Claude Resources (cgr)

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Rifaccio il Thread.
E' un piccolo gruppo minerario candese impegnato nella ricerca e nello sfruttamento dell'oro del gas e del petrolio.
Fondamentali non entusiasmanti anche se in alcuni casi interessanti
Overview of the company
Claude Resources, Inc. is a natural resource exploration company focused on the exploration for and development of gold, oil and gas properties. For the FY ended 12/31/03, revenues increased 26% to C$29.3M. Net income accd to US GAAP before acctg. chg. totaled C$14K vs. a loss of C$3M.Revenues reflect increased gold sales volume and higher realized gold prices, as well as higher averaged realized petroleum prices, and lower G&A expenses.

Earnings (MRQ) 0.00 -84.85%
Earnings (TTM) 0.03 N/A
Earnings growth rate - 5 year N/A N/A


Other per share data. Other per share data $Value
Revenue (TTM) 0.40
Book value (MRQ) 0.58
Cash (MRQ) 0.04
Adesso siamo a ridosso dei minimi
Last close $0.99
52 week high $1.79
52 week low $0.87
Year to date price change (YTD) 41.07%
Change relative to S&P 500 (YTD) 42.54%
Beta N/A


Share related. Share-related Value
Market cap $58 M
Total shares outstanding 58.34 M
Float 53.10 M
Praticamente non ha debiti
Return on Asset (TTM) 4.10 4.71 4.02 6.65
% Return on Asset - 5 Year Avg. -41.37 -0.47 4.01 6.90
% Return on Investment (TTM) 4.54 5.05 5.07 10.36
% Return on Investment - 5 Year Avg. -47.80 -0.72 5.18 11.13
% Return on Equity (TTM) 4.83 4.37 10.84 18.85
% Return on Equity - 5 Year Avg. -31.05 -6.64 10.97 19.27


Share-related table. Share-related CGR Industry Sector S&P
Market Cap N/A 697M 1,217M 21,192M
Beta N/A -0.10 0.85 1.00


Valuation table. Valuation CGR Industry Sector S&P 500
P/E Ratio (TTM) 36.67 34.74 28.60 23.40
P/E High - Last 5 Years N/A N/A 40.11 44.88
P/E Low - Last 5 Years N/A N/A 11.25 16.14
Price to Tangible Book (MRQ) 1.72 N/A N/A N/A
Price to Book (MRQ) 1.72 2.83 3.18 4.20
Price to Sales (TTM) 2.45 6.00 1.60 3.44
Price to Cash Flow (TTM) 9.25 13.59 13.08 17.69
Price to Free Cash Flow (TTM) N/A 23.00 25.89 28.88
% Owned Institutions 16.06 N/A N/A N/A


Profitability table. Profitability CGR Industry Sector S&P 500
% Gross Margin (TTM) 34.11 48.95 26.96 47.59
% Gross Margin - 5 Year Average 29.42 38.78 28.46 47.29
% EBITD Margin (TTM) 27.08 40.82 14.93 20.66
% EBITD Margin - 5 Year Average -24.89 20.78 15.65 20.61
% Operating Margin (TTM) 7.02 24.11 8.93 20.18
% Operating Margin - 5 Year Average -3.34 3.99 9.19 18.25
% Pre-Tax Margin (TTM) 6.68 20.71 6.92 17.57
% Pre-Tax Margin - 5 Year Average -3.29 2.39 7.27 17.46
% Net Profit Margin (TTM) 6.46 17.74 5.64 13.10
% Net Profit Margin - 5 Year Average N/A 1.59 4.94 11.55
% Effective Tax Rate (TTM) 3.22 23.97 25.56 31.10
% Effective Tax Rate - 5 Year Average 3.22 19.37 32.99 34.22
% Return on Equity (TTM) 4.83 4.37 10.84 18.85
% Interest Coverage (TTM) N/A -5.52 5.60 12.10


Financial strength table. Financial strength CGR Industry Sector S&P 500
Quick ratio (MRQ) 1.26 3.60 1.15 1.27
Current ratio (MRQ) 3.60 4.47 1.95 1.78
Long term debt to equity (MRQ) 0.00 0.20 0.92 0.66 ;)
Total debt to equity (MRQ) 0.00 0.24 1.16 0.83 ;)
 
grafico esilarante. Gap down da 35 a....1 :D
 

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mi ricorda il grafico di FAIM;)
 
recentemente hanno trovato ulteriori vene aurifere nelle miniere che stanno sfruttando
Claude Resources Inc. - More Gold Discovered at Porky Lake
E-mail or Print this story

3 June 2004, 10:03am ET

SASKATOON, June 3 /CNW Telbec/ - Claude Resources Inc. is pleased to
announce that its 2004 Porky Lake Main Zone infill and exploration diamond
drill program has produced sufficient intersections to demonstrate the
continuity of the gold-bearing systems. Additionally, drilling of the east
limb of the Porky Lake anticline resulted in the discovery of a third zone on
this host structure, 1.5 kilometres (1 mile) northeast of the Main Zone.
Porky Lake lies three kilometres (2 miles) north of Claude's Seabee mine
in northern Saskatchewan, Canada.
The gold mineralization at Porky Lake is part of a shear-related gold
system hosted by altered mafic metavolcanic rocks and silicified, clastic
metasedimentary rocks. Although hosted by different rock types, both Seabee
and Porky Lake may have been derived from the same mineralized fluids and
share a common deformational history.
Twenty four (24) holes totalling 5,610 metres were drilled on the
metavolcanic-sedimentary contact along the lake's eastern shore. This contact
has a strong coincident induced polarization anomaly and defines the
northeastern limb of the Porky Lake anticline. This phase of the drill program
identified a wide, mineralized corridor (10 to 20 metres) that routinely
returned assays of 1 to 2 grams per tonne (gpt). Within this corridor and
associated with carbonate and chloritic alteration, drilling returned multiple
high-grade sulfide-quartz vein intercepts. This area is referred to as the
Porky Lake East Zone.
Discovery of this new gold zone along the northeastern limb of the Porky
Lake anticline reinforces the geological model of shear-related mineralization
preferentially exploiting planes of weakness associated near a major volcano-
sedimentary contact. This folded contact has been identified along a strike
length of over five kilometres. The coincidence of a strong conductivity,
induced polarization anomaly indicates the host structure and attendant
sulfides are continuous along the closure. The continuity of the gold-bearing
portions of this system is unknown and will be tested by grid drilling,
particularly to depth, during the 2004 and 2005 drill program.

The results of this drilling are summarized in Table One.

