Past year: ▲ 261%(47.0c – 1.91 USD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Sept 2011drilling result▲ GoodMajor
L62 returned 261.28 g/t over 3.6 m true width in U11-638, including 1,563 g/t over 0.5 m, 45 m from the earlier 39.75 g/t hole. Three months after discovery the zone was outlined over 75 m of strike and 300 m of dip, open in all directions, and management said it would materially change Seabee's reserves and production outlook, with development starting in the fourth quarter.
17 Aug 2011drilling result▲ GoodMajor
Follow-up drilling at the new L62 zone returned 39.75 g/t uncut (6.90 g/t cut) over 10.0 m true width in U11-629, including 528.10 g/t over 0.7 m, plus 8.81 g/t over 4.9 m and 5.33 g/t over 4.8 m. Four of nine new holes were essentially barren, so results were patchy.
27 July 2011drilling result▲ GoodMajor
Half-year underground exploration at the Seabee Gold Operation returned 11.47 g/t over 3.7 m true width (U11-617) and 35.79 g/t over 1.2 m (U10-683) at Seabee Deep, 6.18 g/t over 15.1 m (SUG-11-006) at Santoy 8, and first economic grades from a brand-new zone, L62, 200 m from existing underground infrastructure (6.13 g/t over 4.8 m in U11-345). A second rig was moved onto L62.
25 May 2011drilling result▲ GoodMajor
Claude reported 2011 winter drilling at its Neptune target, 6 km north of the Seabee minesite, best 84.66 g/t gold over 3.20 m (hole NEP-11-007). It also reported 13 holes (4,051 m) in all, with visible gold in many and two holes with no significant intercepts. Neptune was a grassroots discovery in 2010. Based on these results and Santoy work, Claude expanded its 2011 Seabee exploration to 26,500 m of surface drilling, running early June to late October. This answers the November 2010 note that an expanded 2011 Seabee program was being considered. The results are exploration drilling only, with no resource or reserve stated for Neptune.
5 May 2011drilling result▲ Good
Claude reported results from 8 holes (3,234 m) of its 2011 winter drilling at Amisk, best 0.92 g/t gold and 7.9 g/t silver over 36.60 m (AL-11-298) and 0.70 g/t gold over 54.12 m (AL-11-297). The company says the mineralised system now spans 1,200 m of strike, up from 500 m reported in January. The new holes were not part of the February 2011 resource. Interval widths are drilled widths, not true widths, and several infill holes returned modest grades. Metallurgical and engineering testwork by Starkey and Associates is expected in the second quarter. Claude still states about 10% of St. Eugene as of December 31, 2010. It says it has started Phase II underground drilling at Madsen, which had been planned for Q1 2011.
4 May 2011capital raising announcement● NeutralMajor
Claude completed a bought-deal share sale of 23,000,000 common shares at $2.50 each, for gross proceeds of $57,500,000 (20,000,000 shares plus 3,000,000 under the underwriters' over-allotment option). This is the offering first announced on April 6, 2011. The money is meant for exploration and development of its projects and general corporate purposes. For existing shareholders it means about 23 million new shares, so their ownership is diluted. It is also a much higher price than the $1.15 paid for the December 2009 special warrants.
What it means for a shareholder
23.0m new shares at $2.50 to raise about $57.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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11 Apr 2011production update▲ GoodMajor
Claude announced that the Santoy 8 mine, about 14 km east of the Seabee mine and mill, has reached commercial production. This meets the 'commercial production by Q1 2011' target set in April 2010 (the release is dated 11 April 2011, so the filing gives no exact date it was reached), following the permit in April 2010 and ore development from June 2010. Management expects it to supply up to 50% of mill feed over the life of mine plan and to lower unit cash costs. No production or cost figures are given.
17 Feb 2011resource reserve update▲ GoodMajor
Claude published the first NI 43-101 open-pit resource for Amisk: indicated 30.15 million tonnes at 0.95 g/t gold equivalent (921,000 oz) and inferred 28.65 million tonnes at 0.70 g/t gold equivalent (645,000 oz), at a 0.40 g/t cut-off using US$1,100 gold and US$16 silver. This delivers the resource study promised in December and January, replacing the earlier non-compliant 1988 historic figure. The release says these are resources, not reserves, with no demonstrated economic viability. The deposit is held in the 65:35 joint venture with St. Eugene, so Claude's share is not the whole amount (the release does not give Claude's share). Next steps named are expanding the pit resource, preliminary metallurgical, engineering and economic studies, and evaluating underground potential. A technical report is due on SEDAR within 45 days.
