TWST: We'd like to begin with a brief historical sketch of Claude Resources and a picture of the things you are doing at the present time.
Mr. McMillan: The company has been in the hands of the current management and Board of Directors since 1982. It is a mineral resources, development and production company, focusing particularly on hard rock minerals with an emphasis on gold. In the early years between 1983 and 1991, the company was a hard rock minerals exploration company, but it also had an oil and gas operation that was a passive asset in Alberta. It generated between 600 and 1,000 barrels of oil per day, and that asset remains in the company today. Subsequent to 1991, we have been in full-time gold production, 365 days a year, 24 hours a day, from a project in Canada that produces about 50,000 ounces of gold a year from an underground narrow vein mine.
It's been a challenging 10 years for us with low gold prices, but we are now in a position where we are getting our legs under us. We are in the process of doubling our capacity at that mine in Canada called the Seabee Gold Mine. We also have very extensive exploration going on in the Seabee area to provide feedstock to our expanded production capacity. We have a superb exploration project in Red Lake, Ontario, home of the GoldCorp mine, which is the richest gold mine in the world. Our project there is called Madsen. It is currently under option to Placer Dome, and that project represents additional substantial growth potential for the company. We are fairly cautious people; we don't carry much debt in the company, and we have become very efficient operators in the gold mining business over the last 10 years. We now occupy a niche in the gold mining sector, and are probably as good at narrow vein mining as you can find in the business.