go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/claude-resources
Claude Resources is gold exploration and mining company that could be on the verge of becoming a much larger player amongst gold producers. The company is really a rarity compared with other mining companies, the reason is it has been existence since 1980. It seems like a lot of juniors out there started up around the late 90′s/early 2000. Not Claude though, they have been going about their business for a long time now. Since 1991, Claude has produced approximately 890,000 ounces of gold from its Seabee Operation located in northeastern Saskatchewan. The Company also owns the Madsen property which is located in the Red Lake gold camp of northwestern Ontario. Claude also has a 65 percent working interest in the Amisk Lake Gold Project in northeastern Saskatchewan, but this is still a very early stage project.
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/claude-resources
Seabee Mine
The Seabee Mine is the only mine Claude Resources has in production. It is a narrow vein, underground operation, and it has been producing gold for the last 18 years. The company has been able to continually replace reserves at the mine.
* Historic Production Average: Approximately 49,000 ounces per year
* Total Ounces Produced: Approximately 880,000 (1991 to Q4 2009)
* Historic Grade Average: 7.6 grams per tonne/ 0.23 ounces per ton
* Mill Capacity: 850 tonnes per day
* Recovery: 95.3% (2009)
Santoy 8
Santoy 8 is Claude Resources newest mine which will start commercial production later this year. This is one reason why investors of should get excited. Here are some of the highlights:
* Lower cost gold deposit
* Estimated per tonne mining costs are expected to be as much as 40% lower than Seabee Deep per tonne mining costs
* Production is expected to begin in the second quarter of 2010
* Mining infrastructure in place
* All season road, power line, camp and equipment
* Anticipated commercial production in Q4 2010
* In close proximity to the Seabee Mill
The most important thing listed above is the cash cost from the Santoy 8 deposit will be much lower than Seabee. This will result in a lower overall cash cost for Claude Resources starting in 2011.
You can see how close the Santoy 8 mine is to the Seabee Mine.
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/claude-resources
And once Santoy 8 starts up, Claude's annual production is going to increase nicely.
Neil McMillan, President and CEO of Claude stated, "We are very optimistic about the anticipated impact of the Santoy 8 Project on our Seabee Operation and on the Company as a whole. The Santoy 8 Project is already as large or larger than the Seabee ore body was 18 years ago and we expect to mine from this deposit for many years to come."
Also from Claude Resources:
"Over the life of mine plan for the Seabee Operation, the Company anticipates the Santoy 8 Project to provide up to 50 percent of the overall feedstock to the Seabee central milling facility. The Company expects the Santoy 8 Project to be a positive catalyst in improving production and lowering operating costs at the Seabee operation as a whole."
The bottom line, Santoy 8 is going to be a great addition to Claude's current operations.
Madsen Property
The Madsen Property at Red Lake, Ontario is what a lot of investors of Claude are excited about. It's an exploration property, but the potential here could be really big. Madsen is located only about 5 miles from Goldcorp's high grade Red Lake Mines. The Madsen Mine was the third largest gold producer in the Red Lake camp behind the Campbell and Dickenson Mines with a total of 2.45 million ounces gold produced over its 38 year mine life.
The 10,000 acre property contains a 500 ton per day mill, a functioning 4,125 foot operating shaft and a permitted tailings management facility. All existing infrastructure is fully permitted.
In late 2009, Claude provided an independent resource estimate for the Madsen mine. There are currently 928,000 oz of gold averaging 9 g/t in the indicated category, and 297,000 oz of gold averaging 12 g/t in the inferred. The 8 zone has the highest grade, yielding 18 g/t in the inferred category. The exciting thing is the 8 zone is still mostly unexplored, its upside is huge.
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/claude-resources
The video below is very high quality, it shows a great view of the deposit around the 3 minute mark.
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/claude-resources
Of particular interest is the 8 zone, which was mined from its discovery in 1969 until the mine's closure in 1976. You can see in the graph above the shaft where the 8 zone was mined. The system remains open in all directions and shows strong similarities to high grade mineralization presently being mined at Goldcorp's Red Lake Complex as well as Rubicon's F2 system.
Claude continues with the shaft de-watering at the mine. The water level is about at the 15th level, and they should reach the 16th level sometime in Q3 2010. Once this is accomplished they can start deep underground drilling of the 8 Zone from that 16th level. And that is when the fun begins because like I said above, the 8 zone has some serious grade gold and you can see in the graph above that not much of it has been mined or explored.
