SASKATOON - Gold producer Claude Resources Inc. (TSX:CRJ) says it has struck a deal to sell its Tartan Lake and Amisk Lake mine properties in western Canada to St. Eugene Mining Corp. Ltd. (TSXV:SEM) for about $3.1 million.
"This property divestiture is in line with our corporate strategic plan," Claude Resources' president and CEO Neil McMillan, said Monday.
"We have made the commitment to focus on the company's core assets - namely, the Seabee mining operation and the Madsen exploration property at Red Lake, Ont."
The Tartan Lake property is 40 kilometres from Flin Flon, Man., and the nearby Amisk Lake exploration property is in northeastern Saskatchewan.
The deal is subject to a due diligence review by St. Eugene.
In addition to a fee of $100,000, the purchase price for the Tartan Lake Property is $3 million in cash or shares and a sliding royalty on any future production.
Claude Resources is a gold explorer and miner which has produced about 820,000 ounces of gold from its Seabee mine in northeastern Saskatchewan. The company also owns 100 per cent of the 4,000-hectare Madsen property in the Red Lake gold camp of northwestern Ontario.
In trading Monday on the TSX, Claude shares rose two cents to 49 cents, a gain of 4.3 per cent.
