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Business Description

Industry: Metals & Mining » Gold  
Compare:OTCPK:DPMLF, OTCPK:ELKMF, OTCPK:WDOFF, OTCPK:ICGQF, AMEX:GSS, OTCPK:ARNGF, NYSE:RIC, OTCPK:VNNHF, AMEX:GSV, OTCPK:BRRGF, OTCPK:PIRGF, OTCPK:DRLDF, AMEX:GORO, OTCPK:PMNXF, OTCPK:EROFF, OTCPK:GDRZF, OTCPK:SVLKF, AMEX:AKG, OTCPK:VITFF, OTCPK:NMKTF » details
Traded in other countries:CRJ.Canada, RES.Germany,
Headquarter Location:Canada
Claude Resources Inc is a gold exploration and mining company. The Company is engaged in the acquisition, exploration, and development of precious metal properties and the production and marketing of minerals.

Claude Resources Inc was incorporated on March 26, 1980. The Company is a gold exploration and mining company. The Company is engaged in the acquisition, exploration, and development of precious metal properties and the production and marketing of minerals. All of Claude's mineral properties are located in northern Saskatchewan and northwestern Ontario. Its revenue generating asset is the 100 percent owned Seabee Gold Operation, located in northern Saskatchewan. Company also owned 100 percent of the Amisk Gold Project in northeastern Saskatchewan. The Seabee Gold Operation has produced gold from five mineral leases. It currently is producing from ML5519, ML5520 and ML5543. Operations on Amisk Property consist of an exploratory search for mineable deposits of ore. Company has produced over 1,000,000 ounces of gold from its Seabee Gold Operation in northeastern Saskatchewan. The Seabee Gold Operation hosts over 550,000 ounces of gold Mineral Reserves and over 680,000 ounces of gold in Mineral Resources.

