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Claude Resources (TSX:CRJ) released its first quarter financial and operational results, reporting adjusted net earnings of $9.1 million for the quarter. As quoted in the press release, highlights included: Seabee Gold Operation awarded the John T. Ryan safety award for 2015; Gold production of 20,672 ounces, the second highest quarterly production in Company history; All-in …

Claude Resources (TSX:CRJ) released its first quarter financial and operational results, reporting adjusted net earnings of $9.1 million for the quarter.
As quoted in the press release, highlights included:

  • Seabee Gold Operation awarded the John T. Ryan safety award for 2015;
  • Gold production of 20,672 ounces, the second highest quarterly production in Company history;
  • All-in sustaining cost per ounce of gold sold (1) of $1,328 (U.S. $967);
  • Adjusted earnings of $9.1 million, or $0.05 per share, before a non-cash deferred income tax expense of $1.9 million and $1.2 million of transaction costs related to the Silver Standard acquisition;
  • Cash and bullion (2) position of approximately $45.3 million, an increase of over $5.5 million during the quarter;
  • Continued exploration and underground drilling success at the Santoy Mine Complex; and
  • On March 7, 2016 announced the proposed acquisition of Claude Resources Inc. by Silver Standard.

Claude Resources president and CEO, Brian Skanderbeg, said:

In the first quarter we increased our cash and bullion position to over $45 million, paid down debt and funded the majority of our annual capital and winter re-supply costs from robust margins. Our strong first quarter results were led by the increase in Santoy Gap tonnes milled, grades continuing to reconcile above schedule and improved Canadian dollar gold prices. We continued to make progress in advancing the Santoy Gap deposit and expect throughput to average 700 tonnes per day in 2016. The increased throughput and transition to more long-hole production ore versus development ore will positively impact production and more importantly margins as unit costs are expected to decline.

Click here for the full press release.

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