"Increases Q1 Production by 26 Percent Period over Period"
Trading Symbols
TSX - CRJ
NYSE AMEX - CGR
SASKATOON, May 14 /CNW/ - Claude Resources Inc. ("Claude" or the
"Company") today announced first quarter production results of 10,613 ounces
of gold, a 26 percent increase over the 8,423 produced during the same period
in 2008. For the quarter ended March 31, 2009, the Company recorded a net loss
of $1.0 million, or $0.01 per share. This compares to net earnings of $0.4
million, or $0.00 per share after a $2.2 million non-cash recovery related to
income tax benefits arising from the issuance of flow-through shares for the
comparable period in 2008.
Financial Highlights (unaudited):
Three Months Ended
March 31
2009 2008
Gold revenue ($ millions) 11.5 8.1
Cash flow from mining operations ($ millions) 3.8 1.7
Net earnings (loss) ($ millions) (1.0) 0.4
Earnings (loss) per share ($) (0.01) 0.00
Average realized gold price
(CDN $ per oz./US $ per oz.) 1,146/920 921/918
Total cash operating costs
(CDN $ per oz./US $ per oz.) 768/617 729/725
Working capital ($ millions) 15.5 11.9
Operations:
At its Seabee Operation, Claude milled 54,190 tonnes of ore at a grade of
6.36 grams per tonne (2008 - 51,110 at a grade of 5.37 grams per tonne) during
the quarter ended March 31, 2009. Sales volume from the first quarter of 2009
was 10,070 ounces of gold compared to 8,819 ounces of gold sold during the
first quarter of 2008, an increase of 15 percent. Increased sales volume and
improving gold prices continued to result in significant improvements in both
revenue and gross operating margin.
Exploration:
Claude continued its directionally-assisted underground drill program
that was initiated in December 2008 from the 10th level of the Madsen mine
shaft.
