Claude Resources (CRJ.TSX, AMEX: CGR) reported the closing of its previously announced acquisition of St. Eugene Mining Corporation Limited. Under the terms of the transaction, 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.
Along with shares in Claude Resources, former shareholders of St. Eugene received 0.25 of a common share of Satori Resources Inc.. 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 begin trading on the TSX Venture Exchange effective February 2, 2012 under the trading symbol “BUD”. Satori’s primary asset will be a 100% 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, Canada.
Highlights:
* As a result of the acquisition, Claude has consolidated 100% ownership of the Amisk Gold Project
* Amisk is a gold and silver exploration property in one of the largest land positions in the Flin Flon district
* Amisk holds an NI 43-101 compliant resource estimate of 1.57 million gold equivalent ounces
* Claude intends to update Amisk’s resource calculation, conduct a Preliminary Economic Assessment, and perform further exploration programs on the property in 2012
Neil Mcmillan, President and CEO Of Claude Resources:
“Claude is pleased that the St. Eugene shareholders have approved the Arrangement. The Company plans on moving the Amisk Gold Project ahead by conducting and completing a Preliminary Economic Assessment and will continue to expand and explore the deposit and other targets defined on the property in 2012.”
Paolo Lostritto, National Bank Financial:
“We reiterate our Outperform rating and C$3.30 target on Claude Resources shares…Catalysts continue to be:1) Madsen underground drill results, 2) Seabee shaft deepening coupled with Santoy ramp up, and 3) more Amisk drilling.”
