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

To: Enigma who wrote (255)	12/16/2000 2:12:40 PM
From: Gord Bolton	Respond to of 359

Third quarter report The Company's working capital position at September 30, 2000 was $8.1 million compared to $11.1 million at December 31, 1999. The decrease is a combination of a number of factors including the capital funding of the Madsen dewatering and shaft rehabilitation project and the closing out of a foreign currency position. The Company does not have any material gold and currency hedging positions. Operations Gold - Seabee mine Year to date the mine has processed 177,900 tonnes of ore grading 8.27 grams per tonne yielding 41,750 ounces of gold. Production is slightly below target as lower grades were mined to accommodate the orderly mining and backfilling of the 2c1904 stope. It is expected that the high grade 2c1404 stope will make up for any current shortfall to achieve the 60,000-ounce goal for the year. Definition drilling and development has further outlined the 2c and 2d structures between the 80 and 290 levels. Drilling results have been very positive on both structures which are open along strike and depth. With additional drilling it is expected that this area will provide feedstock for a number of years. The Seabee, including the 100% owned Currie Rose properties, hosts approximately 1,041,000 tonnes of reserves at an average grade of 7.65 grams per tonne. Exploration On the Madsen property efforts were directed at locating and tracing the high-grade No. 8 zone's host stratigraphy on surface. The No. 8 zone is known to occur near a mafic-ultramafic contact and mapping south of Flat and Russet Lakes has further clarified the position of this contact. On November 8, 2000, Claude entered into an option/joint venture agreement with Placer Dome (CLA) Limited in respect of Claude's Madsen gold exploration property. The details of this agreement are outlined in Note 6 accompanying the financial statements. Mapping and prospecting in the Amisk Lake area of Saskatchewan produced modest results near one of the showings near the Duplex property. In addition work on Outlook Island revealed a strong shear system with anomalous gold values along its margins. Further work is planned for this area. Prospecting and mapping in the Pine Lake-Munro Lake area north and east of the Seabee mine has resulted in the discovery of a potentially significant high-grade, gold-bearing vein system. Occurring as dilational extensions at the intersections of two vein sets, channel samples from two zones produced multi-ounce assays. These targets will be incorporated into the Seabee winter exploration drill program. Second quarter report The dewatering and level rehabilitation work associated with accessing the Madsen mine's 16 Level continued throughout the second quarter. Layouts for the No. 8 Zone drill drifts have been prepared and the strategy of drilling fan holes from known mineralized veining on the 22 Level upwards with progressively shallower cuts to the 16 Level has been developed. Drilling is scheduled to start in the fourth quarter. Surface mapping northwest of the mine has outlined stratigraphy, alteration and veining comparable to that seen in the high grade No. 8 Zone. Referred to as the Central Deformation Zone, this area is either the surface expression of the No. 8 Zone or a parallel structure. It is noteworthy that an early shallow Madsen drill hole intersected 0.46 meters grading 247 grams per tonne approximately 35 meters below surface along the projected trace of this zone.

To: Enigma who wrote (255)	12/16/2000 2:44:26 PM
From: Gord Bolton	Respond to of 359

Message 9511696 I think that the JV deal with Pacer Dome has been a long time in the making. Obviously the low POG has made everyone very cautious. There might just be some further developments along JV lines that could be very exciting. Last time I talked with the company they were still dewatering and drifting towards the No.8 zone for access to an underground drilling platform. But we have a new operator at Madsen and they may elect to proceed as they wish.

To: Enigma who wrote (255)	12/19/2000 4:38:27 PM
From: Gord Bolton	Respond to of 359

Star Phoenix Tuesday, December 19th, 2000 Placer Dome to explore Claude’s Madsen land By Joanne Paulson SP Business Editor Placer Dome will begin exploration at Claude Resources Inc.’s Madsen property early in the new year, after completing due diligence on the property Dec. 15. In November, Claude announced it had entered into an option agreement with Placer Dome subject to due diligence, to speed the development of Claude’s 10,500-acre gold property in Ontario’s Red Lake distnct. Under the agreement, Placer Dome has an option to earn a 55 per cent interest in the property by spending $8.2 million on exploration over the next three years, and by providing a bankable feasibility study in the following two years. Placer Dome must spend a minimum of $1.2 million in the first year and $1.5 million ir the second year, under the terms of the agreement. The larger company can also earn another five per cent interest by paying for Claude’s share of infrastructure costs once the property is under development. Placer Doine will also purchase one million treasury shares of Claude at 75 cents Cdn per share. Claude president Neil McMillan said due diligence was completed without a hitch. "They’ve been working with us since January so they were pretty sure there were no problems" he said. Placer plans to start a major surface drilling program immediately in the new year to test the No. 8 zone, a high-grade structure known to exist on the property, said McMillan. The value of that program has not been released. Placer has stated it is going to be very aggressive in exploring the Madsen property, which McMillan interprets as meaning the company may spend more than the minimum in the first year. “It’s hard to imagine that we could have entered into a better relationship than we did with Pacer Dome." said McMillan. "The terms of the deal were extremely good and we expect our ongoing relationship with Placer to be a partnership."

To: Enigma who wrote (255)	12/26/2000 3:00:24 PM
From: Gord Bolton	Read Replies (1) \| Respond to of 359

stockhouse.com Claude's Tartan Lake property is located 12 km NE of Flin Flon. That would place it just a little north of; The McBratney Lake property contains a platinum-palladium drill intersection of 0.31 ounces per ton (10.65 gram/tonne) combined platinum (Pt) and palladium (Pd) over 40.0 feet (12.2 m). This near-surface intersection, from 40.0 feet to 80.0 feet, includes a higher grade section that assayed 0.51 opt (17.39 g/t) Pt+Pd over 19.9 feet (6.1 m), including 5.3 feet (1.6 m) grading 1.06 opt (36.23 g/t) Pt+Pd and 4.3 feet (1.3m) grading 0.94 opt (32.31 g/t) Pt+Pd. The lower grade portion of the mineralized intersection assayed 0.13 opt (4.57 g/t) Pt+Pd over 16.3 feet (5.0 m).