Monday, 22nd September 2008 (353 views)

Claude Resources has announced that it has negotiated an agreement to sell its Tartan Lake and Amisk Lake gold projects to St Eugene Mining.

President and chief executive officer for Claude, Neil McMillan, said that the firm wants to concentrate on its Seabee operation and the Masden exploration programme at Red Lake in Ontario.

"This property divestiture is in line with our corporate strategic plan," he added.

The two properties in question are both situated in north-east Saskatchewan and the transaction will go through subject to acceptance by the TSX Venture Exchange.

St Eugene have paid approximately $3 million (£1.56 million) for the acquisitions.

Canada is one of the world leaders in gold production, with the Maple Leaf bullion coin collection being sold worldwide, according to Natural Resources Canada.

Ontario, Quebec and British Columbia are major gold-producing regions for the nation, it adds.

 

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