Top Ranked Articles about Claude Resources Inc

Shareholders Approve Acquisition of Claude Resources by Silver Standard

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 18, 2016) - Silver Standard Resources Inc. (NASDAQ:SSRI) (TSX:SSO) ("Silver Standard") and Claude Resources Inc. (TSX:CRJ) ("Claude Resources") are pleased to announce the receipt of the required shareholder approvals for the previously announced Plan of Arrangement ("Arrangement"). On closing of the Arrangement, all of Claude Resources issued and outstanding common shares will be exchanged on the basis of 0.185 of a Silver Standard common share (the "Consideration Shares") and C$0.001 in cash per Claude Resources common share. The Arrangement was approved by approximately 94% of the votes cast by Claude Resources shareholders at the special meeting of shareholders that was held today. Silver Standard shareholders approved the issuance of the Consideration Shares by approximately 93% of the votes cast at Silver Standard's annual and special meeting of shareholders that was also held today. The transaction is expected to close on May 31, 2016 following receipt of final court approval and other customary closing conditions. Full details concerning the Arrangement were included in the management information circulars of both Silver Standard and Claude Resources mailed to their respective shareholders on April 7, 2016. About Silver Standard
Silver Standard is a Canadian-based precious metals producer with two wholly-owned and operated mines, including the Marigold gold mine in Nevada, U.S. and the Pirquitas silver mine in Jujuy Province, Argentina. In 2016, Silver Standard is expected to produce over 320,000 gold equivalent ounces at cash costs of $745 per gold equivalent ounce sold1. We also have two feasibility stage projects and an extensive portfolio of exploration properties throughout North and South America. We are committed to delivering safe production through relentless emphasis on Operational Excellence. We are also focused on growing production and Mineral Reserves through the exploration and acquisition of assets for accretive growth, while maintaining financial strength. About Claude Resources Claude Resources Inc. is a public gold exploration and mining company based in Saskatoon, Saskatchewan, with an asset base located entirely in Canada. Its shares trade on the Toronto Stock Exchange (TSX:CRJ) and the OTCQB (OTCQB:CLGRF). Since 1991, Claude Resources has produced over 1,200,000 ounces of gold from its 100 percent owned Seabee Gold Operation in northeastern Saskatchewan. In 2016, Claude Resources is expected to produce between 65,000 and 72,000 ounces of gold at cash costs of C$700 to C$770 per ounce of gold. The Company also owns 100 percent of the Amisk Gold Project in northeastern Saskatchewan. To receive Silver Standard's news releases by e-mail, please register using the Silver Standard website at www.silverstandard.com. To receive Claude Resources' news releases by e-mail, please register using the Claude Resources website at www.clauderesources.com. Footnotes 1 Calculated based on mid-point of Silver Standard's previously announced 2016 production and cast costs guidance with silver converted to gold equivalent at a 75:1 ratio. Cautionary Note Regarding Forward-Looking Statements This news release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). All statements, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by the use of words or phrases such as "expects," "anticipates," "plans," "projects," "estimates," "assumes," "intends," "strategy," "goals," "objectives," "potential," or variations thereof, or stating that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved, or the negative of any of these terms or similar expressions. These forward‐looking statements or information relate to, among other things: anticipated benefits of the Transaction to Silver Standard, Claude Resources and their respective shareholders; the timing and receipt of required court and regulatory approvals for the Transaction; the ability of Silver Standard and Claude Resources to satisfy the other conditions to, and to complete, the Transaction; the closing of the Transaction; future production of silver, gold and other metals; future costs of inventory, and cash costs and total costs per payable ounce of silver, gold and other metals sold; the prices of silver, gold and other metals; estimated production rates for silver, gold and other metals; timing of production and the cash costs and total costs of production at the Pirquitas mine, the Marigold mine and the Seabee Gold Operation; and the combined company's plans and expectations for its properties and operations. In respect of the forward‐looking statements and information concerning the anticipated completion of the proposed Transaction and the anticipated timing for completion of the Transaction, the parties have provided them in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to the ability of the parties to receive, in a timely manner, the necessary court and regulatory approvals; and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Transaction. These dates may change for a number of reasons, including an inability to secure necessary court and regulatory approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Transaction. In respect of the forward‐looking statements and information concerning the anticipated benefits of the proposed Transaction and the future prospects of the combined company, these forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, the following: the synergies expected from the Arrangement not being realized; business integration risks; uncertainty of production, development plans and cost estimates for the Pirquitas mine, the Marigold mine, the Seabee Gold Operation and the parties' other projects; the combined company's ability to replace Mineral Reserves; commodity price fluctuations; political or economic instability and unexpected regulatory changes; currency fluctuations, particularly the value of the Argentine peso against the U.S. dollar; the possibility of future losses; general economic conditions; fully realizing Silver Standard's interest in Pretium Resources Inc. ("Pretium") and its other marketable securities, including the price of and market for Pretium's common shares and such other marketable securities; potential export duty and related interest on current and past production of silver concentrate from the Pirquitas mine; recoverability and tightened controls over the value added tax collection process in Argentina; counterparty and market risks related to the sale of concentrate and metals; uncertainty in the accuracy of Mineral Reserves and Mineral Resources estimates and in Silver Standard's and Claude Resources' ability to extract mineralization profitably; differences in U.S. and Canadian practices for reporting Mineral Reserves and Mineral Resources; lack of suitable infrastructure or damage to existing infrastructure; future development risks, including start-up delays and operational issues; Silver Standard's and Claude Resources' ability to obtain adequate financing for further exploration and development programs; uncertainty in acquiring additional commercially mineable mineral rights; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits obtained; ability to attract and retain qualified personnel and management and potential labour unrest, including labour actions by Silver Standard's unionized employees at the Pirquitas mine; governmental regulations, including health, safety and environmental regulations, increased costs and restrictions on operations due to compliance with such regulations; reclamation and closure requirements for mineral properties; unpredictable risks and hazards related to the development and operation of a mine or mineral property that are beyond the parties' control; assessments by taxation authorities in multiple jurisdictions, including the recent reassessment of Silver Standard by the Canada Revenue Agency; claims and legal proceedings, including adverse rulings in current or future litigation against Silver Standard or Claude Resources and/or their directors or officers; compliance with anti-corruption laws and increased regulatory compliance costs; complying with emerging climate change regulations and the impact of climate change; recoverability of deferred consideration to be received in connection with recent divestitures; uncertainties related to title to mineral properties and the ability to obtain surface rights; insurance coverage; civil disobedience in the countries where the parties' mineral properties are located; operational safety and security risks; actions required to be taken under human rights law; ability to access, when required, mining equipment and services; competition in the mining industry for mineral properties; shortage or poor quality of equipment or supplies; ability to complete and successfully integrate an announced acquisition; conflicts of interest that could arise from certain directors' and officers' involvement with other natural resource companies; information systems security risks; and those other various risks and uncertainties identified under the heading "Risk Factors" in Silver Standard's most recent Annual Information Form and under the caption "Risk Factors" in Claude Resources' Annual Information Form, in each case filed with the Canadian securities regulatory authorities, which is available at www.sedar.com. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Neither Silver Standard nor Claude Resources can assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. Silver Standard's and Claude Resources' forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and neither Silver Standard nor Claude Resources assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements. Cautionary Note Regarding Non-GAAP Measures This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including cash costs per payable ounce of precious metals sold and gold equivalent cash costs per payable ounce of precious metals sold. Silver Standard and Claude Resources believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate each company's performance. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-GAAP measures should be read in conjunction with both Silver Standard's and Claude Resources' consolidated financial statements.