<<
Table One
_________________________________________________________________________
_________________________________________________________________________
Hole No. From (m) To (m) Interval (m) Grade (g/t)
_________________________________________________________________________
PG01 116.70 117.05 0.35 20.67
_________________________________________________________________________

_________________________________________________________________________
PG03 102.30 103.15 0.85 3.23
_________________________________________________________________________
PG03 106.50 109.90 3.00 5.94
_________________________________________________________________________

_________________________________________________________________________
PG04 21.10 21.75 0.65 3.07
_________________________________________________________________________

_________________________________________________________________________
PG05 70.85 77.15 6.30 31.87
_________________________________________________________________________
PG05 84.40 89.30 4.90 24.11
_________________________________________________________________________

_________________________________________________________________________
PG06 132.70 132.40 1.50 3.20
_________________________________________________________________________

_________________________________________________________________________
PG07 140.25 141.50 0.95 1.03
_________________________________________________________________________

_________________________________________________________________________
PG09 99.75 100.35 0.60 4.37
_________________________________________________________________________

_________________________________________________________________________
PG10 198.20 199.65 1.45 5.07
_________________________________________________________________________
PG10 274.55 175.70 1.15 4.53
_________________________________________________________________________

_________________________________________________________________________
PG12 20.40 21.95 1.45 3.97
_________________________________________________________________________
PG12 120.20 121.60 1.40 3.33
_________________________________________________________________________

_________________________________________________________________________
PG13 78.40 80.10 1.70 1.76
_________________________________________________________________________
PG13 121.90 123.70 1.80 2.22
_________________________________________________________________________

_________________________________________________________________________
PG14 170.80 174.10 3.30 20.00
_________________________________________________________________________
PG14 197.75 198.55 0.80 6.17
_________________________________________________________________________

_________________________________________________________________________
PG16 37.30 38.70 1.40 1.57
_________________________________________________________________________
PG16 63.10 63.90 0.80 3.80
_________________________________________________________________________

_________________________________________________________________________
PG17 37.90 39.70 1.80 13.22
_________________________________________________________________________
PG17 141.15 142.15 1.00 2.93
_________________________________________________________________________

_________________________________________________________________________
PG18 166.70 168.48 1.75 1.43
_________________________________________________________________________
PG18 196.70 197.70 1.00 1.39
_________________________________________________________________________

_________________________________________________________________________
PG19 81.50 82.65 1.15 3.93
_________________________________________________________________________
>>

- Assays are uncut.

In addition, during the 2004 winter drill season, fourteen (14) infill
holes totalling 1,954 metres were drilled in the Porky Lake Main Zone. This
program was designed to confirm continuity down plunge in the east central
portion of the zone, provide coarse sample pulps for initial metallurgical
testing and provide near surface information for a portal/ramp location.
As indicated by the intersections reported in Table Two the infill
program was successful in confirming continuity of the Main Zone mineralized
system. As expected, widths and grades are variable, with high-grade values
encountered in many of the holes. Drill-intersected widths that approximate
true widths varied from 0.5 to 6.85 metres, averaging 3 metres. Grades varied
from trace to 116.3 gpt.

<<
Table Two
_________________________________________________________________________
_________________________________________________________________________
Hole No. From (m) To (m) Interval (m) Grade (gpt)
_________________________________________________________________________
I25 33.95 40.80 6.85 11.11
_________________________________________________________________________
incl. 39.10 40.80 1.70 38.97
_________________________________________________________________________
I25 73.10 76.20 3.10 6.68
_________________________________________________________________________
I25 95.80 99.40 3.60 17.46
_________________________________________________________________________
incl. 97.85 99.40 0.55 104.90
_________________________________________________________________________

_________________________________________________________________________
I27 188.70 192.10 3.40 4.72
_________________________________________________________________________

_________________________________________________________________________
I28 109.10 110.00 0.90 13.07
_________________________________________________________________________
I28 137.30 140.30 3.00 1.06
_________________________________________________________________________
I28 149.85 151.50 1.65 1.72
_________________________________________________________________________
I28 158.50 159.00 0.50 7.13
_________________________________________________________________________

_________________________________________________________________________
I29 138.25 141.95 3.70 3.21
_________________________________________________________________________
I29 145.15 147.50 2.35 1.37
_________________________________________________________________________
I29 164.65 166.73 2.08 1.46
_________________________________________________________________________
I29 178.90 183.15 4.25 8.80
_________________________________________________________________________
incl. 180.10 180.85 0.75 43.43
_________________________________________________________________________

_________________________________________________________________________
I30 94.10 96.05 1.95 1.26
_________________________________________________________________________

_________________________________________________________________________
I31 39.80 42.80 3.00 1.67
_________________________________________________________________________
I31 60.30 64.77 4.47 8.87
_________________________________________________________________________

_________________________________________________________________________
I32 no significant values
_________________________________________________________________________

_________________________________________________________________________
I33 34.80 40.10 5.30 26.67
_________________________________________________________________________
incl. 35.70 36.90 1.20 116.30
_________________________________________________________________________

_________________________________________________________________________
I34 10.20 13.25 3.05 2.06
_________________________________________________________________________

_________________________________________________________________________
I35 45.60 48.50 2.90 3.06
_________________________________________________________________________
I35 54.60 56.30 1.70 6.07
_________________________________________________________________________
I35 81.60 82.70 1.10 6.73
_________________________________________________________________________

_________________________________________________________________________
I36 60.80 65.80 5.00 12.87
_________________________________________________________________________
incl. 60.80 61.60 0.80 61.77
_________________________________________________________________________

_________________________________________________________________________
I37 14.10 15.10 1.00 12.30
_________________________________________________________________________

_________________________________________________________________________
I38 no significant values
_________________________________________________________________________

_________________________________________________________________________
I39 9.25 13.30 4.05 5.84
_________________________________________________________________________
I39 39.30 42.00 2.70 2.26
_________________________________________________________________________
_________________________________________________________________________
>>

- Assays are uncut.

Initial results of the in-house "bench-scale" metallurgical testing were
extremely encouraging with recovery rates ranging from 87% - 97% depending on
grind and leaching retention time. Further test work is ongoing with duplicate
samples to be sent to an independent processing facility for verification.
Claude's management believes that the Seabee milling capacity can be
doubled to 1,100 metric tonnes per day for less than $2 million (Cdn). This
potential expansion could facilitate processing of Porky Lake ore, should it
prove to be economic.
The Company is currently applying for the necessary permits to take a
10,000 to 15,000 tonne bulk sample from the Porky Lake Main Zone.
One drill will operate for the balance of 2004 on and west of the Main
Zone, including the high-grade West Zone. Further drilling on the East Zone
will have to wait for proper ice conditions. The Porky Lake structure remains
open on strike and at depth.
Core from the Porky Lake drill program was assayed at the Seabee mine.
The pulps from the samples from the infill drill holes were collected for
metallurgical purposes. Philip E. Olson, P.Geo. is the program's qualified
person.
Drill hole locations and intersections in plan view and longitudinal
section (Main Zone) are available on Claude's website at
www.clauderesources.com .
%SEDAR: 00000498E


VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION:
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=21353


/For further information: Philip E. Olson, P.Geo., V.P. Corporate
Development or Neil McMillan, President and CEO, (306) 668-7505, Fascimile:
(306) 668-7500, clauderesources(at)clauderesources.com; Renmark Financial
Communications: Edith English: eenglish(at)renmarkfinancial.com; Neil
Murray-Lyon: nmurraylyon(at)renmarkfinancial.com, (514) 939-3989,
www.renmarkfinancial.com/
 
ecco i risultati del 1 quarter;)
Claude Resources Inc. - First Quarter Report For the Three
Months Ended March 31, 2004

