Owner
Post by Franko10 ™ on Oct 7, 2004 11:27:40 GMT -5
FIRST QUARTER REPORT
For the Three Months Ended March 31, 2002
Overview
Bullion markets continued to firm during the first quarter of 2002, with the price of gold moving from US $278 to US $302 by quarter end. This improved market tone was reflected in gold producer share prices, with Claude shareholders experiencing an 80% increase in their share values during the quarter.
The Seabee mine re-supply of fuel, chemicals, parts and other materials was achieved in a smooth and efficient manner due to ideal ice road conditions.
Seabee gold production was low by historical standards, the result of continued disappointing low-grade ore from the D zone, the primary source for mill feedstock. While these results were not unexpected, the current mine plan indicates that higher-grade ore will begin to be accessed, on schedule, early in the third quarter.
Claude’s winter exploration program in the Seabee mine area was activated during the quarter. Discussions were commenced with Placer Dome in respect to the exploration program at the Madsen property in Red Lake, Ontario, under option to Placer.
Financial Highlights
Three Months Ended March 31,2002 Three Months Ended March 31,2001
Revenue ($ millions) 5.20 7.90
Net loss ($ millions) 1.98 .42
Loss per share ($) .05 .01
Cash from (used in) operations ($ millions) (.6) .8
Cash from (used in) operations per share ($) (.01) .02
Average realized gold price for the period (US $/ounce) 290 259
Total cash operating cost (US $/ounce) 294 217
Working capital ($ millions) 6.20 8.80
Financial
Claude recorded a net loss of $2.0 million ($.05 per share) for the first quarter of 2002 compared to a net loss of $.4 million ($.01 per share) for the same period in 2001.
Total revenue generated for the quarter was $5.2 million, 34% lower than that reported in the 2001 period. Gold revenues decreased 12% over the comparative quarter last year, the result of decreased production offset by the higher bullion price realized. The 62% decrease in oil and gas revenues was a result of normal production decline rates and lower averaged realized petroleum prices.
The Seabee mine contributed $3.8 million to revenue for the first quarter of 2002 compared to $4.4 million for the same period last year. Production for the period decreased 25% from 11,100 ounces in 2001 to 8,300 ounces in 2002. As expected, most of the mill throughput for the first quarter originated from the low grade 2D zone between the 190 and 390 levels, resulting in reduced production. Gold revenues were impacted by a higher average realized price (2002 – US $290/CDN $462; 2001 – US $259/CDN $396).
Gross oil, natural gas liquids and gas revenues totaled $1.3 million for the current period compared to $3.5 million last period. First quarter oil and NGL’s production of 20,700 barrels was 14% lower than the 24,100 barrels produced the previous period. The average realized price was US $18.26 (CDN $29.12) per barrel versus an average price of US $28.15 (CDN $43.01) per barrel last period. Gas production fell 24% from 246 MMCF in 2001 to 187 MMCF in 2002. The average realized price this quarter was US $2.19 (CDN $3.49) per MCF compared to the US $6.37 (CDN $9.73) per MCF realized in 2001.
Total operating and administrative costs increased from $4.5 million for the first quarter of 2001 to $4.9 million this period. Total mine cash costs were $3.9 million for this quarter versus $3.7 million last period. The mining of smaller stoping blocks contributed to this slight increase. As a result of the lower gold production during the first quarter, cash operating costs per ounce increased from US $217 in 2001 to US $294 this period. As higher-grade ore is milled during the second half of 2002, the per ounce cost should fall and better reflect expected US $200-210 cash costs per ounce.
General and administrative costs increased by 50% from $.4 million in the first quarter of 2001 to $.6 million this period. This increase is attributable to the settlement of a prior year property tax assessment at the Madsen property.
Depreciation and depletion of the Company’s gold assets was $1.3 million for the first three months of 2002, compared with $1.1 million in the corresponding 2001 period. Again, as a result of decreased production, depreciation and depletion costs per ounce for the 2002 period were US $95 versus US $67 last period.
Cash flows used in operations for the quarter were $.6 million ($.01 per share) compared to 2001 first quarter cash flows provided of $.8 million ($.02 per share). This reduction in cash flows from operations was due to the combination of lower gold production, slight increases in costs and decreased contribution from our oil and gas operations.
Capital expenditures for the 2002 quarter were $2.0 million, a 54% increase over the $1.3 million recorded last period. This increase is primarily a result of increased exploration and development costs incurred at the Seabee mine.
