gap, L62, and Neptune. Claude Resources has mobilized two underground drills on the L62 Zone and is looking to add a third drill to explore and define the L62 Zone and other near mine targets.
* 8.81 grams of gold per metric ton (cut) over 4.9 meters true width at hole U11-349
* 5.33 grams of gold per metric ton (cut) over 4.8 meters true width at hole U11-350
* 6.90 grams of gold per metric ton (cut) over 10.0 meters true width at hole U11-629
Philip Ng, Senior Vice President, Mining Operations:
“This series of intercepts with above average true widths and economic gold grades are strong indications that we have discovered a new gold-bearing structure. As the L62 zone is located approximately 300 metres from our underground infrastructure on multiple levels, we will likely be in a position to start mining the L62 in the first half of 2012 to expand our existing production profile out of Seabee Mine.”
Catherine Gignac, Northland Securities:
“Claude is well financed to advance its 2011 development and exploration plans. We look to multiple value creation opportunities in 2011 from the Seabee, Madsen and Amisk assets to drive Claude’s shares higher. Catalysts include infrastructure improvements and expansions, mine life extension, and resource growth at exploration properties.”