Claude Resources Inc. completes acquisition of St. Eugene Mining Corporation Limited

Published In: Business, Saskatchewan 
Thursday, February 2, 2012 9:00 AM
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Claude Resources Inc. completes acquisition of St. Eugene Mining Corporation Limited

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Claude Resources Inc. completes acquisition of St. Eugene Mining Corporation Limited
PR Newswire
SASKATOON, Feb. 2, 2012




Trading Symbols
TSX: CRJ 
NYSE Amex: CGR


SASKATOON, Feb. 2, 2012 /PRNewswire/ - Claude Resources Inc. (TSX: CRJ) (NYSE Amex: CGR) ("Claude") is pleased to announce the
closing of the previously announced transaction whereby Claude has
acquired all of the outstanding shares of St. Eugene Mining Corporation
Limited (TSXV: SEM) ("St. Eugene") (that Claude does not already own). 
The transaction was accomplished pursuant to the terms of a court
approved plan of arrangement completed under the Business Corporations Act (British Columbia) (the "Arrangement"). Under the Arrangement, Claude
acquired all of the outstanding common shares of St. Eugene in exchange
for the issuance of approximately 9.6 million common shares of Claude
("Claude Shares").


In addition to Claude Shares, former shareholders of St. Eugene also
received 0.25 of a common share of Satori Resources Inc. ("Satori"). 
Claude will maintain the same pro-rata stake in Satori that it had in
St. Eugene.  Satori has received the necessary approvals for its common
shares to commence trading on the TSX Venture Exchange effective
February 2, 2012 under the trading symbol "BUD".  Satori's primary
asset will be a 100 percent interest in the Tartan Lake Mine Project,
which is comprised of certain mineral property interests and related
assets located in the Flin Flon Greenstone Belt in Manitoba.


As part of the Arrangement, Claude also assumed all outstanding warrants
of St. Eugene and reduced its existing net smelter return royalty on
the Tartan Lake Mine Project from a sliding scale to 2 percent. The net
smelter return royalty can also be repurchased at any time by Satori
for $1 million for each one percent.


Claude now owns 100 percent of the Amisk Gold Project. At 23,450
hectares, this gold and silver exploration property is one of the
largest land positions in the prolific Flin Flon mineral district. The
Amisk Gold Property is located 20 kilometres southwest of Flin Flon,
Manitoba and hosts the Amisk Gold Project, a bulk mineable gold and
silver deposit. Currently the Amisk Gold Project hosts a National
Instrument 43-101 compliant resource calculation of 1.57 million gold
equivalent ounces. In 2012, Claude will update the resource
calculation, conduct a Preliminary Economic Assessment and further
exploration programs on the property.


Claude Resources Inc. is a public company based in Saskatoon,
Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX:
CRJ) and the NYSE Amex (NYSE Amex: CGR). Claude is a gold exploration
and mining company with an asset base located entirely in Canada. Since
1991, Claude has produced over 962,000 ounces of gold from its Seabee
mining operation in northeastern Saskatchewan. The Company also owns
100 percent of the 10,000 acre Madsen Property in the prolific Red Lake
gold camp of northwestern Ontario and owns 100 percent of the Amisk
Gold Project in northeastern Saskatchewan.


CAUTION REGARDING FORWARD-LOOKING INFORMATION


This Press Release may contain 'forward-looking' statements regarding
the plans, intentions, beliefs and current expectations of the Company,
its directors, or its officers with respect to the future business
activities and operating performance of the Company.  The words "may",
"would", "could", "will", "intend", "plan", "anticipate", "believe",
"estimate", "expect" and similar expressions, as they relate to the
Company, or its management, are intended to identify such
forward-looking statements.  Investors are cautioned that any such
forward-looking statements are not guarantees of future business
activities or performance and involve risks and uncertainties, and that
the Company's future business activities may differ materially from
those in the forward-looking statements as a result of various
factors.  Such risks, uncertainties and factors are described in the
periodic filings with the Canadian securities regulatory authorities,
including the Company's Annual Information Form and quarterly and
annual Management's Discussion & Analysis, which may be viewed on SEDAR
at www.sedar.com.  Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected.  Although the Company has attempted to identify important
risks, uncertainties and factors which could cause actual results to
differ materially, there may be others that cause results not
anticipated, estimated or intended.  The Company does not intend, and
does not assume any obligation, to update these forward-looking
statements.


SOURCE CLAUDE RESOURCES INC.








 
Thursday, February 2, 2012 9:00 AM

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