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Gold/Mining/Energy : Claude Resources TSE.CRJ Undervalued Junior Gold Anyone? -- Ignore unavailable to you. Want to Upgrade?

To: Dan Martin who wrote (215)	7/3/1999 9:18:00 AM
From: Scripts	Read Replies (1) \| Respond to of 359

Claude Closes Purchase of Royalty Interest SASKATOON, July 2 /CNW/ - Claude Resources Inc. is pleased to announce that it has completed and closed the purchase of a 1.35% net smelter royalty (and related interests) from Metal Royalties Corporation. The royalty interest is in respect of production from the property owned by Madsen Gold Corp. which is located in the Red Lake District of northwestern Ontario and which includes the Madsen gold mine. Madsen Gold Corp. is a wholly-owned subsidiary of Claude. The purchase price paid by Claude was Cdn. $1,100,025 and has been satisfied by the issuance to Metal Royalties Corporation of 628,586 special warrants of Claude, each convertible (for no additional consideration upon exercise) into one common share of Claude. Claude President, Neil McMillan stated ''The Royalty purchase is a reflection of Claude's confidence in the potential size and long-term viability of our Madsen mine and related properties in the Red Lake mining camp in northwestern Ontario.'' Gerald McCarvill, Chairman of Metal Royalties Corporation said, ''Metal Royalties is pleased to be a major shareholder in such a vibrant and growing Canadian resource corporation.'' Claude Resources purchased Madsen Gold Corp. and related properties in April of 1998 and has been carrying out an extensive exploration and development program on the property since. The Madsen mine produced in excess of 2,600,000 ounces of gold between 1938 and 1976. %SEDAR: 00000498E