10 May 2004, 7:04pm ET
MONTREAL, May 10 / The bullion market was firm throughout
the first quarter, averaging US $408 per ounce. However, investors seemed to lose enthusiasm for gold shares over this period and most gold companies saw reduced trading volumes and share prices. As forecast in the 2003 mine plan, gold production during the quarter at Claude Resources' Seabee mine was below the life of mine average. The Company remains confident that the 51,000 ounces forecast for 2004 will be achieved. The Company had an active first quarter as exploration efforts in and around the Seabee area saw two drills turning and generating nearly 15,000 metres of drill core. The annual review of Seabee reserves and resources by ACA Howe International was very positive with reserves remaining stable and resources increasing by more than 175,000 ounces. Under the Madsen option agreement, Placer Dome continued phase III drilling on the Treasure Box target at the Madsen, Red Lake project. The Company's balance sheet remains strong, free of long-term debt,
with substantial working capital and adequate cash reserves.
Highlights
Three Three
Months Months
Ended Ended
March 31, March
31,
2004 2003
----------------------------------------------------------------------
---
Revenue ($ millions) 7.6 8.9
----------------------------------------------------------------------
---
Net earnings (loss) ($ millions) (0.4) 0.5
----------------------------------------------------------------------
---
Earnings (loss) per share ($) (0.01) 0.01
----------------------------------------------------------------------
---
Cash provided by operations ($ millions) (x) 1.0 1.6
----------------------------------------------------------------------
---
Cash from operations per share ($) (x) 0.02 0.03
----------------------------------------------------------------------
---
Average realized gold price for the period
(US$/ounce) 412 336
----------------------------------------------------------------------
---
Total cash operating costs per ounce (US$/ounce) 324 272
----------------------------------------------------------------------
---
Working capital ($ millions) 10.6 8.7
----------------------------------------------------------------------
---

(x) before net change in non-cash working capital.
>>

Operations

Gold

For the quarter the mine processed 46,700 tonnes of ore grading 7.11
grams per tonne yielding 9,900 ounces of gold. As expected the lower
production was largely a result of lower grade mill throughput originating
from the 2C5107 stope and from the 162/550 level sill. The lower grade ore
from these headings was partially offset by swell from the 2B6309 stope.
<<
Operating Statistics
Quarter Ended Mar 31, Mar
31,
2004 2003

Tonnes milled 46,700 47,501
Grade processed (g/t) 7.11 8.60
Recovery (%) 94.88%
94.00%
Operating efficiency 99.89%
99.11%
Sales volume 9,900 11,700
>>
Towards the end of the second quarter the mine plan will focus on
accessing stoping blocks on the 550, 650 and 680 metre levels. As a result,
both grade and tonnages are expected to increase in the second half of the
year.
The annual ACA Howe International Limited independent review of Seabee
reserves was finalized at the end of February. The mine's current mineral
reserves total 674,700 tonnes grading 7.48 grams per tonne.
<<
Tonnes Grade Gold
g/tonne Ounces

Proven 187,400 7.72 46,500
Probable 487,300 7.39 115,800
----------------------------------------------------------------------
---
Total Mineable Reserves(1) 674,700 7.48 162,300
Inferred Mineral Resources(2) 1,987,000 8.45 539,800
----------------------------------------------------------------------
---
----------------------------------------------------------------------
---
>>
(1) Mineable reserves and mineral resources at February 29, 2004,
reviewed by ACA Howe International Limited using a long-term gold
price of US $375 per ounce.
(2) Mineral resources, all in the inferred category, stated after
applying historic mining dilution factors.

Largely as a result of increased underground diamond drilling, the
mine's
inferred mineral resources have increased to 1,987,000 tonnes and grade 8.45
grams per tonne. This equates to a gain of 175,900 ounces, or three years of
mill-feed at current production levels.

Oil and Gas

Oil, natural gas liquids (NGLs) and gas operations continue to
positively
impact corporate earnings and cash from operations before net change in non-
cash working capital. Solid production and prices resulted in contributed cash
flows in the first quarter of $.4 million ($0.01 per share) compared to
$1.0 million ($0.02 per share) for the same period in 2003.

Exploration

During the first quarter of 2004, the Company drilled 89 holes
totaling
14,540 metres as the main thrust of its surface exploration program. Five
targets or mineralized trends hosted within the contiguous Seabee area claims
were tested.
One drill was dedicated to infill drilling of the West Porky Main Zone
as
well as following this mineralized structure north to Pigeon Lake around the
Porky Lake anticlinal fold closure. Infill drilling on the main zone returned
widths and grades consistent with those of past programs. A sample for
metallurgical testing is currently being processed.
Another drill was mobilized to the Shane/Munro and Santoy properties
where mineralized trends in the Munro monzonite and metavolcanic rocks north
of Santoy Lake returned spotty gold values. Follow-up drilling in this area
will continue during the summer program.
Early in the new year, Claude successfully consummated an earn-in
option
agreement on Pioneer Metals' Nokomis property. By committing to a combination
of work and cash payments, the Company can earn a 50% working interest in this
gold property located near Sherridon, Manitoba. Upon signing the option
agreement, Claude gridded the property and performed a geophysical survey over
the zone of known mineralization. The Company then initiated a 2,000 metre
diamond drill program to assess and extend the property's known mineral
resource. Unsafe ice conditions forced an early demobilization of the drill.
The program has been deferred until this summer.
Elsewhere in Manitoba, the Company has applied for permits to dewater
the
Tartan Lake mine near Flin Flon to facilitate a 4,500 metre underground
delineation drill program of a largely untested structure to the west of the
mine.
During the quarter, Placer Dome delivered its 2003 year-end report for
the Madsen property in the Red Lake camp of northwestern Ontario. In 2003,
Placer drilled 28,647 metres in 48 holes outlining a 25 metre to 50 metre wide
quartz-tourmaline vein swarm that returned numerous high grade assays over
narrow widths. A twelve hole follow-up infill drill program was completed on
this zone (the "Treasure Box") in the first quarter. Results are pending.

Financial

For the three months ended March 31, 2004, the Company recorded a net
loss of $.4 million, or $0.01 per share, compared to restated earnings due to
changes in accounting policies of $.5 million, or $0.01 per share, in 2003.

Revenues

Total revenue generated for the quarter was $7.6 million, 15% lower
than
the $8.9 million reported for the same period in 2003.
The Seabee mine contributed $5.4 million to revenue for the first
quarter
of this year compared to $5.9 million for the same period last year. Gold
sales volume fell 15% from 11,700 ounces in 2003 to 9,900 ounces this quarter.
As expected, a large part of the mill throughput for the quarter originated
from the lower grade 2C5106 and 2C5107 stopes, resulting in lower sales
volumes. The decline in gold sales was partially offset by the increase in
average gold prices realized for this period: 2004 - CDN $543, (US $412);
2003 - CDN $507, (US $336). Further, based on assumptions comparable to first
quarter 2003 actual foreign exchange levels, first quarter 2004 revenue would
have increased an additional $.8 million, or $0.01 per share.
Gross oil, NGLs and gas revenue totaled $2.3 million for the first
three
months of 2004 compared to $3.0 million recorded in 2003. This decrease was
due largely to normal gas production decline rates combined with a decline in
oil and gas Canadian dollar prices realized per barrel and MCF, respectively.

