Claude aims deeper at Seabee (January 24, 2003)

Claude Resources (CRJ-T) plans to raise up to $3.75 million via the non-brokered private placement of up to 2,500,000 units at $1.50 apiece.

One unit comprises one share plus half a share purchase warrant. One warrant is good for one share at $1.85 per share for one year from closing.

Claude expects to complete the placement by January 31, and intends to apply the proceeds to fund the mineshaft extension at its Seabee gold mine in northern Saskatchewan. Claude plans to extend Seabee’s shaft by 200 metres to around 600 metres to allow conveyance of ore and waste to surface from new development between the 500 and 800 metre levels.

Claude sold a total of 41,500 oz. of gold in 2002, below the targeted 50,000 oz. thanks to the mining and milling of lower grade ore during the first three- quarters of 2002.

With production from the higher grade reserves improving through 2002 — from 8,300 oz. in the first quarter to 15,000 oz. in the final quarter — 2003 production is forecast at 52,000 oz.