W. John DeCooman, Jr.
Vice President, Business Development and Strategy
Silver Standard Resources Inc.
N.A. Toll Free: 1 (888) 338-0046
All others: 1 (604) 689-3846
E-mail: [email protected]
Brian Skanderbeg
President & CEO
Claude Resources Inc.
1 (306) 668-7505
Marc Lepage
Manager, Investor Relations
Claude Resources Inc.
1 (306) 668-7501
[email protected]
www.clauderesources.com




Read more...
Claude Generates Adjusted Net Earnings of $9.1 Million in Q1

SASKATOON, SASKATCHEWAN--(Marketwired - May 5, 2016) - Claude Resources Inc. (TSX:CRJ)(OTCQB:CLGRF) - (All dollar amounts are in Canadian dollars unless stated otherwise) Highlights:

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 Inc. ("Claude" and or the "Company") today reported first quarter adjusted net earnings of $9.1 million ($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 proposed acquisition of Claude by Silver Standard, representing a 78% improvement from the first quarter of 2015 (Q1 2015: $5.1 million, $0.03 per share). The strong operating and financial performance in the first quarter increased the Company's cash and bullion (2) position by $5.5 million to $45.3 million over the prior quarter. The significant improvement in financial performance relates to an increase in gold sales volumes, higher margin ore from the Santoy Gap deposit and higher Canadian dollar gold prices. "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," stated Brian Skanderbeg, President and Chief Executive Officer. "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. I would like to take the opportunity to acknowledge our operating team and their success in the area of safety. Our team at the Seabee Gold Operation was awarded the prestigious John T. Ryan Safety Trophy in the Metal Mine category for the Prairie Provinces and Territories. The award recognizes outstanding safety performance and I am justifiably very proud of our team for this achievement." Financial Review First quarter gold revenue of $34.0 million was 30% higher than the $26.2 million reported in the first quarter of 2015. The increase in gold revenue period over period was attributable to a 21% increase in gold sales volume (Q1 2016 - 21,030; Q1 2015 - 17,326 ounces) and a 7% increase in Canadian dollar gold prices realized (Q1 2016 - $1,618 (U.S. $1,178); Q1 2015 - $1,511 (U.S. $1,218)). During the first quarter, higher gold sales volume period over period (which resulted in increased stockpile and in-circuit inventoried costs being expensed) contributed to a $3.4 million increase in production costs (Q1 2016 - $14.1 million; Q1 2015 - $10.7 million). Slightly higher maintenance, mill, and infill drilling costs offset by lower mine costs due to increased throughput from the higher margin Santoy Gap deposit also contributed to this variance. During the quarter, total cash cost per ounce of gold sold (1) increased by 6% to $715 (U.S. $521) and all-in sustaining cost per ounce of gold sold (1) decreased by 3% to $1,328 (U.S. $967) from $1,374 (U.S. $1,107) in the first quarter of 2015. All-in sustaining costs per ounce of gold were budgeted to be higher in the first quarter as the majority of the annual property, plant and equipment budget, $5.7 million of the $8.8 million, was incurred. Cash flow from operations before net changes in non-cash operating working capital (1) of $14.3 million ($0.07 per share) was up 55% from the $9.3 million ($0.05 per share) reported in the first quarter of 2015. The significant improvement was mainly related to higher revenues from increased ounces sold at slightly higher gold prices, a result of weakening Canadian/U.S. dollar exchange rate. During the quarter, the Company generated strong free cash flows that resulted in a $5.5 million increase in cash and bullion (2) to $45.3 million at March 31, 2016. In addition to the increase in cash and bullion, the Company decreased its long-term debt by $1.25 million during the quarter and funded a large part of the Company's capital outlay on the winter ice re-supply program.