Expenditures

Total mine operating costs fell 13% from $4.8 million in 2003 to
$4.2 million this quarter. Much of this decline was due to savings
commensurate with the shaft extension, but was partially reduced by repairs
and maintenance required on underground mining equipment. The improved
operating costs were offset by lower sales volume during the period and
resulted in a 19% increase in total cash operating costs per ounce:
2004 -US $324; 2003 - US $272. The strengthening Canadian dollar was
responsible for US $43 of this quarter's comparable total cash cost per ounce.
The Company reports its operating, depreciation and depletion costs on
a
per ounce basis, based on uniform standards developed by the Gold Institute.
Management uses this measure to analyze the profitability, compared to average
realized gold prices, of the Seabee mine. Investors are cautioned that the
above measures may not be comparable to similarly titled measures of other
companies, should these companies not follow Gold Institute standards.
Oil and gas operating costs remained relatively the same period over
period. General and administrative costs increased 37% largely due to a
combination of increased administration charges with respect to the American
Stock Exchange (AMEX) listing and added emphasis on investor relations
spending. Interest and other costs and the provision for income taxes both
decreased slightly.
Depreciation and depletion of the Company's gold assets was $1.3
million
for the three months ended March 31, 2004 compared to a restated $1.0 million
for the same period in 2003. Depreciation and depletion cost per ounce for the
period were US $100 compared to US $56 for the first quarter of 2003. The
decline was a combination of lower sales volume, an increased asset base
offset by a constant reserve base and the strengthening Canadian dollar.

Liquidity & Financial Resources

Cash flow from operations before net changes in non-cash working
capital
items was $1.0 million in 2004, or $0.02 per share, compared to a restated
$1.6 million, or $0.03 per share, in the first quarter of 2003.
Capital expenditures related to mineral properties fell from $4.8
million
in the first quarter of 2003 to $4.0 million in this quarter. This year's
balance reflects $2.3 million in Seabee mine development expenditures
(2003 - $1.2 million); exploration expenditures of $1.4 million (2003 -
$.8 million); and $.4 million (2003 - $2.8 million) in mine, plant and
equipment costs. The 2003 increase of $2.8 million in property and plant was
largely comprised of shaft extension and tailings upgrade projects. Capital
expenditures related to oil and gas properties increased from $.1 million in
2003 to $.4 million this quarter. This was due largely to drilling costs
incurred on the Nipisi property.
Financing activities during the quarter included the exercise of
1,138,450 common share warrants for gross proceeds of $2.1 million pursuant to
a January, 2003 private placement.
At March 31, 2004, the Company had $10.6 million in working capital, a
decrease of $1.3 million from the year ended December 31, 2003. This amount
was due to a combination of lower contribution margin from our oil and gas
properties and capital expenditures financed from operating cash flows offset
by warrant exercise proceeds.

Outlook

Seabee mine

The Company's production and cost forecasts remain unchanged. For
2004,
production is estimated to be 51,000 ounces. With second quarter sales volume
projected to be similar or slightly better than first quarter results, sales
volume for the last half of 2004 is expected to be approximately 30,000
ounces.
Mine operating costs in 2004 are expected to return to historic levels
of
$16 to $16.5 million, with total cash costs forecast between US $240 and
US $245 per ounce.
Capital expenditures remain as forecast, with development costs
between
$5.0 million and $6.0 million and plant and equipment costs below
$1.5 million.

Oil and Gas

The Company's oil and gas contribution margin forecast also remains unchanged. Oil and NGLs sales volumes are expected to be equal to or better than 2003, a result of the investment in drilling at the Nipisi Unit. Gas production is expected to fall by normal production declines of 8% to 10%. Operating costs are expected to remain at $1.2 million to $1.4 million. Capital expenditures remain forecast at $1.8 million.
Derivatives, Instruments and Hedging Activities
To mitigate the effects of price fluctuations on revenues, the Company undertakes hedging transactions, from time to time, in respect of foreign exchange rates and the price of gold.
At March 31, 2004, Claude had outstanding forward gold contracts
related
to 2004 production of 4,500 ounces, at an average price of US $418 per ounce. The market value loss inherent in these contracts was US $24,000. At March 31, 2004, the Company had outstanding foreign exchange contracts to sell US $11 million, at an average exchange rate of CDN$/US$ 1.3375. The market value
gain inherent in these contracts was US $227,000.


<<
Consolidated Balance Sheets
(Canadian Dollars in Thousands)

March 31 December
31
2004 2003
(restated
- Note
2)
Assets
Current assets:
Cash $ 2,479 $ 3,259
Receivables 2,482 2,512
Inventories 8,280 3,801
Shrinkage stope platform costs (Note 3) 6,078 6,678
Prepaids 290 259
----------------------------------------------------------------------
---
19,609 16,509

Oil and gas properties 4,995 4,766
Mineral properties 29,711 26,932
Investments 1,636 1,660
Deposits for reclamation costs 1,950 1,950
----------------------------------------------------------------------
---
$ 57,901 $ 51,817
----------------------------------------------------------------------
---
----------------------------------------------------------------------
---


Liabilities and Shareholders' Equity
Current liabilities:
Payables and accrued liabilities $ 8,913 $ 4,565
Current portion of obligations under
capital lease 55 54
----------------------------------------------------------------------
---
8,968 4,619

Obligations under capital lease 43 59
Asset retirement obligations 1,935 1,903

Shareholders' equity:
Share capital (Note 4) 41,018 38,848
Contributed Surplus 203 226
Retained earnings 5,734 6,162
----------------------------------------------------------------------
---
46,955 45,236
----------------------------------------------------------------------
---


$ 57,901 $ 51,817
----------------------------------------------------------------------
Consolidated Statements of Earnings (Loss)
(Canadian Dollars in Thousands)

Three Months
Ended
March 31
2004 2003
(restated
- Note
2)
Revenues
Gold $ 5,358 $ 5,920
Oil and gas:
Gross revenue 2,286 3,013
Crown royalties (580)
(604)
Alberta Royalty Tax Credit 67 150
Overriding royalties (1,097)
(1,246)
----------------------------------------------------------------------
--- Net oil and gas revenue 676 1,313
----------------------------------------------------------------------
---
6,034 7,233
Expenses
Gold 4,216 4,798
Oil and gas 283 306
General and administrative 563 412
Interest and other (73) 46
Provision for income taxes 14 29
----------------------------------------------------------------------
---
5,003 5,591

Earnings before the undernoted items 1,031 1,642
Depreciation, depletion and accretion:
Gold 1,302 1,006
Oil and gas 157 112
----------------------------------------------------------------------
---

Net earnings (loss) $ (428) $ 524
----------------------------------------------------------------------

Net earnings (loss) per share
Basic and diluted $ (0.01) $ 0.01
--------- ---------
---

Weighted average number of shares
outstanding (000's) 59,118 51,300


Consolidated Statements of Retained Earnings
(Canadian Dollars in Thousands)

Three Months
Ended
March 31
2004 2003
(restated
- Note
2)

Retained earnings, beginning of year
As previously reported $ 6,560 $ 3,672
Effect of change in accounting
policies (Note 2) (398) 691
----------------------------------------------------------------------
---
As restated 6,162 4,363
Net earnings (loss) (428) 524
----------------------------------------------------------------------
---
Retained earnings, end of period $ 5,734 $ 4,887
----------------------------------------------------------------------

Consolidated Statements of Cash Flows
(Canadian Dollars in Thousands)

Three Months
Ended
March 31
2004 2003
(restated
- Note
2)

Cash provided from (used in):

Operations:
Net earnings (loss) $ (428) $ 524
Non cash items:
Depreciation, depletion and accretion 1,459 1,118

Net change in non-cash working capital:
Receivables 30
(1,641)
Inventories (4,479)
(4,312)
Shrinkage stope platform costs 600 628
Prepaids (31) 45
Payables and accrued liabilities 4,348 5,597
----------------------------------------------------------------------
Cash from operations 1,499 1,959

Investing:
Mineral properties (4,033)
(4,788)
Oil and gas properties (376)
(149)
Increase in reclamation costs -
(30)
----------------------------------------------------------------------
(4,409)
(4,967)
Financing:
Issue of common shares, net of issue costs 2,145 3,754
Demand loan repayment -
(83)
Capital lease repayment (15)
(19)
----------------------------------------------------------------------
---
2,130 3,652

Increase (decrease) in cash position (780) 644

Cash position, beginning of period 3,259
(1,628)
Cash position, end of period $ 2,479 $
(984)
 
Notes to Consolidated Financial Statements

Note 1 - General

The accompanying unaudited consolidated financial statements should be
read in conjunction with the notes to the Company's audited consolidated
financial statements for the year ended December 31, 2003. The unaudited
financial statements include the financial statements of the Company and its
subsidiary.
The unaudited interim consolidated financial statements reflect all
normal and recurring adjustments which are, in the opinion of management,
necessary for a fair presentation of the respective interim periods presented.

