Claude Resources completes acquisition of St. Eugene Mining

5 February 2012 (Last Updated February 5th, 2012 18:30)

Canadian gold exploration and mining company Claude Resources has completed the acquisition of St. Eugene Mining Corporation.

Canadian gold exploration and mining company Claude Resources has completed the acquisition of St. Eugene Mining Corporation.

Claude acquired all of the outstanding common shares of St. Eugene in exchange for the issuance of approximately 9.6m common shares of Claude.

Former shareholders of St. Eugene also received 0.25 of a common share of Satori Resources Inc and Claude will maintain the same pro-rata stake in Satori that it had in St. Eugene.

Satori will commence trading on the TSX Venture Exchange following approval for its common shares.

The company owns a 100% interest in the Tartan Lake Mine Project located in the Flin Flon Greenstone Belt in Manitoba.

Claude reduced its existing net smelter return royalty on the Tartan Lake Mine Project from a sliding scale to 2% and assumed all outstanding warrants of St. Eugene.

The firm owns 100% of the 10,000 acre Madsen Property in Ontario and 100% of the Amisk Gold Project which covers 23,450 hectares and hosts the Amisk Gold Project, a bulk mineable gold and silver deposit.

Claude said it will conduct a preliminary economic assessment and further exploration programmes on the property this year.