Fully operational equipment and facilities:
* 500 ton per day permitted mill
* 5 compartment operating shaft to 4,125 feet
* Permitted tailings pond
* Environmental monitoring program in place
* Significantly less capital required to bring Madsen into production
* The permitted, existing infrastructure at Madsen has multiple benefits:
* Replacement costs of this infrastructure would be about $150 to $200 million
* Less time required to bring Madsen into production once the production decision is made
* Many of the permitting and regulatory hurdles that are an inherent part of bringing a mine into production have already been cleared
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/claude-resources
Production and Financials
Q2 2010 highlights:
* Production of 11,902 ounces of gold, a 54 percent increase over the 7,735 ounces produced during the same period in 2009
* Net earnings of $0.3 million, or $0.00 per share, this compares to a net loss of $3.9 million for the same period in 2009, or $0.04 per share
* Earnings before interest, taxes, depreciation and amortization ("EBITDA"), for the quarter were $4.5 million, a significant increase from $1.3 million in 2009
As you can see from the graph below, Claude has had pretty steady production for the past 10 years. That is all about to change though as Santoy 8 ramps up. For 2010 they are forecasting 45,000-50,000 oz. The addition of the Santoy 8 mine will result in Claude's overall production rising to 70,000-80,000 oz per year by 2012. The most important thing about all this is cash cost will come down since Santoy 8 is a much lower cost mine than Seabee is.
Claude doesn't have much cash on the balance sheet, about $6 million. They did increase their cash level last month by $6.2 million as they sold off basically most of their remaining oil and natural gas assets. You will also notice an $83.5 million Royalty liability on their balance sheet. They signed multiple royalty agreements with Red Mile Resources over the past 5 years. However, they put that cash raised in a Restricted Promisary note, which earns them roughly 7% interest.
131 million shares outstanding
154 million shares fully diluted
Conclusion
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/claude-resources
I think Claude Resources is going to become more popular with investors in the next year or so. Right now all they have is a 45,000 oz per year mine. Once Santoy 8 comes online, not only is Claude's overall production going to increase, but their overall cash cost will decrease. If they can get up to about 70,000 oz of gold per year, and get cash cost down to the low 500′s, then the whole dynamics of the company changes. Madsen is kind of like a lottery ticket for Claude. A lot of investors focus on that, but even without it, the company should do very well over the next few years. Still, Madsen could really transform Claude from a small producer to a mid tier gold company. Once Cluade starts to release drill results on the 8 zone then we will see exactly what they have there. Could Claude Resources be the next Rubicon? Maybe the next Goldcorp
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/claude-resources
by
http://goldstocksdaily.com/2010/06/08/claude-resources/
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/claude-resources
Claude Resources is gold exploration and mining company that could be on the verge of becoming a much larger player amongst gold producers. The company is really a rarity compared with other mining companies, the reason is it has been existence since 1980. It seems like a lot of juniors out there started up around the late 90′s/early 2000. Not Claude though, they have been going about their business for a long time now. Since 1991, Claude has produced approximately 890,000 ounces of gold from its Seabee Operation located in northeastern Saskatchewan. The Company also owns the Madsen property which is located in the Red Lake gold camp of northwestern Ontario. Claude also has a 65 percent working interest in the Amisk Lake Gold Project in northeastern Saskatchewan, but this is still a very early stage project.
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/claude-resources
Seabee Mine
The Seabee Mine is the only mine Claude Resources has in production. It is a narrow vein, underground operation, and it has been producing gold for the last 18 years. The company has been able to continually replace reserves at the mine.
* Historic Production Average: Approximately 49,000 ounces per year
* Total Ounces Produced: Approximately 880,000 (1991 to Q4 2009)
* Historic Grade Average: 7.6 grams per tonne/ 0.23 ounces per ton
* Mill Capacity: 850 tonnes per day
* Recovery: 95.3% (2009)
Santoy 8
Santoy 8 is Claude Resources newest mine which will start commercial production later this year. This is one reason why investors of should get excited. Here are some of the highlights:
* Lower cost gold deposit
* Estimated per tonne mining costs are expected to be as much as 40% lower than Seabee Deep per tonne mining costs
* Production is expected to begin in the second quarter of 2010
* Mining infrastructure in place
* All season road, power line, camp and equipment
* Anticipated commercial production in Q4 2010
* In close proximity to the Seabee Mill
The most important thing listed above is the cash cost from the Santoy 8 deposit will be much lower than Seabee. This will result in a lower overall cash cost for Claude Resources starting in 2011.
You can see how close the Santoy 8 mine is to the Seabee Mine.
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/claude-resources
And once Santoy 8 starts up, Claude's annual production is going to increase nicely.
Neil McMillan, President and CEO of Claude stated, "We are very optimistic about the anticipated impact of the Santoy 8 Project on our Seabee Operation and on the Company as a whole. The Santoy 8 Project is already as large or larger than the Seabee ore body was 18 years ago and we expect to mine from this deposit for many years to come."