Financial Highlights
Q1 2016
Q1 2015
Change










Revenue (000's)
$34,027
$26,183
30
%


Production costs (000's)
$14,094
$10,730
31
%


Cash flow from operations* (000's) (1)
$14,335
$9,268
55
%


Cash flow from operations* per share (1)
$0.07
$0.05
40
%


Net earnings (000's)
$6,009
$5,122
17
%


Earnings per share (basic and diluted)
$0.03
$0.03
-



Adjusted net earnings (000's)
$9,102
$5,122
78
%


Adjusted earnings per share (basic and diluted)
$0.05
$0.03
67
%


Average realized price per ounce
$1,618
$1,511
7
%


Average realized price per ounce (U.S.$)
$1,178
$1,218
(3
%)


Total cash cost per ounce (1)
$715
$675
6
%


Total cash cost per ounce (U.S.$) (1)
$521
$544
(4
%)


All-in sustaining cost per ounce (1)
$1,328
$1,374
(3
%)


All-in sustaining cost per ounce (U.S.$) (1)
$967
$1,107
(13
%)



*Cash flow from operations before net changes in non-cash operating working capital. Operations Review During the first quarter, the Santoy Gap deposit represented 72% of total gold production, averaging 589 tonnes per day at a head grade of 9.04 grams of gold per tonne to produce 15,042 ounces of gold. The 51% increase in gold production from the Santoy Gap deposit from Q1 2015 was due to a 38% increase in tonnes milled and a 9% increase in grade. During the quarter, the Company continued to advance development and complete infrastructure upgrades, including the commissioning of an underground cemented rock fill plant, to further increase the production rate to approximately 700 tonnes per day in 2016. At the Seabee Mine, gold production was 5,630 ounces from milling 20,610 tonnes at 8.84 grams of gold per tonne. The decrease in ounces produced from the Seabee Mine is a result of planned mine sequencing which focussed on ramp-up of production from the Santoy Gap deposit. In 2016, the Company has outlined an aggressive drilling program that will include 18,000 metres of surface drilling and 65,000 metres of underground drilling. The surface and underground programs began in the first quarter and had success particularly at the Santoy Mine Complex (See March 16, 2016 news release "Claude Drills 29.16 g/t of Gold Over 6.26 Metres at Santoy Gap and Announces 2016 Exploration Program"). The initial results from the program demonstrate the potential for reserve and resource expansion from the consistent high grade and economic vein widths demonstrated within and outside the resource.


