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Gold/Mining/Energy : Claude Resources TSE.CRJ Undervalued Junior Gold Anyone?
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To: Gord Bolton who wrote ()10/3/1998 2:53:00 AM
From: Gord Bolton  Read Replies (1) of 359
 
News Release

Claude Resources Inc.
200, 224 - 4th Avenue South
Saskatoon, Saskatchewan S7K
5M5
Phone (306) 668-7505 Fax
(306) 668-7500
Toronto Stock Exchange
Alberta Stock Exchange
Trading Symbol - CRJ

August 27, 1998
CLAUDE RESOURCES INC.
("CRJ-T")

Claude Resources Continues To Post Strong Operating Earnings

Claude Resources, a Canadian gold mining and oil and gas
company continued to post strong operating earnings through the
first six months of 1998.

Earnings from operations in the second quarter amounted to $1.6
million ($.07 per share) compared with $1.5 million ($.09 per
share) in the second quarter of 1997.

Six months operating earnings were $4.1 million ($.19 per share)
compared to $4.5 million ($.26 per share) last year.
A substantial and sustainable 25% reduction in operating expenses
at the Seabee Mine led to cash costs of U.S. $184 per ounce for
the first six months of 1998 and largely offset lower gold and oil
and gas prices. Mill head grades at the Seabee Mine were 8.01
grams per tonne for the six months versus a mine reserve grade of
9.98 grams per tonne. This is consistent with the company's
commitment not to high grade the Seabee deposit.

Notwithstanding the strong operating earnings, Claude incurred a
modest loss of $400,000 ($.02 share) in net earnings solely as a
result of a non-cash adjustment to the company's foreign exchange
hedge position.

Claude Resources expects the Seabee Mine to produce about
60,000 ounces of gold this year at cash costs below U.S. $185
per ounce.

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





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