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Gold/Mining/Energy : Claude Resouces CRJ/TSE
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To: Ron Baxter who wrote (2)2/14/1997 3:40:00 PM
From: Mike M   of 23
 
Hi Ron,

In reviewing information on CRJ through Canada Stockwatch, I discovered several other publicly traded companies listed as participants and/or investments with Claude. Some of them did not really make a whole lot of sense so I spoke with Neil McMillan this morning for clarification. Briefly, this is na overview of our discussion:

1. Claude has an investment interest (shares and warrants) in Kensington Resources (V.KRT). I believe the investment was approximately $150,000 and the share unit value at purchase was approximately $0.90.

2. Claude has no relationship with Rhonda Mining (Canada Stockwatch posted - is/was joint venture.)

3. Claude owns approximately 9% of Shore Gold (A.SGF) and have some smaller joint ventures. They seem very positive and excited about the relationship due to the positive developments in Shore's diamond plays.

4. There is no interest or relationship in Williams Resources Inc.

5. Claude is debt-free, and currently has $7 million in cash.

6. Current consolidated production cash costs (Au) are approximately US $280/oz.

7. Last years results were impaired in part, due to a transformer malfunction at the mine which effectively shut production down for 6 weeks, while maintaining all overhead for same period.

8. Additional revenues of approximately $2 million are generated as a result of oil and gas interests. Very important in periods of declining gold prices.

And finally, Neil told me that they were hoping on having a home page on the net by April 1/97. I told him of this forum and will fax him the address, for their information.

I hope I have accurately conveyed the information provided. I was very pleased with Neil's response. Best Regards,

Mike
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