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Gold/Mining/Energy : Claude Resources TSE.CRJ Undervalued Junior Gold Anyone?
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To: Jimsy who wrote (80)1/7/1999 12:12:00 PM
From: Gord Bolton   of 359
 
I didn't find the NR for yesterday or the day before. I was told that there was something out relating to filling a private placement but I never saw it.
IMHO the Seabee mine in Saskatchewan justifies at least a $2.00 share price based upon production and profits. The market has given nothing yet for Madsen which may have similiar resserves to Goldcorp. They have an 800 tonne per day mill in place and are pouring gold from two separate zones yeilding .3 ounce per tonne. During the last year they also picked up the Jessop property near Timmons and will sink the drill soon. They aso picked up the Vista Property with mill in place near Flin Flon. Claude has other property with reserves near the Vista Property. They will be drilling off more reserves near the Seabee mine on JV land, the Currie Rose.
Depending on what is drilled off on the Madsen they may be looking at expanding milling capacity. The Madsen Property has previously produced nearly 3 million ounces of .3 ounce gold from the Austin Zone. The McVeigh appears to be a twin sister or fold of the Austin. They have drilled some test holes, taken bulk samples and I understand they are in production from the McVeigh as they drill it off.
From the news one should try to put a value on the resource at the Madsen and consider that they are producing right now at 800 tonnes per day. Add $2.00 for Seabee and whatever is reasonable for speculative upside on the Timmons, Vista, Shane lake, Laural Lake, etc.
I am told that trading was halted by the exchange this morning due to an imbalance created by huge market orders.
Look for news within the hour and then follow ups as they are available.
Good luck everyone.
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