Claude adds ounces at Seabee (November 08, 2007)

Saskatoon-based gold miner Claude Resources (CRJ-T, CGR-X) has added to gold reserves at its underground Seabee mine in northeastern Saskatchewan.

As of Sept. 30, Seabee hosted 984,200 tonnes of reserves grading 6.67 grams gold per tonne, or 211,100 contained oz. gold.

This compares with year-end 2007s 692,500 tonnes of 6.59 grams gold, or 146,700 contained oz. gold.

The new reserve estimate doesnt take into account late Octobers good news that mine-site exploration is indicating new mineralization at depth at Seabee.

Claudes latest drilling has cut gold mineralization in eleven holes on the 2C9709 zone, down-dip from known resources at Seabee. True mineralized widths in the zone ranged from 1 to 9 metres.

Among the better intersections were 9 metres grading 15 grams gold per tonne, cut to 8 grams when high assays were limited to 50 grams per tonne, and 3.5 metres grading 83.3 grams gold per tonne, or 31.8 grams per tonne after cutting. Cut grades were mostly between 5 and 20 grams per tonne.

Earlier results on the 2B9714 zone, about 500 metres to the east of the 2C9709 zone, showed mineralized true widths mainly between 2 and 6 metres, with grades mainly in the 6-gram to 12-gram range.

While Claude hasnt yet reported its third-quarter financials, it has stated that third-quarter production totalled 15,091 oz. gold from both Seabee and a satellite deposit named the Santoy 7 project.

The company describes this output as a 35% increase over the 11,200 oz. gold produced on average over the past 20 quarters and a significant improvement over each of the first two quarters of this year, thanks to the contribution from Santoy 7.

Claude has mined 775,000 oz. gold from Seabee since 1991.

The company also wholly owns the Madsen property in Ontarios Red Lake camp, and owns producing oil and natural gas assets in the Prairies.