Claude aims deeper at Seabee (February 03, 2003)

A non-brokered financing deal promises to raise $3.75 million for Claude Resources (CRJ-T).

The placement will consist of 2.5 million shares priced at $1.50 apiece. Attached to the shares are 1.25 million warrants that remain valid for a year after the deal closes and that are exercisable at $1.85 apiece.

Proceeds are earmarked for the Seabee mine in northern Saskatchewan, where the mineshaft is being deepened. The shaft will be sunk another 200 metres, to around 600 metres below surface, so that material from the 500- to 800-metre levels can be hoisted to surface.

In 2002, Claude sold 41,500 oz. gold, or 8,500 oz. less than budgeted. The shortfall reflects unexpectedly low head grades in the first three quarters; however, production climbed over the year, so the 2003 production forecast is set at 52,000 oz.