Business
Claude Resources Inc. Announces Third Quarter Results
Claude Resources Inc. Announces Third Quarter Results
About this update from Kinross Gold Corporation
[{"type":"text","content":"\n\n\n\nNov. 6, 2009 (Canada NewsWire Group) -- SASKATOON, Nov. 6 /CNW/ -- Claude Resources Inc. (\"Claude\" or the \"Company\") today announced third quarter production results of 14,180 ounces of gold, a 19 percent increase over the 11,962 ounces produced during the third quarter of 2008. For the quarter ended September 30, 2009, the Company recorded a net loss of $0.4 million or $0.00 per share. This compares to a net loss of $1.7 million, or $0.02 per share, for the same period in 2008. Cash flow from mining operations during the third quarter increased to $5.3 million, or $0.05 per share, from $1.6 million, or $0.02 per share, for the same period last year.Gold revenue from the Company's Seabee Operation for the quarter September 30, 2009 increased 17 percent to $12.7 million from the $10.9 million reported in the third quarter of 2008. The increase was a result of constant gold sales volume period over period (Q3 2009 - 12,085 ounces; Q3 2008 - 12,303 ounces) that benefited from an 18 percent increase in the Canadian dollar gold prices realized: Q3 2009 - $1,051 (US $958); Q3 2008 $888 (US $853).Third quarter cash operating costs per ounce decreased to CDN $614 (US $560) from the CDN $757 (US $727) reported in the comparable period in 2008. The 19 percent decrease was the result of lower operating expenditures and relatively unchanged gold sales volume.During the fourth quarter, the Company announced plans to proceed with a private placement financing of $5.3 million with Mr. Robert Buchan, founder and former Chief Executive Officer of Kinross Gold Corp. and current Executive Chairman of Allied Nevada Gold Corp. Mr. Buchan will also join the Board of Directors at Claude. \"We are very pleased to have Mr. Buchan as a member of our Board of Directors. His knowledge and experience in our business will add significant value to the Management team and help build shareholder value,\" stated President and CEO, Neil McMillan.-------------------------------------------------------------------------Three Months ended Nine Months ended-------------------------------------------Financial Highlights(unaudited): Sept. 30 Sept. 30 Sept. 30 Sept. 302009 2008 2009 2008-------------------------------------------------------------------------Gold revenue (CDN $ millions) 12.7 10.9 33.3 28.9Cash flow from miningoperations (CDN $ millions) 5.3...