ONTARIO – CLAUDE RESOURCES of Saskatoon has reacquired control of its Madsen gold project near Red Lake. Madsen was one of the former Placer Dome projects bought by GOLDCORP after the BARRICK GOLD-PLACER DOME merger. Goldcorp has bowed out of the option agreement covering the Madsen property.
The partnership foundered after “Claude and Goldcorp were unable to reach terms by which the latter would earn an interest in the property,” said a press release issued by Claude. “In addition, Goldcorp is required to make a cash payment to Claude in lieu of fulfilling certain obligations relating to the remediation of infrastructure on the site.”
Claude is moving the Madsen exploration program forward with the dewatering of the Madsen shaft and further surface drilling of historic targets.
The Madsen mine was the third largest gold mine in Red Lake history. It produced over 2.4 million oz of gold over its 40-year history (1938-76). The property includes a fully functional mill, 1,220-metre-deep shaft and permitted tailings pond. Claude owns a 100% interest in the property.
More information is available at www.ClaudeResources.com.