Claude Announces Q1 Production Results

Apr 23, 2014, 08:00 ET from Claude Resources Inc.

Trading Symbols: TSX: CRJ; OTCQB: CLGRF

SASKATOON, April 23, 2014 /PRNewswire/ - Claude Resources Inc. ("Claude" and or the "Company") today announced first quarter production results of 11,344 ounces, representing a 40% increase from the 8,082 ounces produced in the first quarter in 2013. The grade in the first quarter also increased significantly by 34% to 5.76 grams per tonne from the first quarter in 2013.

Table 1: Seabee Gold Operation Production      
    March 31 March 31
    2014 2013
Operating Data      
Tonnes Milled   64,370 61,877
Head Grade (grams per tonne)   5.76 4.31
Recovery (%)   95.1 94.3
Gold Produced (ounces)   11,344 8,082

Mike Sylvestre, Interim President and CEO stated, "Historically, our first quarter has always been a challenge and 2014 was no different. While we faced severe and abnormal winter conditions, we were able to complete the winter re-supply program and have our best first quarter production results in the last ten years. We have focused on improving our grades and that initiative is starting to pay off. We expect this trend to continue and we are confident that the mine grades will reconcile more closely to our reserve grade for the remainder of the year."

The Company remains confident in meeting its 2014 production guidance of 47,000 to 51,000 ounces of gold. In addition, the Company continues to make progress in advancing the Santoy Gap towards production by the fourth quarter of 2014 by completing the fresh-air vent raise in the second quarter and continued mine development. The Santoy Gap currently hosts 266,100 ounces of gold in Mineral Reserves at 5.68 grams per tonne and is expected to increase production and margins by the beginning of 2015.

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.


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.