Claude Resouces CRJ/TSE Message Board

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Gold/Mining/Energy : Claude Resouces CRJ/TSE

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To: Ron Baxter who wrote ()	3/7/1998 11:22:00 AM
From: Jay Anderson	Read Replies (1) of 23

SASKATOON, March 6 /CNW/ - Claude Resources Inc., a Canadian based gold mining and oil and gas company, posted record financial results for 1997 on the strength of higher gold production at its 100% owned Seabee gold mine. Record production of 58,500 ounces of gold, during the fiscal year ending December 31, 1997, led to net earnings of $5.1 million ($0.29 per share) versus a restated 1996 loss of $1.7 million ($0.11 per share). Cash from operations of $9.6 million ($0.56 per share) compared to a 1996 level of $4.5 million ($0.31 per share). The fourth quarter of 1997 produced net earnings of $1.7 million ($0.10 per share) and cash from operations of $2.3 million ($0.13 per share). Oil and gas production accounted for approximately 20% of Claude's net earnings and cash flow. Realized gold prices averaged US $325 per ounce in 1997 compared to US $389 per ounce in 1996, President Neil McMillan said that higher ore grades and lower operating costs led to a cash cost of US $215 per ounce in 1997. He also stated that Claude Resources is expecting 1998 gold production to equal or exceed 1997 production at a cash cost of US $208 per ounce

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