Production Highlights
Q1 2016
Q1 2015
Change



Santoy Mine Complex







Tonnes milled
53,569
38,897
38
%



Head grade (grams of gold per tonne)
9.04
8.33
9
%



Ounces produced
15,042
9,982
51
%


Seabee Gold Mine







Tonnes milled
20,610
28,352
(27
%)



Head grade (grams of gold per tonne)
8.84
12.70
(30
%)



Ounces produced
5,630
11,085
(49
%)









Total tonnes milled
74,179
67,249
10
%


Average head grade (grams of gold per tonne)
8.99
10.17
(12
%)


Recovery (%)
96.5
95.8
1
%


Total gold produced (ounces)
20,672
21,067
(2
%)


Total gold sold (ounces)
21,030
17,326
21
%



Outlook In 2016, the Seabee Gold Operation is expected to produce between 65,000 and 72,000 ounces of gold. The majority of tonnes and ounces in the 2016 business plan are expected to be sourced from the Santoy Gap deposit as it ramps up to an average of approximately 700 tonnes per day. The Company remains confident that it will continue to generate strong earnings and free cash flow during 2016 with unit cash costs and all-in sustaining costs expected to be consistent with those from 2015.


2016 Forecast (3)



Gold production
65,000 - 72,000


Total cash cost per ounce (1)
$700 - $775


Total cash cost per ounce (U.S.$) (1)
$530 - $585


All-in sustaining cost per ounce (1)
$1,125 - $1,245


All-in sustaining cost per ounce (U.S.$) (1)
$850 - $935



Silver Standard Acquisition of Claude Resources Inc. On March 7, 2016, Claude and Silver Standard Resources Inc. (NASDAQ:SSRI)(TSX:SSO) ("Silver Standard") entered into a definitive agreement (the "Agreement") whereby Silver Standard will acquire all of the outstanding common shares of Claude pursuant to a plan of arrangement (the "Transaction"). Under the terms of the Agreement, all of the Claude issued and outstanding common shares will be exchanged on the basis of 0.185 of a Silver Standard common share and C$0.001 in cash per Claude share. Upon completion of the Transaction, existing Silver Standard and Claude shareholders will own approximately 69% and 31% of the combined company, respectively. The Transaction will be carried out by way of a court approved plan of arrangement and will require the approval of both Claude and Silver Standard shareholders at a special meeting. Completion of the Transaction is subject to regulatory approvals and other customary closing conditions. Full details of the Transaction are included in the management information circulars of both Silver Standard and Claude which were mailed to shareholders on April 7, 2016. The special shareholder meetings of both companies are to be held May 18, 2016. Upon completion of the Transaction, one Claude Director will be appointed to the Board of Directors of Silver Standard. Benefits to Claude Shareholders

Meaningful ownership in an intermediate precious metals producer with assets in the Americas;
Provides exposure to Silver Standard's diversified project portfolio and reduces operating risk;
Significantly enhances financial strength and free cash flow generation;
Provides equity participation for exposure to future value creation and growth;
Increases trading liquidity and capital markets exposure;
Presents financial and tax synergies only realized through the combination; and
Maintains exposure to Claude's operating and exploration portfolio.

Conference Call and Webcast We invite you to join our conference call and webcast today, May 5, 2016 at 11:00 AM Eastern Time. To participate in the conference call, please dial 1-888-201-0168 or 1-647-788-4901. A replay of the conference call will be available until May 12, 2016 by calling 1-855-859-2056 and entering the passcode 87449808. To view and listen to the webcast on May 5, 2016, please use the following URL in your web browser: http://event.on24.com/wcc/r/1169790/491585A8D3F555B6B2599CB6926DBB22 A copy of Claude's Q1 2016 Management's Discussion & Analysis, Financial Statements and Notes thereto (unaudited) can be viewed at www.clauderesources.com. Further information relating to Claude Resources Inc. has been filed on SEDAR and EDGAR and may be viewed at www.sedar.com or www.sec.gov. Brian Skanderbeg, P.Geo. and M.Sc., President and CEO, has reviewed the contents of this news release for accuracy, and is a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Claude Resources Inc. is a public gold exploration and mining company based in Saskatoon, Saskatchewan, with an asset base located entirely in Canada. Its shares trade on the Toronto Stock Exchange (TSX:CRJ) and the OTCQB (OTCQB:CLGRF). Since 1991, Claude has produced over 1,200,000 ounces of gold from its Seabee Gold Operation in northeastern Saskatchewan. The Company also owns 100 percent of the Amisk Gold Project in northeastern Saskatchewan. Footnotes