For the Three Months Ended March 31, 2002
Overview
Bullion markets continued to firm during the first quarter of 2002, with the price of gold moving from US $278 to US $302 by quarter end. This improved market tone was reflected in gold producer share prices, with Claude shareholders experiencing an 80% increase in their share values during the quarter.
The Seabee mine re-supply of fuel, chemicals, parts and other materials was achieved in a smooth and efficient manner due to ideal ice road conditions.
Seabee gold production was low by historical standards, the result of continued disappointing low-grade ore from the D zone, the primary source for mill feedstock. While these results were not unexpected, the current mine plan indicates that higher-grade ore will begin to be accessed, on schedule, early in the third quarter.
Claude’s winter exploration program in the Seabee mine area was activated during the quarter. Discussions were commenced with Placer Dome in respect to the exploration program at the Madsen property in Red Lake, Ontario, under option to Placer.
Financial Highlights
Three Months Ended March 31,2002 Three Months Ended March 31,2001
Revenue ($ millions) 5.20 7.90
Net loss ($ millions) 1.98 .42
Loss per share ($) .05 .01
Cash from (used in) operations ($ millions) (.6) .8
Cash from (used in) operations per share ($) (.01) .02
Average realized gold price for the period (US $/ounce) 290 259
Total cash operating cost (US $/ounce) 294 217
Working capital ($ millions) 6.20 8.80
Financial
Claude recorded a net loss of $2.0 million ($.05 per share) for the first quarter of 2002 compared to a net loss of $.4 million ($.01 per share) for the same period in 2001.
Total revenue generated for the quarter was $5.2 million, 34% lower than that reported in the 2001 period. Gold revenues decreased 12% over the comparative quarter last year, the result of decreased production offset by the higher bullion price realized. The 62% decrease in oil and gas revenues was a result of normal production decline rates and lower averaged realized petroleum prices.
The Seabee mine contributed $3.8 million to revenue for the first quarter of 2002 compared to $4.4 million for the same period last year. Production for the period decreased 25% from 11,100 ounces in 2001 to 8,300 ounces in 2002. As expected, most of the mill throughput for the first quarter originated from the low grade 2D zone between the 190 and 390 levels, resulting in reduced production. Gold revenues were impacted by a higher average realized price (2002 – US $290/CDN $462; 2001 – US $259/CDN $396).
Gross oil, natural gas liquids and gas revenues totaled $1.3 million for the current period compared to $3.5 million last period. First quarter oil and NGL’s production of 20,700 barrels was 14% lower than the 24,100 barrels produced the previous period. The average realized price was US $18.26 (CDN $29.12) per barrel versus an average price of US $28.15 (CDN $43.01) per barrel last period. Gas production fell 24% from 246 MMCF in 2001 to 187 MMCF in 2002. The average realized price this quarter was US $2.19 (CDN $3.49) per MCF compared to the US $6.37 (CDN $9.73) per MCF realized in 2001.
Total operating and administrative costs increased from $4.5 million for the first quarter of 2001 to $4.9 million this period. Total mine cash costs were $3.9 million for this quarter versus $3.7 million last period. The mining of smaller stoping blocks contributed to this slight increase. As a result of the lower gold production during the first quarter, cash operating costs per ounce increased from US $217 in 2001 to US $294 this period. As higher-grade ore is milled during the second half of 2002, the per ounce cost should fall and better reflect expected US $200-210 cash costs per ounce.
General and administrative costs increased by 50% from $.4 million in the first quarter of 2001 to $.6 million this period. This increase is attributable to the settlement of a prior year property tax assessment at the Madsen property.
Depreciation and depletion of the Company’s gold assets was $1.3 million for the first three months of 2002, compared with $1.1 million in the corresponding 2001 period. Again, as a result of decreased production, depreciation and depletion costs per ounce for the 2002 period were US $95 versus US $67 last period.
Cash flows used in operations for the quarter were $.6 million ($.01 per share) compared to 2001 first quarter cash flows provided of $.8 million ($.02 per share). This reduction in cash flows from operations was due to the combination of lower gold production, slight increases in costs and decreased contribution from our oil and gas operations.
Capital expenditures for the 2002 quarter were $2.0 million, a 54% increase over the $1.3 million recorded last period. This increase is primarily a result of increased exploration and development costs incurred at the Seabee mine.
