Claude Resources TSE.CRJ Undervalued Junior Gold Anyone? Message Board

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Gold/Mining/Energy : Claude Resources TSE.CRJ Undervalued Junior Gold Anyone?

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To: Enigma who wrote (255)	12/19/2000 4:38:27 PM
From: Gord Bolton	of 359

Star Phoenix Tuesday, December 19th, 2000 Placer Dome to explore Claude’s Madsen land By Joanne Paulson SP Business Editor Placer Dome will begin exploration at Claude Resources Inc.’s Madsen property early in the new year, after completing due diligence on the property Dec. 15. In November, Claude announced it had entered into an option agreement with Placer Dome subject to due diligence, to speed the development of Claude’s 10,500-acre gold property in Ontario’s Red Lake distnct. Under the agreement, Placer Dome has an option to earn a 55 per cent interest in the property by spending $8.2 million on exploration over the next three years, and by providing a bankable feasibility study in the following two years. Placer Dome must spend a minimum of $1.2 million in the first year and $1.5 million ir the second year, under the terms of the agreement. The larger company can also earn another five per cent interest by paying for Claude’s share of infrastructure costs once the property is under development. Placer Doine will also purchase one million treasury shares of Claude at 75 cents Cdn per share. Claude president Neil McMillan said due diligence was completed without a hitch. "They’ve been working with us since January so they were pretty sure there were no problems" he said. Placer plans to start a major surface drilling program immediately in the new year to test the No. 8 zone, a high-grade structure known to exist on the property, said McMillan. The value of that program has not been released. Placer has stated it is going to be very aggressive in exploring the Madsen property, which McMillan interprets as meaning the company may spend more than the minimum in the first year. “It’s hard to imagine that we could have entered into a better relationship than we did with Pacer Dome." said McMillan. "The terms of the deal were extremely good and we expect our ongoing relationship with Placer to be a partnership."

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