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News Release
Claude Resources Inc.
200, 224 - 4th Avenue South
Saskatoon, Saskatchewan S7K 5M5
Phone (306) 668-7505 Fax (306) 668-7500
 Toronto Stock Exchange
Alberta Stock Exchange
Trading Symbol - CRJ
March 9, 2001 CLAUDE RESOURCES INC. ("CRJ-T")


FOURTH QUARTER REPORT
For The Year Ended December 31, 2000

Claude Profitable before Non-recurring Charges

Higher gold production, improved oil and gas revenues and stable operating costs enabled Claude Resources to record net earnings from operations of $2.4 million ($.06 per share) for the year 2000 before a one-time $51.1 million ($1.31 per share) write-down of assets. Claude had net earnings of $2.3 million ($0.07 per share) in 1999.

The Company generated $7.5 million ($0.19 per share) in cash flow from operations for the year compared to $6.7 million ($0.21 per share) in 1999.

Given the existing US $265 per ounce gold price the Company has decided to reduce the recorded value of its non-producing exploration assets and to modestly reduce the carrying value of the Seabee operating mine to reflect the current economic environment of the gold mining industry.

This write-down has no impact on Claude’s cash flow or future production potential nor does it negatively reflect the potential of the Company’s exploration properties. This adjustment is consistent with management’s conservative approach to financial reporting.

Claude reported net earnings of $1.2 million ($0.03 per share) for the fourth quarter (net loss of $49.9 million or $1.27 per share after write-down) compared to net earnings of $.9 million ($0.03 per share) for the corresponding quarter in 1999. Cash flow from operations of $2.5 million ($0.06 per share) in the quarter compare to $1.6 million ($0.05 per share) for the fourth quarter of 1999.

Gold production of 16,600 ounces in the fourth quarter resulted in a total of 58,300 ounces of production in 2000, an increase of 4,200 ounces or 8% over last year. The Company realized a gold price of US $264 per ounce in the quarter, down from US $273 for the previous year. For 2000, the average realized price was US $279 (CDN $414) per ounce relatively unchanged from the US $278 (CDN $413) in 1999.

Total cash costs were US $171 per ounce in the fourth quarter, down slightly from US $172 per ounce in the comparative quarter of 1999. For 2000, total cash costs averaged US $190 per ounce versus US $193 for fiscal year 1999.

The Company’s working capital position of $9.1 million is down $2.0 million from last year. Claude’s balance sheet remains free of any fixed term debt obligations and the Company has no exposure to hedging contracts.

For further information please contact:
Neil McMillan, President
(306) 668-7505
 

Consolidated Statements of Earnings
(Dollars in Thousands)
Three Months Ended Twelve Months Ended
December 31 December 31
2000 1999 2000 1999
Revenues
Gold $ 6,689 $ 4,927 $ 24,166 $ 22,323
Oil and gas:
Gross revenue 3,189 2,104 9,300 6,423
Crown royalties (948) (449) (2,516) (1,181)
Alberta Royalty Tax Credit 174 294 584 779
Overriding royalties (1,586) (914) (4,061) (2,714)
Net oil and gas revenue 829 1,035 3,307 3,307
7,518 5,962 27,473 25,630
Expenses
Gold 4,341 3,113 16,432 15,516
Oil and gas 243 385 1,582 1,893
General and administrative 519 337 1,715 1,563
Interest and other 11 514 167 (183)
Provision for income taxes (82) 42 32 141
5,032 4,391 19,928 18,930
Earnings before the undernoted items 2,486 1,571 7,545 6,700
Depreciation, depletion, and reclamation:
Gold 1,246 1,199 4,194 5,325
Oil and gas 17 (148) 467 419
Provision for foreign currency fluctuations - (408) 529 (1,304)
Net earnings before write-down 1,223 928 2,355 2,260
Write-down of mineral properties 51,078 - 51,078 -
Net earnings (loss) $ (49,855) $ 928 $ (48,723) $ 2,260
======== ======== ======== ========
Net earnings per share before write-down $ 0.03 $ 0.03 $ 0.06 $ 0.07
======== ======== ======== ========
Net earnings (loss) per share $ (1.27) $ 0.03 $ (1.25) $ 0.07
======== ======== ======== ========
Weighted average number of shares outstanding (000's) 39,366 31,518 38,964 31,309
======== ======== ======== ========

 

Consolidated Statements of Retained Earnings
(Dollars in Thousands)
Three Months Ended Twelve Months Ended
December 31 December 31
2000 1999 2000 1999
Retained earnings, beginning of period $ 17,219 $ 15,159 $ 16,087 $ 13,827
Net earnings (loss) (49,855) 928 (48,723) 2,260
Retained earnings (deficit), end of period $ (32,636) $ 16,087 $ (32,636) $ 16,087
======== ======== ======== ========

 

Consolidated Statements of Cash Flows
(Dollars in Thousands)
Three Months Ended Twelve Months Ended
December 31 December 31
2000 1999 2000 1999
Cash provided from (used in):
Operations:
Net earnings (loss) $ (49,855) $ 928 $ (48,723) $ 2,260
Non cash items:
Depreciation, depletion and reclamation 1,263 1,051 4,661 5,744
Write-down of mineral properties 51,078 - 51,078 -
Provision for foreign currency fluctuations - (408) 529 (1,304)
Cash from operations 2,486 1,571 7,545 6,700
Net change in other operating items:
Receivables (122) (1,340) 1,271 3,192
Inventories 1,548 (280) 734 (1,044)
Prepaids and other (130) (24) (130) 151
Payables and accrued liabilities 1,201 (3,199) 2,027 (2,516)
Obligations relating to foreign currency fluctuations - - (2,420) (1,356)
4,983 (3,272) 9,027 5,127
Investing:
Mineral properties (1,813) (1,152) (8,294) (13,094)
Oil and gas properties (376) (24) (523) (156)
(2,189) (1,176) (8,817) (13,250)
Financing:
Issue of common shares 701 7,308 897 7,897
Brokerage deposits - (198) 198 438
701 7,110 1,095 8,335
Increase in cash position 3,495 2,662 1,305 212
Cash position, beginning of period (2,515) (2,987) (325) (537)
Cash position, end of period $ 980 $ (325) $ 980 $ (325)
======== ======== ======== ========
Cash from operations per share $ 0.06 $ 0.05 $ 0.19 $ 0.21
======== ======== ======== ========

 

Consolidated Balance Sheets
(Dollars in Thousands)
December 31 December 31
2000 1999
Assets
Current assets:
Cash $ 980 $ -
Brokerage deposit - 198
Receivables 2,375 3,646
Inventories 8,860 9,594
Prepaids and other 1,101 971
13,316 14,409
Oil and gas properties 2,649 2,593
Mineral properties 15,008 61,815
$ 30,973 $ 78,817
========== ==========
Liabilities and Shareholders' Equity
Current liabilities:
Bank indebtedness $ - $ 325
Payables and accrued liabilities 4,201 2,174
Current portion of other liabilities - 823
4,201 3,322
Other liabilities - 1,068
Future site reclamation costs 2,515 2,344
Shareholders' equity:
Share capital 56,893 55,996
Retained earnings (deficit) (32,636) 16,087
24,257 72,083
========== ==========
$ 30,973 $ 78,817


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