Claude cuts costs at Seabee

A cost-cutting program has enabled Saskatoon-based Claude Resources (CRJ-T) to report a 25% reduction in operating expenses at the Seabee gold mine in the La Ronge district of northern Saskatchewan.

The improved performance in the 1998 first half led to cash costs of US$184 per oz., which helped offset lower prices for the yellow metal. Mill-head grades were 8 grams per tonne for the 6-month period, versus a mine reserve grade of 9.9 grams.

Claude says its cost-cutting at Seabee is “substantial and sustainable”. The mine is now expected to produce about 60,000 oz. gold this year at cash costs below US$185 per oz.

The company posted operating earnings of $1.6 million in the latest quarter ended June 30, compared with $1.5 million in the second quarter of 1997. Operating earnings in the 1998 first half were $4.1 million, compared with $4.5 million last year. Claude posted a loss of $400,000 owing to an adjustment of its foreign exchange hedge position.

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