19 Jan 2011drilling result▲ Good
Claude reported results from the 10-hole fall 2010 Amisk program, best 1.23 g/t gold and 5.9 g/t silver over 166 m (AL-10-291, including 3.89 g/t gold over 33 m). The results extend the mineralised system to 500 m of strike, 400 m width and 400 m depth. These are drilled widths, not true widths, and several holes found little or nothing. These are the fall-program results pending in December; the SRK resource study is still expected in Q1 2011 and a 3,500 m winter program starts in February. Claude's stake in St. Eugene is now about 10% as of 31 December 2010, down from about 12% in December; no reason is given.
16 Dec 2010drilling result▲ Good
Claude reported results from re-sampling more than 22,000 m of historic core from 278 holes at the Amisk Gold Project, with a best interval of 241 m at 2.16 g/t gold and 18.9 g/t silver. The joint venture (Claude 65%, operator) has chosen to pursue a first NI 43-101 resource, with SRK Consulting engaged and completion expected late in Q1 2011. This follows the summer 2010 program and the May 2010 results. A 10-hole, 3,300 m fall program finished in early November with assays pending. Claude also says it plans to start Phase II underground drilling at Madsen in Q1 2011, and holds about 12% of St. Eugene (down from 16.3% in May; the filing does not say why).
17 Nov 2010drilling result▲ Good
Claude reported Seabee drilling from July to September 2010, with a best result of 39.43 g/t (cut) over 2.6 m true width (U10-645), plus 28.18 g/t over 2.0 m and 26.51 g/t over 1.5 m, mostly in the 2b and 2c zones. Management says its deepest hole, at 1,300 m, shows gold continuing at depth, and it is looking at an expanded 2011 Seabee exploration program. Many other holes in the table returned modest grades, and about 50,000 m of drilling is planned for 2010, matching the earlier plan. Santoy 8 is now expected to move to a commercial production decision in early 2011.
1 Oct 2010asset acquisition disposition▲ GoodMajor
Claude completed the final sale of its Nipisi, Alberta oil and gas interests; with an August 2010 sale, this covers the rest of its Nipisi assets, for gross proceeds of about $6.2 million. The sale triggered an obligation to offer to prepay its 12% senior secured debentures (indenture of 21 May 2008). Net proceeds are held in trust for 90 days for holders who accept, with payment 7 days after that period. This resolves the oil and gas sale thread and ties the proceeds to debt repayment; how much holders will accept is not yet known.
14 June 2010drilling result▲ Good
Claude reported more Seabee drilling, best 46.06 g/t uncut over 4.30 m true width (U10-631), 39.27 g/t over 2.10 m and 43.17 g/t over 0.70 m, plus Santoy 8 holes up to 15.06 g/t over 3.58 m. Ore development at Santoy 8 started in early June, by ramp at the 30 m and 50 m levels. April-May 2010 production was 8,489 oz at 8.48 g/t head grade. The mill is in planned maintenance 14-24 June, and 2010 guidance is now 46,000-50,000 oz (up from 46,000-48,000 for 2009) with about 50,000 m of drilling planned (up from over 40,000 m).
18 May 2010asset acquisition disposition▲ Good
Claude signed an agreement to sell a majority of its remaining oil and gas assets to an unnamed private Canadian company for expected gross proceeds of $6.2 million. Closing needs regulatory approval and third-party rights of first refusal could affect completion. This follows the March 2010 marketing process and moves Claude closer to being a pure gold company.
12 May 2010drilling result▲ Good
Claude reported first results from the 2010 Amisk winter drilling, best 86.70 m at 1.03 g/t gold (AL-10-278) and 34.85 m at 2.91 g/t (AL-10-275), and compiled historic holes such as 165.12 m at 2.39 g/t. Management says this shows bulk-mining potential; the intervals are widths, not true widths, and the historic figures are not NI 43-101 compliant. A summer program with resampling of historic core and more drilling starts in June. Claude's stake in St. Eugene is now stated as 16.3%, down from 17.3% in April; the filing does not say why.