Note 2 - Change in Accounting Policies

Stock-Based Compensation

Effective January 1, 2004, the Company adopted the revised Handbook
Section 3870, "Stock-based Compensation and other Stock-based Payments". This
section requires that a fair-value based method of accounting be applied for
all stock-based compensation plans. The Company has adopted the fair-value
method of accounting for employee stock options and other stock-based payments
with retroactive restatement to January 1, 2002. The cumulative effect of the
change in policy on the balance sheet at March 31, 2003, was to increase
contributed surplus by $163,000, increase share capital by $141,000 and
decrease opening retained earnings by $304,000. The effect of the change in
policy on the statement of earnings for the three months ended March 31, 2003
was a reduction in earnings of $13,000.

Asset Retirement Obligations

Effective January 1, 2003, the Company adopted the Handbook Section
3110,
"Asset Retirement Obligations". This standard addresses the fair value of the
Company's legal obligations associated with the retirement of tangible long-
lived assets resulting from the normal operation of those assets. The
cumulative effect of the change in policy on the balance sheet at March 31,
2003, was to increase mineral properties by $122,000, decrease future asset
retirement obligations by $859,000 and increase opening retained earnings by
$995,000. The effect of the change in policy on the statement of earnings for
the three months ended March 31, 2003 was a reduction in earnings of $14,000.

Note 3 - Shrinkage Stope Platform Costs

Shrinkage stope platform costs represent ore that is being used as a
working stage, within the stope, to gain access to further ore. This ore is
expected to be processed in the following 12 months. The processing of this
broken ore occurs in accordance with a mine plan based on the known mineral
reserves and current mill capacity. The timing of processing of ore has not
been significantly affected by historic prices of gold.

Note 4 - Share Capital

At March 31, 2004 there were 59,541,674 common shares outstanding.
Options in respect of 2,425,000 common shares are outstanding under
the
stock option plan. These options have exercise prices ranging from $.53 to
$3.05 with expiration dates between April, 2006 and November, 2012.
On December 22, 2003, the Company completed a private placement of
2,500,000 units, each unit consisting of one common share and one half of one
common share purchase warrant, at a price of $2.00, for gross proceeds of
$5,000,000. Each whole purchase warrant will entitle the holder, upon exercise
at any time up to and including June 23, 2005, and upon payment of $2.50, to
subscribe for one common share. In partial consideration for the services
provided to the Company in connection with the private placement, the
Underwriters were issued 150,000 common share purchase warrants each of which
will entitle the holder, upon exercise at any time up to and including
December 23, 2004 and upon payment of $2.10, to subscribe for one common
share. At March 31, 2004, there were 1,400,000 warrants outstanding.

Note 5 - Comparative Figures
 
prova a ripartire +7%. Parecchio lontana dai massimi. ;)
 
la situazione della socieà è migliorata, perchè partecipa al rialzo degli altri titoli del settore. Ieri 1,04 oggi 1,12. Magari lo rifà;)
 
Claude Resources Inc. - Second quarter report For the Six Months Ended June 30, 2004
6 August 2004, 7:22pm ET

SASKATOON, SASKATCHEWAN, Aug. 6 /CNW Telbec/ - Gold bullion prices
remained stagnant trading in the US $380-$410 per ounce range throughout the
second quarter of 2004. As a result, gold equity prices experienced weakness,
particularly in the junior producer sector, which endured lower prices
throughout the quarter.
The Company's gold production strengthened during the quarter, although
gold production was still below budget at 10,900 ounces. The Company expects
gold production will continue to improve in the second half of 2004.
Increased oil and natural gas liquids (NGLs) production, a result of
infill drilling, was offset by normal natural gas production declines.
Petroleum revenue during the half was further affected by the stronger
Canadian versus American dollar.
Claude Resources was very active on the exploration front during the
quarter, with three drills operating in the Seabee area and work beginning on
an exploration program at Claude's Tartan Lake property near Flin Flon,
Manitoba. Continued exploration success in the Seabee area may lead to a
material increase in production at the Seabee mill over the next 12-24 months.
The Company continues to wait for the balance of first half exploration
results from Placer Dome's work on Claude's Madsen, Red Lake project in
Ontario, Canada.

<<

Financial Highlights

Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2004 2003 2004 2003
-------------------------------------------------------------------------
Revenue ($ millions) 8.1 8.8 15.7 17.7
-------------------------------------------------------------------------
Net earnings (loss)
($ millions) (.1) .1 (.5) .6
-------------------------------------------------------------------------
Earnings (loss)
per share ($) 0.00 0.00 (0.01) 0.01
-------------------------------------------------------------------------
Cash from operations
($ millions)(x) 1.1 1.4 2.1 3.0
-------------------------------------------------------------------------
Cash from operations
per share ($)(x) .02 .03 .04 .06
-------------------------------------------------------------------------
Average realized gold
price for the period
(US$/ounce) 389 344 400 339
-------------------------------------------------------------------------
Total cash operating costs
(US$/ounce) 295 266 309 269
-------------------------------------------------------------------------
Working capital ($ millions) 7.5 10.1 7.5 10.1
-------------------------------------------------------------------------
(x) before net change in non-cash working capital
>>

Operations

Gold

For the first half of 2004, the mine processed 94,125 tonnes of ore
grading 7.26 grams per tonne yielding 20,800 ounces of gold. This compares to
96,618 tonnes of ore processed grading 8.24 grams per tonne yielding
24,100 ounces of gold for the similar period in 2003. As expected, the reduced
production was a result of lower grade mill throughput originating from
development ore on the 162/550 level sill and 2B6514 sill, offset by higher
grade ore from the 2B6309 stope.

<<
Operating Statistics Three Months Ended Six Months Ended
June 30 June 30
2004 2003 2004 2003

Tonnes Milled 47,453 49,118 94,125 96,618
Grade Processed (g/t) 7.41 7.89 7.26 8.24
Recovery (%) 95.17% 95.26% 95.01% 94.66%
Operating Efficiency 98.06% 99.47% 98.98% 99.29%
Sales Volume 10,910 12,463 20,781 24,141

>>


During the third quarter, the mine plan will focus on completing the
162/550 and 2B6514 stopes while developing stoping blocks on the 570 and 680
metre levels. The increased number of work areas and corresponding increase
in availability of tonnage is expected to result in improved operating results
for the fourth quarter.

