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

To: Jimsy who wrote (80)	1/7/1999 12:12:00 PM
From: Gord Bolton	Respond to 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.

To: Jimsy who wrote (80)	1/7/1999 1:38:00 PM
From: Gord Bolton	Respond to of 359

Canada NewsWire Give us your message. We'll give you the world. Canadian Quotes from Telenium CRJ. (TSE) CRJ. (ASE) Attention Business Editors: Encouraging Results From Claude's Madsen Gold Property SASKATOON, Jan. 7 /CNW/ - Exploration and development programs conducted by Claude Resources Inc. on its Madsen Gold Corp. property at Red Lake indicate the potential for the development of a major gold bearing structure which may duplicate the original Austin zone. The Austin zone accounted for virtually all of Madsen's 7.7 million tonnes or 2.45 million ounces of historic gold production. The structure, called the McVeigh zone, is located 75 to 125 metres in the footwall of the Austin zone. Surface and underground drilling totalling 80 holes (6418m) and 64 holes (4767m) respectively indicates the McVeigh zone is identical to the Austin in terms of alteration and sulfide mineralogy. Where tested, the McVeigh possesses dimensions comparable to the Austin. As with the Austin, it is apparent that ore grades and widths on the McVeigh improve significantly with deeper drill holes. Diamond drilling at the McVeigh West has outlined several zones with internal lenses of gold mineralization. The company is currently accessing these areas via a ramp and underground development to establish continuity and mineability. Surface drilling of the McVeigh produced 50 intervals that averaged greater than 4 feet grading more than 0.10 opt. While several sections are unmineralized, segments of the McVeigh produced multiple intersections that cluster and appear to define mineralized lenses. Intervals exceeding the aforementioned threshold are tabulated below. Interval widths are interpreted to be true widths and high assays have been cut to 1 oz. per ton. << ------------------------------------------------------------------------- hole easting northing elevation depth ft dip mine-az ------------------------------------------------------------------------- 12300b 12299.97 8792.00 4892.30 247 -65 350 12350e 12360.19 8757.07 4901.23 257 -65 0 12350f 12360.77 8760.75 4899.75 196 -45 0 12400h 12409.85 8754.28 4902.82 207 -45 0 12400j 12409.70 8747.62 4903.51 277 -65 350 12450c 12456.74 8759.87 4906.41 241 -60 0 12450e 12449.59 8701.65 4897.33 307 -47 350 12450f 12449.59 8700.50 4897.33 323 -60 350 12480b 12492.37 8767.95 4908.62 206 -45 0 12480c 12492.32 8772.16 4908.91 197 -55 0 12500e 12507.59 8695.95 4897.42 277 -45 0 12525b 12532.93 8797.39 4906.16 187 -45 0 12550f 12548.18 8685.12 4900.12 377 -58 350 12650d 12650.00 8750.00 4904.00 347 -68 350 12650e 12634.25 8733.30 4903.12 347 -55 350 12750d 12750.00 8760.00 4902.00 340 -70 350 12800d 12784.88 8744.19 4904.17 307 -55 350 12800f 12799.66 8644.73 4905.34 337 -55 350 12825a 12823.49 8670.49 4903.76 307 -45 350 12850e 12845.95 8767.41 4900.94 187 -65 0 12900f 12899.81 8712.68 4901.69 247 -50 350 12950c 12953.14 8722.40 4901.52 247 -60 350 13350b 13318.83 8606.79 4928.46 367 -45 0 13350c 13318.65 8605.29 4928.55 290 -60 0 13350d 13350.05 8678.93 4912.78 277 -45 0 211981 13938.56 9045.81 4953.85 297 -45 170 2119810 13645.68 8774.95 4926.63 156 -45 360 2119811 13645.62 8772.04 4926.58 255 -70 360 2119812 13588.78 8771.20 4926.69 206 -45 360 2119813 13588.68 8768.28 4926.55 256 -70 360 2119820 12481.87 8668.78 4897.60 426 -45 360 2119821 12508.16 8691.85 4897.69 456 -60 360 211983 13941.76 9052.31 4955.48 347 -45 180 211984 13739.64 9033.70 4969.99 417 -43 180 211985 13558.12 9031.68 4965.69 421 -45 180 ------------------------------------------------------------------------- Hanging Wall Mid Wall Foot Wall ------------------------------------------------------------------------- hole oz ft oz ft oz ft ------------------------------------------------------------------------- 12300b 0.110 3.7 12350e 0.147 4.8 0.264 3.8 0.169 7.6 12350f 0.250 3.7 12400h 0.181 7.1 12400j 0.112 5.9 0.080 5.9 0.105 5.3 12450c 0.539 7.2 0.166 5.6 12450e 0.095 5.5 0.190 10.2 12450f 0.149 13.2 0.213 6.8 0.537 13.6 12480b 0.174 7.1 0.283 13.1 12480c 0.149 7.1 0.430 6.1 0.322 13.4 12500e 0.133 5.5 0.062 9.2 12525b 0.095 4.6 0.494 6.7 0.068 4.2 12550f 0.227 3.1 0.070 3.6 12650d 0.364 2.9 0.045 3.1 12650e 0.104 4.9 12750d 0.284 10.7 0.245 2.7 12800d 0.143 8.0 0.185 11.6 12800f 0.210 32.1 12825a 0.124 7.8 0.118 6.2 12850e 0.216 7.6 0.417 6.8 0.354 6.5 12900f 0.218 12.5 0.126 5.7 12950c 0.099 3.4 0.252 4.0 13350b 0.109 4.6 13350c 0.208 6.3 13350d 0.109 10.0 211981 0.237 10.0 2119810 0.119 5.0 0.025 3.0 2119811 0.254 3.0 2119812 0.082 4.0 0.181 5.0 2119813 0.205 4.0 2119820 0.354 3.8 2119821 0.560 7.6 211983 0.137 6.0 0.210 4.0 211984 0.263 4.0 0.075 5.0 211985 0.330 2.7 >> -30- For further information: Arnie Hillier, Vice Chairman, CEO, Neil McMillan, President, (306) 668-7505