(1)
See description and reconciliation of non-IFRS financial measures in the "Non-IFRS Financial Measures and Reconciliations" section in the Company's Q1 MD&A available on the Company's website at www.clauderesources.com or on www.sedar.com or www.sec.gov.


(2)
Cash and bullion relates to current cash on hand of $43.3 million and $1.9 million of bullion (gold poured in dore bars which has not yet been sold and is valued at market prices)


(3)
Forecasts are calculated using: midpoint of 2016 annual gold production forecast; consensus Canadian gold price of $1,505 per ounce; and, a foreign exchange rate assumption of $1.33 CDN$/U.S.$.



CAUTION REGARDING FORWARD-LOOKING INFORMATION All statements, other than statements of historical fact, contained or incorporated by reference in this news release and constitute "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as "forward-looking statements"). Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes", or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour, and that the political environment within Canada will continue to support the development of mining projects in Canada. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Claude to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: actual results of current exploration activities; environmental risks; future prices of gold; possible variations in ore reserves, grade or recovery rates; mine development and operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approvals or financing or in the completion of development or construction activities; and other risks and uncertainties, including but not limited to those discussed in the section entitled "Business Risk" in the Company's Annual Information Form. These risks and uncertainties are not, and should not be construed as being, exhaustive. Although Claude has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements in this news release are made as of the date of this news release and accordingly, are subject to change after such date. Except as otherwise indicated by Claude, these statements do not reflect the potential impact of any non-recurring or other special items that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Claude does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws. CAUTIONARY NOTE TO US INVESTORS CONCERNING RESOURCES ESTIMATES The resource estimates in this document were prepared in accordance with National Instrument 43-101, adopted by the Canadian Securities Administrators. The requirements of National Instrument 43-101 differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"). In this document, we use the terms "measured", "indicated" and "inferred" resources. Although these terms are recognized and required in Canada, the SEC does not recognize them. The SEC permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that constitute "reserves". Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally extracted at the time the determination is made. United States investors should not assume that all or any portion of a measured or indicated resource will ever be converted into "reserves". Further, "inferred resources" have a great amount of uncertainty as to their existence and whether they can be mined economically or legally, and United States investors should not assume that "inferred resources" exist or can be legally or economically mined, or that they will ever be upgraded to a more certain category.





Claude Resources Inc.
Brian Skanderbeg
President & CEO
(306) 668-7505
Claude Resources Inc.
Marc Lepage
Manager, Investor Relations
(306) 668-7501
[email protected]
www.clauderesources.com




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Proxy Advisory Firms, ISS and Glass Lewis Recommend Claude Shareholders Vote FOR the Plan of Arrangement with Silver Standard

