The common shares of Claude Resources Inc. (“Claude”) are listed on The American Stock Exchange (“AMEX”).

Section 110 of the AMEX Company Guide (the “Guide”) permits AMEX to consider the laws, customs and practices of foreign issuers in relaxing certain AMEX listing criteria, and to grant exemptions from AMEX listing criteria based on these considerations.  Claude has received the following exemptions from AMEX:

Consultant Stock Option Compensation: AMEX has also granted a waiver to Claude from the shareholder approval requirements set out in section 711(a) of the Guide. This section requires that, in certain circumstances, shareholder approval be obtained for equity compensation arrangements pursuant to which options or stock may be acquired by consultants. Claude has not obtained shareholder approval for certain stock and option issuances to consultants.

Claude’s current practices are consistent with the laws, customs and practices in Canada.