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: geoffb_si who wrote (294)	4/15/2002 12:40:12 AM
From: Gord Bolton	Read Replies (4) of 359

From the local rag. Gold giant Placer Dome to explore on Claude land Joanne Paulson Saskatoon StarPhoenix The major gold producer Placer Dome will embark on a $1.2-million exploration program at Claude Resources Inc.'s Ontario gold property in May, the Saskatoon-based company said Friday. Claude owns the Madsen property in the Red Lake gold district of Ontario, but has entered an option agreement with Placer Dome to speed up development of the property. Placer Dome plans to conduct at least 10,000 metres of exploration drilling in two phases, with the intention of proving up high-grade gold resources. This will probably result in 30 to 40 holes being drilled, said Claude president Neil McMillan, who hopes to see the results early this summer. Last year, Placer Dome identified five targets that may represent an extension of the high-grade zone dubbed No. 8. Drilling in 2001 established that the zone continued to the northeast of the existing Madsen mine. Some of the targets are geologically similar or identical to the mineralization at the world-class GoldCorp and Campbell mines in the Red Lake district, said Claude. "Both Claude and Placer are enthusiastic about the potential for this program to identify high-grade ore resources similar to those found at those two great mines," said McMillan in an interview. Gold production at Madsen was shut down in late 1999 because of poor gold prices. Claude decided at the time that more gold resources had to be identified for the long-term viability of the mine. Placer then came in as a potential partner in developing the mine. In its agreement with Claude, Placer Dome can earn a 60 per cent share of Madsen by spending $8.2 million over three years on exploration, and delivering a bankable feasibility study by November 2006. Claude shares are traded on the Toronto Stock Exchange under the symbol CRJ. Shares closed Friday at $1.30, up three cents from Thursday, but well up from 53 cents a share at the start of the year. © Copyright 2002 Saskatoon StarPhoenix canada.com

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