Oil and Gas

Oil, NGLs and gas operations continue to positively impact Company
earnings and cash from operations before net change in non-cash working
capital. Solid production and prices resulted in contributed cash flows for
the first six months of 2004 of $.7 million ($0.01 per share), compared to
$1.5 million ($0.03 per share) for the same period in 2003. Extensive drilling
at the Nipisi Unit is expected to increase oil and NGLs reserves while
maintaining current production.

Exploration

During the second quarter of 2004, the Company remained active on the
exploration front. Three drills were working in the Seabee mine area: at Porky
Lake, 2 kilometres northeast of the mine and in the Santoy Lake area 15
kilometres southeast.
Work at Porky Lake consisted of infill drilling of the Porky Main Zone to
upgrade confidence levels and to determine the continuity of the zone in
preparation for an underground bulk sampling program.
Drilling also took place on a new discovery called the Porky West Zone
(GAS Zone), which is 1.2 kilometres on strike to the west of the Porky Main
Zone. Drilling returned excellent results that defined a 350 metre long,
1.5 to 5 metre wide gold bearing zone in the silicified feldspathic arenite,
similar to the Porky Main Zone in mineralization style. The downward and
strike extension of the GAS zone will be further tested during the next drill
program.
Two drills were working on the Santoy Lake 7 and 8 zones east of the
Seabee mine. This was a follow-up to the 2003 prospecting program in which
sampling along a 4 kilometre corridor returned encouraging gold values. This
program is currently underway and results will be released when completed.
Elsewhere in Saskatchewan, an all-weather access trail is being
constructed to Claude's Jojay gold property north of Otter Lake. This trail
will be a continuation of the all-weather road that accesses the Jolu mine
from Highway No 102.
The Jojay gold property hosts a resource of approximately 300,000 tonnes
at a grade of 9 grams of gold per tonne. Geophysical and ground sampling in
the deposit area indicate great potential to expand its dimensions by further
exploration. The new access trail enhances accessibility and will enable the
Company to expeditiously carry out its future programs.
At the Tartan Lake mine near Flin Flon, Manitoba, permits have been
received and dewatering of the mine workings and site restoration is underway.
This will facilitate a 4,500 metre underground drill program to test a largely
untested structure to the west of existing mine workings.
At Claude's Madsen property in Red Lake, Ontario, final results are
pending from Placer Dome's drill program on the Treasure Box zone completed in
the second quarter of 2004. Over 1,650 assays remain to be processed and
Claude will report these results as soon as they are received. Placer has
identified numerous exploration targets in addition to the Treasure Box and is
currently prioritizing these targets for further exploration.

Financial

Three Months

For the three months ended June 30, 2004, the Company recorded a net loss
of $96,000 ($0.00 per share) compared to restated net earnings due to changes
in accounting policies of $79,000 ($0.00 per share) for the same period in
2003. Cash flow from operations before net changes in non-cash working capital
items was $1.1 million ($0.02 per share) in the second quarter, compared to
$1.4 million ($0.03 per share) in the similar period of 2003.
Total revenue generated for the quarter was $8.1 million, 8% lower than
revenue generated in the second quarter of 2003. The Seabee mine contributed
$5.8 million to revenue for the second quarter of 2004 compared to $6.0
million for the same period last year. Gold sales volume for the period
declined 13% from 12,500 ounces in 2003 to 10,900 ounces in 2004. The
reduction in sales volume was largely offset by the improvement in average
gold prices per ounce realized for the period: Q204 - US $389 (CDN $529);
Q203 - US $344 (CDN $481). The 18% decrease in oil, NGLs and gas revenue was
due to the normal production decline of our gas wells, combined with lower
average realized petroleum prices due to Canadian dollar strengthening.
Due largely to the commissioning of the shaft extension, total mine
operating costs fell 4% from $4.6 million in the second quarter of 2003 to
$4.4 million this period. The improved operating costs were offset by lower
sales volume and an appreciating Canadian dollar for the period, which
resulted in an 11% increase in cash operating costs per ounce (1): Q204 - US
$295; Q203 - US $266.
The 64% increase in operating costs at the Company's oil and gas
properties, period over period, was a result of a repairs and maintenance
charges incurred at the Nipisi Unit and Edson Gas Plant.

(1) The Company reports its operating, depreciation and depletion costs
on a per ounce basis, based on uniform standards developed by the
Gold Institute. Management uses this measure to analyze the
profitability, compared to average realized gold prices, of the
Seabee mine. Investors are cautioned that the above measures may not
be comparable to similarly titled measures of other companies, should
these companies not follow Gold Institute standards.

Year to Date

For the six months ended June 30, 2004, the Company recorded a net loss
of $.5 million ($0.01 per share) compared to restated earnings of $.6 million
($0.01 per share) for the same period in 2003.

Revenue

Total revenue generated for the first half of 2004 was $15.7 million,
11% lower than the $17.7 million reported for the same period in 2003. The
Seabee mine contributed $11.1 million in the first half compared to $11.9
million for the first half of 2003. As expected, gold sales volume for the
first two quarters of 2004 fell 14%, from 24,100 ounces in 2003 to 20,800 this
period. Mill throughput continues to originate primarily from the lower grade
development and sill ore on the 500 and 600 metre levels, resulting in the
lower sales volume.
The decline in gold sales was partially offset by the improvement in
average gold prices realized for the period: 2004 - CDN $536 (US $400); 2003 -
CDN $493 (US $339). Despite the improvement, gold sales continue to be
negatively influenced by the appreciating Canadian dollar. Based on
assumptions comparable to first half 2003 actual exchange levels, first half
2004 revenue would have increased an additional $1.0 million, or $0.02 per
share.
Gross oil, NGLs and gas revenue totalled $4.6 million, 21% lower than the
$5.8 million generated for the first half of 2003. This was largely due to
normal production declines of gas wells as well as a weakening in petroleum
prices due to the strengthening Canadian dollar.

Expenditures

Total mine operating costs fell 9% from $9.4 million in 2003 to
$8.6 million this half. These results continue to reflect the benefits of the
extension of the mine shaft commissioned towards the end of 2003. The lower
sales volume during the half contributed to a 15% increase in total cash
operating costs per ounce: 2004 - US $309; 2003 - US $269. The strengthening
Canadian dollar resulted in a US $25 increase in the half's cash operating
cost per ounce figure.
Oil, NGLs and gas operating costs rose 17% from $.6 million in the first
half of 2003 to $.7 million in the same period of 2004. This was a result of a
repairs and maintenance charges at the Nipisi Unit and Edson Gas Plant.
General and administrative costs increased 25% largely due to increased
costs associated with the Company's American Stock Exchange (AMEX) listing and
added emphasis on investor relations. Interest and other costs and the
provision for income taxes remained relatively unchanged.
Depreciation and depletion of the Company's gold assets increased 5% from
$2.2 million for the first half of 2003 to $2.3 million this period. This was
due to a combination of an increased asset base offset by a constant reserve
base and lower tonnes broken in the period. Depreciation and depletion costs
per ounce for the period increased to US $83 from US $62 in 2003, the result
of a combination of lower sales volume and the strong Canadian dollar.

