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Claude Resources - www.youroilandgasnews.com

Claude Resources Inc. records net profit of $9.5 million in 2011

Monday, Apr 02, 2012

SASKATOON, March 30, 2012 /PRNewswire/ - Claude Resources Inc. ("Claude" or the "Company") today reported financial and operating results for the year ended December 31, 2011.

Highlights include:

  • Net profit for 2011 was $9.5 million, or $0.06 per share, compared to $10.3 million, or $0.08 per share, for 2010.
  • Cash flow from operations (1) before net changes in non-cash working capital was $22.2 million, or$0.14 per share, for the year ended December 31, 2011 (December 31, 2010 - $19.8 million, or$0.15 per share).
  • Inferred resource base at Seabee Gold Operation increased 236%. The inclusion of the L62 and Santoy Gap deposits into Mineral Reserves and Mineral Resources came only six and nine months after their respective discoveries.
  • On February 2, 2012, the Company announced the acquisition of St. Eugene Mining Corporation Limited, acquiring the remaining 35% of Amisk to consolidate the project.
  • Gold sales during the fourth quarter of 11,855 ounces at an average price of $1,678 (US $1,641) representing revenue of $19.9 million, up 34% from fourth quarter 2010 revenue of $14.9 million. For the twelve months ending December 31, 2011, gold sales were 44,632 ounces at an average price of $1,561 (US $1,578) representing revenue of $69.7 million, up 24% from revenue of $56.0 millionfor the year ended December 31, 2010.
  • Total Canadian dollar cash cost per ounce of gold (1) for the twelve months ending December 31, 2011 increased 28% to CDN $908 (US $918) per ounce from CDN $709 (US $688) during 2010.
  • $35.7 million of cash, cash equivalents and short term investments and working capital of $42.4 million as at December 31, 2011.

Neil McMillan, President and Chief Executive Officer commented that "In 2011, the Company had a terrific year increasing our inferred resource base by 236% at the Seabee Gold Operation. In 2012 we have increased our exploration budget to record levels in order to continue the discovery success we had in 2011."

"Operationally, we had difficulty achieving our production guidance due to lower grade ore being mined as a result of development constraints."

McMillan also added, "The Company made steady progress in underground development and the recruitment of experienced miners. We began 2012 with a strong balance sheet and will continue to upgrade and invest in infrastructure for future production increases and unit cost containment at the Seabee Gold Operation."

SOURCE CLAUDE RESOURCES INC.

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