SASKATOON, SASKATCHEWAN--(Marketwired - May 3, 2016) - Claude Resources Inc. (TSX:CRJ)(OTCQB:CLGRF) ("Claude" and or the "Company") today announced that ISS Proxy Advisory Services ("ISS") and Glass, Lewis & Co. ("Glass Lewis"), two leading independent proxy advisory firms, have recommended that the Company's shareholders vote FOR the Plan of Arrangement (the "Arrangement") through which Silver Standard Resources Inc. ("Silver Standard") will acquire all of the issued and outstanding common shares of the Company (the "Transaction"). In their assessment, both ISS and Glass Lewis acknowledged that the Transaction makes strategic sense, provides for a financially and operationally stronger company to further explore and develop assets and improves the overall capital markets profile of the combined company as factors supporting a FOR recommendation. In combination with the recommendations from ISS and Glass Lewis, Claude's Board of Directors has unanimously recommended that Claude shareholders vote FOR the Arrangement. Under the terms of the Arrangement, all of the Claude issued and outstanding common shares will be exchanged on the basis of 0.185 of a Silver Standard common share and C$0.001 in cash per Claude share. Upon completion of the Transaction, existing shareholders of Silver Standard and Claude will own approximately 69% and 31% of the pro-forma company, respectively, on a fully-diluted in-the-money basis. Special Meeting of Shareholders The transaction is subject to shareholder approval and will be voted on at a Special Meeting of Shareholders to be held on May 18, 2016 at 11:00 am (Saskatoon time) at the Saskatoon Club, Upper Lounge, 417 - 21st Street East, Saskatoon, Saskatchewan, S7K 0C5. Subject to receiving shareholder approval, as well as other required approvals, the transaction is expected to close on or about May 31, 2016. In advance of the Special Meeting of Shareholders, a Notice of Meeting and Management Information Circular was mailed to shareholders on April 7, 2016. Copies of the Notice of Meeting, the Circular and related documents can be obtained via Claude's website www.clauderesources.com. Shareholder Inquiries Shareholders having questions about the information contained in the Notice of Meeting and Management Information Circular, or that may require assistance in voting their shares, should contact Claude's proxy solicitation agent, Laurel Hill Advisory Group, at the contact information set forth below. Laurel Hill Advisory Group Phone: 1-877-452-7184 (North American Toll Free) or 416-304-0211 (Collect Outside North America) Email: [email protected] Claude Resources Inc. is a publicly traded gold exploration and mining company based in Saskatoon, Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX:CRJ) and the OTCQB (OTCQB:CLGRF). Its asset base is located entirely in Canada and since 1991, the Company's Seabee Gold Operation in northeastern Saskatchewan has produced over 1,200,000 ounces of gold from its Seabee Gold Operation in northeastern Saskatchewan. The Company also owns 100 percent of the Amisk Gold Project in northeastern Saskatchewan.





Claude Resources Inc.
Marc Lepage
Manager, Investor Relations
(306) 668-7501
[email protected]
www.clauderesources.com




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More Statistics

Revenue (TTM) (Mil) $88.10
EPS (TTM) $ 0.13
Short Percentage of Float0.07%
52-Week Range $0.39 - 1.92
Shares Outstanding (Mil)197.67

Analyst Estimate

Dec16 Dec17 Dec18
Revenue (Mil $) 73 75 70
EPS ($) 0.13 0.12 0.09
EPS without NRI ($) 0.13 0.12 0.09
EPS Growth Rate
(Future 3Y To 5Y Estimate)
N/A
Dividends per Share ($)
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Headlines

Articles On GuruFocus.com
Shareholders Approve Acquisition of Claude Resources by Silver Standard May 18 2016 
Claude Generates Adjusted Net Earnings of $9.1 Million in Q1 May 05 2016 
Proxy Advisory Firms, ISS and Glass Lewis Recommend Claude Shareholders Vote FOR the Plan of Arrange May 03 2016 
Claude Resources Inc. Provides Date for Q1 Results and Conference Call Apr 25 2016 
Claude Resources Mails and Files Meeting Materials for Upcoming Special Meeting of Shareholders Apr 08 2016 
Claude Produces 20,672 Ounces of Gold in Q1 Apr 06 2016 
Claude Achieves Record Gold Production in 2015 and Generates $32.3 Million in Earnings Mar 30 2016 
Claude Drills 29.16 g/t of Gold Over 6.26 Metres at Santoy Gap and Announces 2016 Exploration Progra Mar 16 2016 
Claude Resources Inc. Provides Date for Q4 Results and Conference Call Mar 15 2016 
Silver Standard to Acquire Claude Resources Mar 07 2016 

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