Liquidity and Financial Resources

Cash flow from operations before net changes in non-cash working capital
items was $2.1 million ($0.04 per share) for the first half of 2004, compared
to a restated $3.0 million ($0.06 per share) for the similar period of 2003.
Capital expenditures on mineral properties in the first six months of
2004 amounted to $7.7 million, a 3% increase over the $7.5 million incurred in
the first half of 2003. This half's balance reflects $4.7 million in Seabee
mine development expenditures (2003 - $2.6 million); exploration expenditures
of $2.4 million (2003 - $1.0 million); and $.5 million in property and plant
expenditures (2003 - $4.0 million. The 2003 property and plant expenditures
relate to the shaft extension and tailings upgrade project.) Capital
expenditures related to oil and gas properties increased from $.4 million in
2003 to $.9 million this half. This was due to drilling costs on the Nipisi
Unit and plant expenditures at Edson.
Financing activities during the half included the exercise of 1,138,450
common share warrants for gross proceeds of $2.1 million pursuant to a January
2003 private placement.
At June 30, 2004, the Company had $7.5 million in working capital, a
$4.4 million decrease from the year ended December 31, 2003. This was due to
declining earnings from oil and gas properties and capital expenditures
financed from operating cash flows.
 
Outlook

Seabee Mine

The increased time required to develop the larger stopes in or near
production has delayed access to the ore that was expected to improve
operating results starting in the third quarter. These stopes will not be
available for free pull until the fourth quarter of 2004, resulting in third
quarter production levels similar to those in the first two quarters of this
year. As a result, production forecast for the Seabee mine is expected to
range between 44,000 and 48,000 ounces.
Mine operating costs in 2004 should still return to historic levels of
approximately $16.5 million. Total cash operating costs per ounce will rise to
US $275, a combination of sales volume decline and Canadian dollar
appreciation.
Development costs at the Seabee mine have been revised upward to reflect
current near term requirements. Development costs are expected to be between
$6.5 million and $7.0 million.

Oil and Gas

The Company's oil and gas contribution margin forecast remains unchanged.
Oil and NGLs sales volumes are expected to be equal or better than 2003, a
result of the investment in drilling at the Nipisi Unit. Gas production is
expected to fall by normal production declines of 8% to 10%. Operating costs
are expected to remain at $1.2 million to $1.4 million. Capital expenditures
remain forecast at $1.8 million.

Derivative Instruments and Hedging Activities

To mitigate effects of price fluctuations on revenue, the Company may
undertake hedging transactions from time to time, in respect of foreign
exchange rates and the price of gold.
At June 30, 2004, the Company had no outstanding forward gold contracts
and had outstanding foreign exchange contracts to sell US $10 million at an
average CDN/US dollar exchange rate of 1.3507, with a market value gain
inherent in these contracts of US $.1 million.

Auditors

This management report and the accompanying financial statements for the
six month period ended June 30, 2004 have not been reviewed by our external
auditors.

Caution Regarding Forward-Looking Information

Some of the statements contained in this report are forward-looking
statements, such as estimates and statements that describe the Company's
future plans, objectives or goals. This includes words to the effect that
the Company or management expects a stated condition or result to occur.
Since forward-looking statements address future events and conditions, by
their very nature they involve inherent risks and uncertainties. Actual
results in each case could differ materially from those currently
anticipated in such statements.


<<
Consolidated Balance Sheets
(Canadian Dollars in Thousands)

June 30 December 31
2004 2003
--------- ------------
Assets
Current assets:
Cash $ - $ 3,259
Receivables 2,780 2,512
Inventories 7,761 3,801
Shrinkage stope platform costs (Note 3) 5,740 6,678
Prepaids 229 259
-------------------------------------------------------------------------
16,510 16,509

Oil and gas properties 5,373 4,766
Mineral properties 32,359 26,932
Investments (Note 4) 1,636 1,660
Deposits for reclamation costs 1,990 1,950
-------------------------------------------------------------------------

$ 57,868 $ 51,817
-------------------------------------------------------------------------
-------------------------------------------------------------------------



Liabilities and Shareholders' Equity
Current liabilities:
Bank indebtedness $ 2,207 $ -
Payables and accrued liabilities 6,747 4,565
Current portion of obligations
under capital lease 56 54
-------------------------------------------------------------------------
9,010 4,619

Obligations under capital lease 28 59
Asset retirement obligations 1,969 1,903

Shareholders' equity:
Share capital (Note 5) 41,015 38,848
Contributed surplus 208 226
Retained earnings 5,638 6,162
-------------------------------------------------------------------------
46,861 45,236
-------------------------------------------------------------------------

$ 57,868 $ 51,817
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Consolidated Statements of Earnings (Loss)
(Canadian Dollars in Thousands)

Three Months Ended Six Months Ended
June 30 June 30
2004 2003 2004 2003
(restated- (restated-
Note 2) Note 2)


Revenues
Gold $ 5,771 $ 5,989 $ 11,129 $ 11,909
Oil and gas:
Gross revenue 2,334 2,782 4,620 5,795
Crown royalties (588) (1,033) (1,168) (1,637)
Alberta Royalty
Tax Credit 125 139 192 289
Overriding royalties (1,093) (1,094) (2,190) (2,340)
-------------------------------------------------------------------------
Net oil and gas revenue 778 794 1,454 2,107
-------------------------------------------------------------------------
6,549 6,783 12,583 14,016
Expenses
Gold 4,372 4,630 8,588 9,428
Oil and gas 447 272 730 578
General and administrative 609 522 1,172 934
Interest and other 2 (60) (71) (14)
Provision for
income taxes 39 12 53 41
-------------------------------------------------------------------------
5,469 5,376 10,472 10,967
-------------------------------------------------------------------------

Earnings before the
undernoted items 1,080 1,407 2,111 3,049
Depreciation, depletion
and accretion:
Gold 1,017 1,211 2,319 2,217
Oil and gas 159 117 316 229
-------------------------------------------------------------------------

Net earnings (loss) $ (96) $ 79 $ (524) $ 603
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Net earnings (loss) per share
Basic and diluted $ 0.00 $ 0.00 $ (0.01) $ 0.01
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Weighted average
number of shares
outstanding (000's) 59,542 53,614 59,330 52,693
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Consolidated Statements of Cash Flows
(Canadian Dollars in Thousands)

Three Months Ended Six Months Ended
June 30 June 30
2004 2003 2004 2003
(restated- (restated-
Note 2) Note 2)


Cash provided from (used in):

Operations:
Net earnings (loss) $ (96) $ 79 $ (524) $ 603
Non cash items:
Depreciation,
depletion and
accretion 1,176 1,328 2,635 2,446


Net change in non-cash
working capital:
Receivables (298) 2,719 (268) 1,078
Inventories 519 1,327 (3,960) (2,985)
Shrinkage stope
platform costs 338 (857) 938 (229)
Prepaids 61 (135) 30 (90)
Payables and
accrued liabilities (2,166) (4,043) 2,182 1,554
-------------------------------------------------------------------------
Cash from operations (466) 418 1,033 2,377

Investing:
Mineral properties (3,634) (2,701) (7,667) (7,489)
Oil and gas properties (536) (271) (912) (420)
Increase in
reclamation deposits (40) - (40) (30)
-------------------------------------------------------------------------
(4,210) (2,972) (8,619) (7,939)
Financing:
Issue of common shares,
net of issue costs 4 3,022 2,149 6,776
Demand loan repayment - (27) - (110)
Capital lease repayment (14) (11) (29) (30)
-------------------------------------------------------------------------
(10) 2,984 2,120 6,636

