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History of Amisk

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Free gold was discovered in quartz veins on the northwest shore of Amisk Lake in 1913. Since then, many claims have been staked at different times covering various parts of the area. Exploration activity in the area remained somewhat sporadic and geophysically-oriented for base metals until Saskatchewan Mining Development Corporation (a predecessor of Cameco Corporation) began assembling a land package through staking and options in the late 1970s. Cameco continued with geophysical and geochemical programs which resulted in the discovery of gold on the Laurel Lake property and a number of other significant gold showings in the area.

Husky and a predecessor company of Cameco entered into an agreement effective November 1, 1987 whereby a joint venture (the "Amisk Joint Venture") was established to prospect for and locate minerals within the Amisk property. Each of Husky and Cameco had a 50 percent participating interest in the Amisk Joint Venture.

In October of 1995, Claude entered into an option agreement (the "Amisk Lake Option Agreement") with Husky and Cameco, where it could acquire a 35 percent participating interest in the Amisk Joint Venture by spending an aggregate of $2.5 million on the property by October, 1999.

In the first three years of its option, Claude completed four phases of diamond drilling totaling 18,000 metres in 57 holes as well as geological mapping during the summers of 1997 through 1999. In 2000, Claude conducted mapping and prospecting of those claims to fulfill assessment obligations. This field program resulted in the discovery of a gold-bearing shear system on Lookout Island.

In 2001, work programs on the Amisk property focused on meeting assessment requirements as part of the option agreement obligations. In 2002, field crews mapped and resampled the margins of the Laurel Lake rhyolite dome. The work confirmed the existence of elevated gold values as discontinuous stockwork fractures proximal to the rhyolite's margins. The program also included further stripping / sampling of the Lookout Island gold-bearing shear system and two silicified / pyritized corridors south of the Laurel Lake zone on Hyslin Bay.

Claude had spent approximately $3.4 million on this property and earned a 35 percent participating interest under the Amisk Lake Option Agreement.

Late in 2009, the Company re-evaluated the potential of the Amisk Gold Property. Further to this initiative, Claude acquired the balance of the interests held by Cameco and Husky in early 2010. In January 2010, the Company then finalized a sale agreement with St. Eugene Mining Corporation Limited (“St. Eugene”) to sell to St. Eugene a 35 percent interest in the property. Following the closing of that transaction, Claude holds a 65 percent interest in the property. The acquisition of controlling interest in the Amisk Gold Property is consistent with Claude’s strategy to focus on exploration and developing gold assets in mining friendly jurisdictions.

On February 2, 2012, Claude announced the closing of the transaction whereby Claude acquired all of the outstanding shares of St. Eugene Mining Corporation Limited. Under the Arrangement, Claude acquired all of the outstanding common shares of St. Eugene in exchange for the issuance of approximately 9.6 million common shares of Claude ("Claude Shares"). Claude now owns 100 percent of the Amisk Gold Project.