13 Apr 2010drilling progress report▲ Good
Claude finalized the 65:35 Amisk Gold Project joint venture with St. Eugene Mining, with Claude as operator, and began a $1.1 million 2010 exploration program (an 11-hole, 2,300 m winter drill program is complete, results pending). The 12,000-hectare property is 20 km southwest of Flin Flon, Manitoba. The context said Claude was selling its 35% interest to St. Eugene; this filing instead describes Claude as holding the controlling 65% interest, so the earlier description appears to have been wrong or superseded. The 1988 reserve figure quoted is historical and not NI 43-101 compliant. Claude holds 17.3% of St. Eugene.
8 Apr 2010regulatory community update▲ GoodMajor
Claude received the final ministerial approval and operating permit for Santoy 8, moving it from an exploration project to a production project. The deposit is about 14 km east of the Seabee mine and mill. It holds 40,015 oz of reserves at 7.02 g/t, 157,529 oz indicated at 8.98 g/t and 101,955 oz inferred at 8.10 g/t to 250 m depth. Pre-production is expected in Q2 2010 and commercial production by Q1 2011; the company expects Santoy 8 to supply up to 50% of mill feed over the life of mine plan. This resolves the long-pending Santoy 8 permit thread, and it gives Santoy 8 its first stated reserve figure (the Seabee-wide reserve is still the August 2007 figure).
6 Apr 2010drilling result▲ Good
Claude reported Seabee underground drilling from December 2009 to 28 February 2010, with highlights of 50.00 g/t over 1.1 m true width (U10-610), 33.17 g/t over 2.0 m (U09-393), 28.29 g/t over 2.0 m (U09-395) and 28.89 g/t over 1.9 m (U09-401), mostly in the 2c and 2b zones. Management calls this a near-term chance to raise 2010 mill grades. The plan for 2010 is over 40,000 m of drilling and moving Santoy 8 towards commercial production later this year. Many holes in the table returned low grades.
19 Mar 2010asset acquisition disposition● Neutral
Claude put its remaining oil and gas interests up for sale: a 1.82% working interest in the Nipisi Gilwood Unit No. 1 and a 6.29% working interest in wells near Zama, both in Alberta, with the aim of binding proposals by mid-May. This confirms the oil and gas assets were still owned and clarifies the earlier boilerplate silence; it continues the non-core asset sales seen with Tartan Lake. No price is given.
17 Feb 2010drilling result● Neutral
Claude reported surface drill results at Madsen testing a near-surface extension of the Austin Tuff, within 100 m of mine infrastructure. The best was 44.38 g/t over 2.0 m (AP-09-08), with others such as 18.72 g/t over 1.10 m and 11.34 g/t over 3.00 m. These were not in the December resource, so they may add to it. Separately, the underground drilling program is delayed to Q4 2010 from Q3 because of a catch pit failure below the 200 level of the shaft, and dewatering has paused for shaft inspections and repairs. Note: the release says the inferred resource was 297,000 oz, while the December release said 328,000 oz.
8 Jan 2010asset acquisition disposition● NeutralMajor
Claude completed the sale of its Tartan Lake gold property in Manitoba to St. Eugene Mining, first announced 22 September 2008, for $3,000,000 paid in 10,966,000 St. Eugene shares, plus 700,000 shares ($100,000) for due diligence access. This gives Claude 17.3% of St. Eugene, paid in shares rather than cash. Claude is finalizing a definitive agreement to sell its 35% Amisk Lake interest to St. Eugene as well. This resolves the Tartan Lake sale, and the Amisk sale is now pending.
30 Dec 2009capital raising announcement● NeutralMajor
Claude completed a private placement of 12,000,000 special warrants at $1.15 for C$13.8 million gross, led by RBC Dominion Securities. Each converts into one share plus half a warrant at $1.75 for 24 months, with a 5.5% commission. Proceeds are for continued exploration of Madsen and general purposes. This is a much larger raise than the C$5.3m Buchan placement in November and at a higher price than the 2009 raises, but it adds up to 12 million shares (13.2 million if no prospectus receipt is obtained by 1 February 2010), diluting existing holders.