Increase (decrease) in
cash position (4,686) 430 (5,466) 1,074
Cash position,
beginning of period 2,479 (984) 3,259 (1,628)
-------------------------------------------------------------------------
Cash position,
end of period $ (2,207) $ (554) $ (2,207) $ (554)
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Consolidated Statements of Retained Earnings
(Canadian Dollars in Thousands)

Three Months Ended Six Months Ended
June 30 June 30
2004 2003 2004 2003
(restated- (restated-
Note 2) Note 2)


Retained earnings,
beginning of period
As previously reported $ 5,734 $ 4,887 $ 6,162 $ 3,672
Effect of change in
accounting
policies (Note 2) - - - 691
-------------------------------------------------------------------------
As restated 5,734 4,887 6,162 4,363
Net earnings (loss) (96) 79 (524) 603
-------------------------------------------------------------------------
Retained earnings,
end of period $ 5,638 $ 4,966 $ 5,638 $ 4,966
-------------------------------------------------------------------------
-------------------------------------------------------------------------

>>

Notes to Consolidated Financial Statements

Note 1 - General

The accompanying unaudited consolidated financial statements should be
read in conjunction with the notes to the Company's audited consolidated
financial statements for the year ended December 31, 2003. The unaudited
financial statements include the financial statements of the Company and its
subsidiary.
The unaudited interim consolidated financial statements reflect all
normal and recurring adjustments which are, in the opinion of management,
necessary for a fair presentation of the respective interim periods presented.

Note 2 - Change in Accounting Policy

Stock-Based Compensation

Effective January 1, 2004, the Company adopted the new Handbook Section
3870, "Stock-based Compensation and other Stock-based Payments". This section
requires that a fair-value based method of accounting be applied for all stock-
based compensation plans. The Company has adopted the fair-value method of
 
pare voglia testare 0,95
 

Allegati

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l'8 dicembre porta bene al titolo. Messa a punto fondi per Raddoppio capacità estrattiva oro;)
Claude Resources to Double Capacity of Seabee Gold Mill
8 December 2004, 5:00pm ET

MONTREAL, Dec. 8 /CNW Telbec/ - Claude Resources' Board of Directors has
approved the capital expenditure necessary to double the throughput of the
Seabee mill from its current rate of 550 tonnes per day to 1100 tonnes per
day. Producing 45,000 to 50,000 ounces of gold annually, the Seabee mine and
mill are located in north central Saskatchewan (Canada), approximately
125 kilometres northeast of La Ronge. Delineated gold-bearing structures at
Porky Lake and the recently announced discovery at Santoy Lake are both within
trucking distance of the Seabee mill. The cost to double the mill capacity is
expected to be less than $2 million Cdn.
Since the discovery of Porky Lake was announced in May of 2002, Claude
has successfully outlined three gold-bearing zones that have been drilled with
a pattern density sufficient to support a mineral resource estimation.
Preliminary sectional method estimates for the West Zone based on 50-metre
centre drilling, a cut-off grade of 3.0 grams per tonne (gpt) and a 30 gpt
cutting factor, total 90,000 tonnes grading 7.33 grams per tonne (gpt) in the
indicated mineral resource category. This zone has an additional
130,000 tonnes grading 5.00 gpt in the inferred mineral resource category and
the zone is open to depth and along strike. A 6.8 kilometre all-weather road
has been constructed between the Porky Lake West Zone and the Seabee mill.
Permitting for a bulk sample is expected within the next two months.
In addition to the Porky Lake West Zone, a number of mineralized
structures have been identified at the Porky Lake Main Zone. A resource
estimation has identified 160,000 tonnes grading 7.50 gpt in the Indicated
Mineral Resource category with an additional 70,000 tonnes grading 10.43 gpt
in the Inferred category. This resource estimation was done using the
sectional method, with a 3.0 gpt cut-off grade and a 42.5 gpt cutting factor.
Like the West Zone, the Main Zone is open to depth and only loosely
constrained laterally. Additional infill drilling has been proposed for this
zone.
In the Santoy Lake area, the Company recently announced the discovery of
gold-bearing mineralization over a strike length of four kilometres.
Delineation of this structure is still in the early stages, but focused
drilling of selected portions has proven adequate for a preliminary resource
estimation, again by the sectional method using a 3.0 gpt cut-off grade and a
30.0 gpt cutting factor. The northeast end or 7 Zone has an indicated mineral
resource of 190,000 tonnes grading 8.42 gpt. An additional 10,000 tonnes
grading 10.0 gpt has been estimated in the inferred mineral resource category.
Permit applications for an all-weather access road and bulk sample have been
submitted to the various regulatory agencies. Batch processing of the Porky
and Santoy Lake bulk samples is forecast for the second half of 2005.
The components required for the mill expansion will be trucked to site
during the upcoming winter re-supply. The expanded mill capacity and
successful bulk sampling of Porky and Santoy could enable Seabee production to
expand into the 75,000 to 100,000 ounces per year range from the current
45,000 to 50,000 ounces per year.
The mineral resource estimations included in this release were estimated
by Patrick Hannnon M.A.Sc., P. Eng., who has been deemed the "qualified
person" as defined by National Instrument 43-101 for the assessment of the
aforementioned project areas.
 
vedo un +6%. Occhio perchè ha un gap enorme e può salire ancora
 
certo che chi ce l'ha in portafoglio a 35$....:D:eek:
 
recente intervista del CEO;)
TWST: What is Claude Resources?
Mr. McMillan: We are a minerals exploration, development and production company, principally on the gold mining side, although we are a bit unique in that we also produce oil and gas. About 25% of our revenue comes from oil and gas production and 75% from gold production. The company has been around since 1982 and to the best of my knowledge, we have only had one fiscal quarter since 1983 when we did not have positive cash flow. We are a junior gold producer in that we operate, at the moment, a single gold mine in Canada that produces about 50,000 ounces a year and we are in our 13th continuous year of production. We have no long-term debt and are typically profitable. We are niche players in our sector in that our strength is mining narrow vein underground deposits and we are, in our own view, the best in the world at that business. So that's our corporate core strength and what we intend to build our company on. We are in a position now, we think, within the near term to substantially grow our production profile on the gold mining side and frankly think we have a chance to increase our production even in the next 12 to 18 months by 40% to 80% with very little capital expenditure. So this is really a growth story, a value story in the gold mining sector, a sector that is increasingly of interest to the public. We have a fairly healthy portfolio of advanced exploration gold mining properties and we call them advanced exploration because each of them has a permitted milling site that we own or is within easy trucking distance of the property and they all already have identified gold resources on the property. So the issue is if we are successful in upgrading those resources to minable reserves, we can put those projects in production for fairly limited amounts of money. We have the ability to do that around our core asset called the Seabee gold mine in Saskatchewan and frankly, I believe, we will be doing bulk sampling on two new deposits within trucking distance of our Seabee mill in the next 12 to 18 months. We have a big project in Red Lake, Ontario, the home of Gold Corp., that we are working with Placer Dome on and that one has the potential to dramatically increase our asset base if we are successful in the work that's going on there.
 
il mese scorso upgrade;)
Claude Resources upgraded to "buy"

Wednesday, November 17, 2004 12:36:36 PM ET
Research Capital


NEW YORK, November 17 (newratings.com) - Analysts at Research Capital upgrade Claude Resources Incorporated (ticker: CGR) from "accumulate" to "buy."

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