Seabee production increases

Increased production from the Seabee mine in northern Saskatchewan kept Claude Resources (CRJ-T) in the black during the first half of 1999.

Earnings during the period reached $1.9 million (6 cents per share) on revenue of $14.7 million, compared with a loss of $400,000 (2 cents per share) on revenue of $13.2 million in the first half of 1998.

Seabee’s production totalled 27,900 oz. gold at a cash cost of US$202 per oz., compared with 24,800 oz. at US$184 per oz. a year earlier. Production for the year is expected to reach 60,000 oz.

Although exploration continued, the Masden project near Red Lake, Ont., is not expected to be brought into commercial production this year. Claude purchased a 1.35% net smelter royalty on the Madsen properties; the purchase price was $1.1 million.

Meanwhile, Claude reports having discovered several gold-bearing structures in the Amisk Lake area of Saskatchewan.