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Gold/Mining/Energy : Claude Resources TSE.CRJ Undervalued Junior Gold Anyone?
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To: Enigma who wrote (248)11/9/2000 2:15:50 PM
From: Gord Bolton  Read Replies (1) of 359
 
Claude's Red Lake Properties to be Explored by Placer Dome

CALGARY, Nov. 8 /CNW/ - Claude Resources Inc. (Claude) and Placer Dome
(CLA) Limited (Placer) have entered into an option/joint venture agreement in
respect of Claude's Madsen gold exploration property near Red Lake, Ontario.
The agreement is subject to Placer conducting due diligence and electing to
proceed with the option phase by December 15, 2000.
The option phase will entitle Placer to earn a 55% working interest in
the Madsen property by expending $8.2 million over three years and delivering
to Claude a bankable feasibility study by the end of the fifth year. Placer
may abandon the option at any time after spending $1.2 million.
Concurrent with electing to proceed with the option phase and subject to
regulatory approval, Placer will subscribe for 1,000,000 common shares of
Claude for $750,000. As well, Placer and Claude will work towards a "preferred
relationship" agreement whereby the parties intend to pursue mutually
beneficial opportunities.
Upon Placer fulfilling its obligations in respect of the option phase,
Placer and Claude will be deemed to have formed a joint venture with
respective interests of 55% and 45%. At Claude's election, Placer may earn an
additional 5% of the project by funding Claude's share of infrastructure costs
associated with any mine development on the property. Under the agreement
Claude's interests can not be reduced below 40%.
The Red Lake mining camp is one of the most prolific gold producing areas
in Canada.
%SEDAR: 00000498E

-30-

For further information: Neil McMillan, President, (306) 668-7505
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