Also from Claude Resources:
"Over the life of mine plan for the Seabee Operation, the Company anticipates the Santoy 8 Project to provide up to 50 percent of the overall feedstock to the Seabee central milling facility. The Company expects the Santoy 8 Project to be a positive catalyst in improving production and lowering operating costs at the Seabee operation as a whole."
The bottom line, Santoy 8 is going to be a great addition to Claude's current operations.
Madsen Property
The Madsen Property at Red Lake, Ontario is what a lot of investors of Claude are excited about. It's an exploration property, but the potential here could be really big. Madsen is located only about 5 miles from Goldcorp's high grade Red Lake Mines. The Madsen Mine was the third largest gold producer in the Red Lake camp behind the Campbell and Dickenson Mines with a total of 2.45 million ounces gold produced over its 38 year mine life.
The 10,000 acre property contains a 500 ton per day mill, a functioning 4,125 foot operating shaft and a permitted tailings management facility. All existing infrastructure is fully permitted.
In late 2009, Claude provided an independent resource estimate for the Madsen mine. There are currently 928,000 oz of gold averaging 9 g/t in the indicated category, and 297,000 oz of gold averaging 12 g/t in the inferred. The 8 zone has the highest grade, yielding 18 g/t in the inferred category. The exciting thing is the 8 zone is still mostly unexplored, its upside is huge.
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/claude-resources
The video below is very high quality, it shows a great view of the deposit around the 3 minute mark.
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/claude-resources
Of particular interest is the 8 zone, which was mined from its discovery in 1969 until the mine's closure in 1976. You can see in the graph above the shaft where the 8 zone was mined. The system remains open in all directions and shows strong similarities to high grade mineralization presently being mined at Goldcorp's Red Lake Complex as well as Rubicon's F2 system.
Claude continues with the shaft de-watering at the mine. The water level is about at the 15th level, and they should reach the 16th level sometime in Q3 2010. Once this is accomplished they can start deep underground drilling of the 8 Zone from that 16th level. And that is when the fun begins because like I said above, the 8 zone has some serious grade gold and you can see in the graph above that not much of it has been mined or explored.
Fully operational equipment and facilities:
* 500 ton per day permitted mill
* 5 compartment operating shaft to 4,125 feet
* Permitted tailings pond
* Environmental monitoring program in place
* Significantly less capital required to bring Madsen into production
* The permitted, existing infrastructure at Madsen has multiple benefits:
* Replacement costs of this infrastructure would be about $150 to $200 million
* Less time required to bring Madsen into production once the production decision is made
* Many of the permitting and regulatory hurdles that are an inherent part of bringing a mine into production have already been cleared
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/claude-resources
Production and Financials
Q2 2010 highlights:
* Production of 11,902 ounces of gold, a 54 percent increase over the 7,735 ounces produced during the same period in 2009
* Net earnings of $0.3 million, or $0.00 per share, this compares to a net loss of $3.9 million for the same period in 2009, or $0.04 per share
* Earnings before interest, taxes, depreciation and amortization ("EBITDA"), for the quarter were $4.5 million, a significant increase from $1.3 million in 2009
As you can see from the graph below, Claude has had pretty steady production for the past 10 years. That is all about to change though as Santoy 8 ramps up. For 2010 they are forecasting 45,000-50,000 oz. The addition of the Santoy 8 mine will result in Claude's overall production rising to 70,000-80,000 oz per year by 2012. The most important thing about all this is cash cost will come down since Santoy 8 is a much lower cost mine than Seabee is.
Claude doesn't have much cash on the balance sheet, about $6 million. They did increase their cash level last month by $6.2 million as they sold off basically most of their remaining oil and natural gas assets. You will also notice an $83.5 million Royalty liability on their balance sheet. They signed multiple royalty agreements with Red Mile Resources over the past 5 years. However, they put that cash raised in a Restricted Promisary note, which earns them roughly 7% interest.
131 million shares outstanding
154 million shares fully diluted
Conclusion
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/claude-resources
I think Claude Resources is going to become more popular with investors in the next year or so. Right now all they have is a 45,000 oz per year mine. Once Santoy 8 comes online, not only is Claude's overall production going to increase, but their overall cash cost will decrease. If they can get up to about 70,000 oz of gold per year, and get cash cost down to the low 500′s, then the whole dynamics of the company changes. Madsen is kind of like a lottery ticket for Claude. A lot of investors focus on that, but even without it, the company should do very well over the next few years. Still, Madsen could really transform Claude from a small producer to a mid tier gold company. Once Cluade starts to release drill results on the 8 zone then we will see exactly what they have there. Could Claude Resources be the next Rubicon? Maybe the next Goldcorp
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/claude-resources
by
http://goldstocksdaily.com/2010/06/08/claude-resources/
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almamor
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