Claude Expands Seabee Mineral Resource
SASKATOON, Saskatchewan, March 19 /CNW Telbec/ - Following its annual
estimation by mine staff and independent review by Dr. David Patrick of A.C.A.
Howe International, Claude Resources reports that the Seabee mine's proven and
probable mineral reserves have been maintained. Claude is also pleased to
announce a significant increase to the mine's inferred mineral resource.
The Seabee mine's mineral reserves as at February 29, 2004 totaled
674,722 tons grading 7.48 grams per ton Au (gpt). This estimation represents a
2% tonnage increase and a 7% grade reduction over last year's estimation.
The mine's inferred mineral resources have increased to 1,973,000 tons
grading 8.46 gpt. The new mineral resources constitute a 39% increase in
tonnage and a 6% increase in grade compared to the previous estimation. This
equates to a gain of 172,600 ounces or three years of mill-feed at current
production levels, should the Company successfully upgrade these resources to
reserves. Historically, Claude has successfully converted more than 100% of
its mineral resources into mineral reserves for the past twelve years.
Claude's inferred mineral resource assumes continuity of mined lode structures
to depths accessible from current or planned infrastructure. The total
reported constitutes only 40%, or the "payable" portion, of these veins.
Elsewhere on its mineral dispositions contiguous to the Seabee mine,
Claude is aggressively exploring for additional shear-related, mineralized
structures. Exploration expenditures on the Seabee area properties for 2004
are projected to total $1.7 million and will include approximately
20,000 meters of surface diamond drilling. Targets include the West Porky main
zone, the mineralized structures associated with the Porky Lake anticline, the
East Pine Lake splay and two mineralized structures east of Santoy Lake.
%SEDAR: 00000498E
For further information: Philip E. Olson, Vice-President, Corporate
Development, (306) 668-7505 or Renmark Financial Communications:
Edith English, eenglish@renmarkfinancial.com; Neil Murray-Lyon,
nmurraylyon@renmarkfinancial.com; Media: Colette Saulnier,
csaulnier@renmarkfinancial.com; (514) 939-3989; www.renmarkfinancial.com |
