Claude Resources Reports Second Quarter Results

Friday, August 07, 2009 1:50 PM

Trading Symbols
TSX - CRJ
NYSE AMEX - CGR

SASKATOON, Aug. 7 /CNW/ - Claude Resources Inc. ("Claude" or the "Company") today announced second quarter production results of 7,735 ounces of gold, a 33 percent decrease from the 11,531 produced during the same period in 2008. For the quarter ended June 30, 2009, the Company recorded a net loss of $3.9 million, or $0.04 per share. This compares to a net loss of $0.8 million, or $0.01 per share for the comparable period in 2008.

Notwithstanding the production decline experienced in the second quarter, the Seabee Operation continued to benefit from strong average realized gold price during the first six months of 2009, resulting in a 14 percent increase in revenues period over period (2009 - $20.6 million; 2008 - $18.0 million).

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                                 Three Months ended     Six Months ended
                                 ----------------------------------------
Financial Highlights               June 30  June 30    June 30   June 30
 (unaudited):                         2009     2008       2009      2008
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Gold revenue (CDN $ millions)          9.1      9.8       20.6      18.0
Cash flow from mining operations
 (CDN $ millions)                      2.2      1.7        6.0       3.5
Net loss (CDN $ millions)            ($3.9)   ($0.8)     ($4.9)    ($0.3)
Loss per share ($) - basic and
 diluted                             (0.04)   (0.01)     (0.05)    (0.00)
Average realized gold price
 (CDN $ per oz./US $ per oz.)    1,075/921  915/906  1,114/923   918/912
Total cash operating costs
 (CDN $ per oz./US $ per oz.)      813/696  750/743    789/654   740/735
Working capital ($ millions)          12.0     19.1       12.0      19.1
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Operations:

At its Seabee Operation, Claude milled 51,284 tonnes of ore at a grade of 4.92 grams per tonne (Q2 2008 - 57,984 at a grade of 6.45 grams per tonne) during the quarter ended June 30, 2009. Sales volume from the second quarter of 2009 was 8,453 ounces of gold compared to 10,751 ounces of gold sold during the second quarter of 2008, a decrease of 21 percent. Production and sales during the second quarter of 2009 were impacted by planned major maintenance of the Company's hoist and mill facilities at its Seabee Operation.

During the second half of 2009, the Company expects production to be significantly higher with annual production forecasted to range between 46,000 and 48,000 ounces.

Exploration:

From the 10th level of the Madsen mine shaft, Claude continued its directionally-assisted underground drill program that was initiated in December 2008.

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