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Reserve and Resources

Seabee Gold Operation

The Mineral Reserve and Mineral Resource estimates for Claude’s mineral properties as of December 31, 2011 were prepared under the supervision of Brian Skanderbeg, P.Geo (VP Exploration) and Peter Longo, P.Eng. (Manager, Capital Projects), both Qualified Persons within the meaning of National Instrument 43-101.

Mineral Reserves and Mineral Resources for Seabee Gold Property, Saskatchewan.

Resource Class	Zone		Tonnes	Grade (g/tonne)	Contained Gold (oz)
Proven & Probable	Seabee		1,062,900	6.58	224,900
	Santoy 8		997,100	4.08	130,600
		Total	2,059,900	5.37	355,600

Indicated	Seabee		127,400	4.65	19,000
	Santoy 8		12,600	5.04	2,000
	Porky Main		160,000	7.50	38,600
	Porky West		111,000	3.10	11,000
		Total	410,900	5.35	70,700

Inferred	Santoy Gap		2,321,000	6.63	495,000
	Seabee		813,900	6.83	178,800
	Santoy 8		850,000	5.46	149,300
	Porky Main		70,000	10.43	23,500
	Porky West		138,300	6.03	26,800
		Total	4,193,200	6.48	873,400

To review the National Instrument 43-101 Technical Report on the the Seabee Gold Operation please click here. Please note that the file size is large and may take several minutes to download.

Madsen Gold ProJect

National Instrument 43-101 Resources Estimate

In early 2009, Claude Resources commissioned SRK Consulting (Canada) Inc. (SRK), to prepare an independent National Instrument 43-101 mineral resource and Technical Report for the Madsen Gold Project. This resource is the result of the compilation of all historical exploration and mining data, Phase I underground drilling as at September 27, 2009 and geological and resource modeling over a period of 20 months. Resource evaluation was undertaken in October and November 2009 for the four separate zones, Austin, South Austin, McVeigh and 8 Zone, that comprise the Madsen Gold Mine. This represents the first National Instrument 43-101 compliant resource completed on the Madsen Gold Project.

Consolidated Mineral Resource Statement* for Madsen Mine, Ontario.

Resource Class	Zone		Tonnes	Grade (g/tonne)	Grade (oz/ton)	Contained Gold (oz)
Indicated	Austin		1,677,000	7.92	0.23	427,000
	South Austin		850,000	9.32	0.27	254,000
	McVeigh		374,000	9.59	0.28	115,000
	Zone 8		335,000	12.21	0.36	132,000
		Total	3,236,000	8.93	0.26	928,000

Inferred	Austin		108,000	6.30	0.18	22,000
	South Austin		259,000	8.45	0.25	70,000
	McVeigh		104,000	6.11	0.18	20,000
	Zone 8		317,000	18.14	0.53	185,000
		Total	788,000	11.74	0.34	297,000

* Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. Reported at a cut-off grade of 5.0 g/t gold based on US$1,000 per troy ounce gold and gold metallurgical recoveries of 94 percent.

Given proximity of the mineral resource to historic stoping blocks, geotechnical buffer zones were constructed and the material within these zones was excluded from estimated resources.

The completion of this geological model and resource statement is a major milestone for Claude and its Madsen Gold Project. It has immensely improved the Company’s geological understanding of the Madsen system and will guide future underground and surface exploration at Madsen and in the Red Lake belt.

To review the National Instrument 43-101 Technical Report on the the Madsen Gold Project please click here. Please note that the file size is large and may take several minutes to download.

Amisk Gold Project

Claude and St. Eugene commissioned SRK Consulting (Canada) Inc. (“SRK”), to prepare an independent mineral resource evaluation and Technical Report for the Amisk Gold Project. This mineral resource evaluation is based on historical drilling completed by Saskatchewan Mining Development Corporation (“SMDC”) between 1983 and 1989 and Claude between 1996 and 1998 as well as recent core drill holes drilled by the Joint Venture during 2010. The entire database comprises 299 drill holes (53,507 metres), of which 21 (5,657 metres) were drilled by the Joint Venture in 2010. Resource evaluation was undertaken in January 2011 on eight domains that comprise the Amisk Gold Deposit. The mineral resource statement reported herein is the culmination of that work. On February 2, 2012, Claude completed the acquisition of St. Eugune, its Joint Venture partner, and now owns 100 percent of the Amisk Gold Project.

Resource Class	Tonnes (000's)	Grade (g/tonne)			Contained Ounces (000's)
		Au	Ag	Au Eq	Au	Ag	Au Eq
Indicated	30,150	0.85	6.17	0.95	827	5,978	921
Inferred	28,653	0.64	4.01	0.70	589	3,692	645

* Reported at a cut-off of 0.40 grams of gold equivalent (Au Eq) per tonne using a price of U.S. $1,100 per ounce of gold and U.S. $16 per ounce of silver inside a conceptual pit shell optimized using metallurgical and process recovery of eight-seven percent, overall ore mining and processing costs of U.S.$15 per tonne and overall pit slope of fifty degrees. All figures are rounded to reflect the relative accuracy of the estimates. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Brian Skanderbeg, P. Geo., is the Qualified Person for Claude Resources for the Amisk Gold Project. The Company has implemented a rigorous Quality Assurance and Quality Control program to ensure best practices in sampling and analysis of drill core. Drill core was halved and samples averaging 1.5 to 2.0 metres were submitted to TSL Laboratories in Saskatoon, Saskatchewan and/or ALS Chemex in Vancouver, British Columbia, both ISO approved facilities. Quality assurance and quality control procedures have been implemented including the use of blanks, standards and duplicates. Core samples were analyzed by a 30 gram gold fire assay with an atomic absorption, conventional gravimetric and/or screen fire techniques.

To review the National Instrument 43-101 Technical Report on the the Amisk Gold Project please click here. Please note that the file size is large and may take several minutes to download.

For Quality Assurance and Quality Control Information click here.