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The Claude Resources Inc. website is at www.clauderesources.com.
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Claude Resources Valuation
This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-04-07.
The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.
| General Metric | Value on 2012-02-03 |
|---|---|
| In Situ Metal Value per Share (MVpSh) | US$34.11 |
| Average Ore Value per Tonne | US$93.42 |
| Metal Value Leverage (MVL) | 23.05 |
| Market Capitalization as a Percentage of Metal Value | 4.3% |
| Recent Closing Stock Price | C$1.47 [note 1] |
| Fully Diluted Share Count | 180.32 M [note 2] |
| Percentage In Situ Proven + Probable Reserve | 6% |
| Percentage In Situ Measured + Indicated Resource | 58% |
| Percentage In Situ Inferred Resource | 36% |
| Metric | Value on 2012-02-03 |
|---|---|
| Gold Reserves + Resources | 3.38 M oz |
| Average Gold Ore Grade | 1.6 g/t |
| Market Capitalization per oz of Gold In Situ | US$79.06 ( C$78.53 ) |
| Gold Equivalent Ounces Estimate | 3.56 M oz |
| Market Capitalization per oz of Gold Equivalent | US$74.88 ( C$74.37 ) |
Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted share count based on the September, 2011 financial statement.
All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.
| Metric / Metal | Gold | Silver | ||
|---|---|---|---|---|
| Total Counts (reserves + resources) | 3.38 M oz | 9.67 M oz | ||
| Metal Prices in US$ (from 2012-02-03) | $1,725.90 / oz | $33.63 / oz | ||
| Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count | $32.31 | $1.80 | ||
| Percentage of Total Metal Value | 94.71% | 5.29% | ||
| Metal Value Percentage Proven + Probable | 6% | 0% | ||
| Metal Value Percentage Measured + Indicated | 58% | 62% | ||
| Metal Value Percentage Inferred | 36% | 38% | ||
The above metal value totals derive from the following projects.
| Project | Location | Metal Value per share (% total) | Average Ore Value US$/t | Gold | Silver | PP% | MI% | I% |
|---|---|---|---|---|---|---|---|---|
| Amisk | Saskatchewan, Canada | $15.33 ( 45.0% ) | US$47.02 | 1.41 M oz | 9.67 M oz | 0 | 59% | 41% |
| Madsen | Ontario, Canada | $11.74 ( 34.4% ) | US$526.05 | 1.23 M oz | 0 | 76% | 24% | |
| Seabee Area | Saskatchewan, Canada | $7.04 ( 20.6% ) | US$420.44 | 735.49 K oz | 28% | 28% | 44% |
PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors
The Amisk Gold Project is an advanced mineral exploration project located near Flin Flon, Manitoba, Canada. The property consists of 13,800 hectares and has been subjected to various phases of exploration over the last fifty years. [Source: March 2011 NI43-101 report]
This report assumes Claude is successful in acquiring 100% of St. Eugene.
Latest NI43-101 Report: Mineral Resource Evaluation,
Amisk Gold Project,
Saskatchewan, Canada
2011-03-31 (143 pages).
Project Location: Saskatchewan, Canada in the editMiningRegionName mining region.
Average Ore Value (all estimate types): US$47.02
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $7.89 | 823.94 K oz | 0.850 g/t | 30.15 M t |
| Silver | $1.12 | 5.98 M oz | 6.170 g/t | 30.15 M t |
Estimate notes: See Table i: Consolidated Mineral Resource Statement* Amisk Gold
Project, Saskatchewan, SRK Consulting (Canada) Inc.,
February 17, 2011. on p. 8 of 143 in the NI43-101 dated March 2011.
cut-off grade of 0.40 grams of gold equivalent per tonne
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $5.64 | 589.58 K oz | 0.640 g/t | 28.65 M t |
| Silver | $0.69 | 3.69 M oz | 4.010 g/t | 28.65 M t |
Estimate notes:
Latest NI43-101 Report: Mineral Resource Estimation
Madsen Gold Project
Red Lake, Ontario, Canada
2010-01-20 (197 pages).
Project Location: Ontario, Canada in the Red Lake greenstone mining region. View the Madsen Gold project on a Google Map.
Average Ore Value (all estimate types): US$526.05
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $8.89 | 929.08 K oz | 8.930 g/t | 3.24 M t |
Estimate notes: See Table i. Consolidated Mineral Resource Statement* for Madsen
Gold Project, Ontario, SRK Consulting, December 7, 2009. on p. 9 of 197 in the NI 43-101 dated January 2010.
Cut-off grade was 5.0 gpt based on US$1,000 per troy onunce gold and gold metallurgical recoveries of 94 percent.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $2.85 | 297.43 K oz | 11.740 g/t | 788.00 K t |
Estimate notes: See Indicated notes.
Latest NI43-101 Report: Seabee Area
2008-06 (67 pages).
Updates: Reserve and Resources webpage.
Project Location: Saskatchewan, Canada. View project on a Google Map.
Average Ore Value (all estimate types): US$420.44
Proven + Probable
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $1.99 | 208.23 K oz | 6.820 g/t | 949.64 K t |
Estimate notes: Reserve and Resources webpage.
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $1.98 | 207.11 K oz | 7.870 g/t | 818.53 K t |
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $3.06 | 320.15 K oz | 7.960 g/t | 1.25 M t |
Estimate notes:
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