7 Dec 2009resource reserve update▲ GoodMajor
Claude published an independent resource estimate for its 100%-owned Madsen mine in Red Lake, Ontario, prepared by SRK Consulting: 928,000 oz indicated at 8.93 g/t and 328,000 oz inferred at 11.74 g/t, at a 5.0 g/t cut-off and US$1,000 gold. Zone 8 is the richest part (132,000 oz indicated at 12.21 g/t, 185,000 oz inferred at 18.14 g/t). This delivers the NI 43-101 technical work the company said was due by Q4 2009, replacing the old non-compliant 483,000 oz historic figure. The release says these are resources, not reserves, with no demonstrated economic viability. Dewatering is 137 feet above the 16th level, with Phase II underground drilling chambers expected by 2H 2010.
4 Dec 2009drilling result▲ Good
Claude reported more Seabee underground drilling, best hits 28.05 g/t over 1.6 m (U09-671), 16.71 g/t over 1.4 m, 12.15 g/t over 2.6 m and 10.14 g/t over 3.7 m. Management says the results show potential to raise reserve grade and tonnage, and it still forecasts 2009 gold production of 46,000-48,000 oz. Santoy 8 is still seeking environmental approval and permits.
17 Nov 2009capital raising announcement● NeutralMajor
Claude completed the Buchan placement announced 23 October: 5 million units at C$0.72 plus 2 million flow-through shares at C$0.85, C$5.3m gross, with warrants at C$0.90 for three years. Bob Buchan joined the board effective 16 November 2009. Buchan, a relative and the Buchan Family Foundation now hold 9,000,000 shares, about 7.5% of the outstanding (11.3% if their warrants are exercised). Flow-through expenses are to be renounced by 31 December 2009.
What it means for a shareholder
5.0m new shares at C$0.720 to raise about C$5.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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23 Oct 2009capital raising announcement● Neutral
Claude announced that Bob Buchan, former Chairman and CEO of Kinross Gold, and/or a family trust will buy 5 million units at C$0.72 (C$3.6m) and 2 million flow-through shares at C$0.85 (C$1.7m), C$5.3m in total, and join the board when it closes. Each unit has a warrant at C$0.90 for three years. Unit proceeds are for general corporate purposes and flow-through money for Canadian exploration. Closing was expected around 1 November, subject to regulatory approval. This is a further small raise at a price below the April 2009 unit price of $0.75, so it dilutes existing holders.
What it means for a shareholder
5.0m new shares at C$0.720 to raise about C$3.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
9 Sept 2009drilling result▲ Good
Claude reported more Seabee drilling, best hits 20.13 g/t over 1.3 m (U09-665), 10.71 g/t over 2.9 m (U09-339), 10.16 g/t over 1.6 m and 8.68 g/t over 4.5 m. Management says the results show potential to raise the reserve grade (no new reserve figure is given) and should help 2009 production. The 2009 plan is restated; Santoy 8 is still pending approvals and permits.
19 Aug 2009drilling result▲ Good
Claude reported July 2009 Seabee drilling, best hits 19.36 g/t over 3.3 m (U09-655), 15.23 g/t over 3.9 m, 11.18 g/t over 3.6 m and 7.60 g/t over 4.5 m, all next to existing development. It also said production from 1 July to 16 August is averaging about 160 oz per day (over 750 tonnes per day) versus 85 oz per day in Q2, and 2009 guidance stays at 46,000-48,000 oz.
20 July 2009drilling result▲ Good
Claude reported more 2009 underground drilling at Seabee, with best hits 14.07 g/t over 3.2 m (U09-639), 23.39 g/t over 1.0 m (U09-637), 13.53 g/t over 1.8 m and 13.42 g/t over 2.4 m. Management says the 2c ore shoot at Seabee Deep is being better defined, is already helping mill head grade, and early results east of existing development (19v/2b) are encouraging. This continues the May 2009 2c Zone story; the 2009 plan (Santoy 7, Porky West bulk sample, Santoy 8 pending permits, 35,000 m drilling) is restated.
29 June 2009drilling result▲ Good
Claude reported a fifth 8 Zone hole at Madsen: MUG-09-05 returned 24.30 g/t over 3.39 m (0.71 oz/ton over 11.45 ft), including 62.09 g/t over 1.22 m, and was lost while still in mineralization. The company says all five holes have shown visible gold and the zone is confirmed 450 feet down plunge of old workings and remains open; this extends the 300-foot result from April. Management says drilling has been slower than expected because of wedging and difficult conditions. It has added a surface rig (surface drilling began in early June) and is preparing an NI 43-101 technical report due by Q4 2009; the release cites a historic non-compliant resource of 483,000 oz at 0.29 oz/t.
