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Claude Resources increases gold production guidance for 2009

Last updated: 15:00 02 Mar 2009 AEDT, First published: 16:00 02 Mar 2009 AEDT

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Claude Resources (TSX: CRJ, AMEX: CGR) said it now expected to produce between 48,000 and 54,000 ounces of gold in 2009, up 6-10% from 2008. Cash cost guidance was little changed, expected to come in between US$550 per ounce and US$580 per ounce versus an average cost of US$565 per ounce in the fourth quarter of 2008.

Production in the first quarter is expected to be “about” 11,000 ounces of gold, which would be an increase of 31% quarter over quarter increase from 2008.

"In 2009, Claude Resources Inc. forecasts to produce from its satellite deposit at Santoy 7 as well as the Seabee Mine. In addition, the Company plans on continuing with an underground bulk sample program at Porky West and pending environmental approval and permits, to move Santoy 8 towards commercial production. Investments in the Seabee property over the last two years have provided us a foundation for safe, responsible, cost effective and growing operation on a forward basis," said Philip Ng, Vice President, Mining Operations.

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