Corporate Profile

Claude Resources Inc. is a gold mining and oil and gas company based in Saskatoon, Saskatchewan, Canada. The Company’s mission is to become a recognized and valued exploration and mining company with a producing asset base. As at July 31, 2007, the Company has 93.2 million common shares outstanding (97.2 million fully diluted) and is listed on the Toronto Stock Exchange (CRJ-TSX) and American Stock Exchange (CGR-AMEX).

The Company has a strong balance sheet, experienced management and an attractive mix of long-term revenue generating assets. These critical strengths provide a solid base for future corporate expansion.

Seabee

Claude's principal asset is the Seabee gold mine, accessed by air 125 kilometres northeast of La Ronge, Saskatchewan. This 100% owned and operated mine went into production in 1991 and has produced in excess of 750,000 ounces of gold. The mine is a high-grade, narrow vein underground operation which, at December 31, 2006, had approximately 692,500 tonnes of reserves and an additional 1,293,300 million tonnes of resources with significant upside potential.  In July 2007, the Company updated its proven and probable reserves at the mine.  The updated mineral reserves totaled 802,600 tonnes.  The noted improvement was largely the result of successful underground drilling and development.

During the year, expansion of the Seabee mill has been completed. The increase will allow for greater flexibility in mine planning as well as ensure available capacity for tonnage from potential gold projects such as the Porky West, Santoy 7 and Santoy 8 zones, which are all within trucking distance.

Porky West Zone

The Porky Lake area lies three kilometres north of the Seabee mine and contains an extensive, 7.5 kilometre long, gold mineralized shear horizon at the contact of volcanic and sedimentary rocks. Four significant zones have been identified along this horizon to date, one of which (Porky West) has been sufficiently drill-tested to support the calculation of an estimated indicated mineral resource of 90,000 tonnes of 7.33 grams per tonne and an estimated inferred mineral resource of 130,000 tonnes of 5.00 grams per tonne.

Santoy Area

The Santoy area lies 11 kilometres east of the Seabee mine. The area hosts numerous occurrences of gold mineralization – of these, Santoy 7 and Santoy 8 have been sufficiently drill-tested to support the calculation of an estimated indicated and inferred mineral resource of 1,110,000 tonnes of 6.53 grams per tonne (top cut of 30 grams per tonne). The bottom cut-off grade used by Claude is 3.0 grams per tonne over 1.5 metres true width. A specific gravity of 2.8 was used.

With completion of the all-weather road from the Seabee minesite to Santoy in the fourth quarter of 2006, and the extension of the ramp down to the mineralized zone, the extraction of the bulk sample material was initiated. Late in the first quarter of 2007, the bulk sample was processed through the Seabee mill. Also during the first quarter of 2007, the Company received approval to test an additional 35,000 tonnes of the Santoy 7 ore. This Phase 2 began as development crews drove the decline to the next level.  The bulk samples completed by the Company are expected to provide a more complete understanding of the best mine process to be used as well as the gold content of the rock. 

The Company has committed to further surface exploration during the year in order to both understand the structure of Santoy 8 and to extend the area of mineralization. Core drill programs carried out on Santoy 8 continued to provide information for ramp and eventual mine design as well as test the eastern extent of the mineralized lense.

Winter drilling tested down-dip and southeastern strike continuity of the Santoy 8 mineralized system.  Preliminary results show the mineralization remains open along strike to the northwest and on a number of sections at depth. 

The 25,000 metre summer drill program in the Santoy area prioritized 25 metre infill drilling of the Santoy 7 and 8 structures.  This will allow for the calculation of an indicated resource in the fourth quarter of 2007 and provide information for mine development.  Total Santoy 8 drilling in the second quarter of 2007 was 3,175 metres in 18 holes. Samples have been dispatched and results are expected in the third quarter. Santoy 8 drilling is expected to continue until the end of the third quarter.

Drilling near the southeastern extension of the Santoy 7 structure continued with the completion of 940 metres in 12 holes.  Initial results show continuity of economic grade outside the present mineral resource and will be detailed in a news release once all the assays are received and compiled.

Madsen

On September 1, 2006, Claude reacquired control of its 100% owned Madsen gold project in the prolific Red Lake area of northwestern Ontario. The property had been under an option agreement with Goldcorp Canada Ltd. Claude’s land holdings in the area comprise approximately 4,000 hectares (10,000 acres).  The Madsen property is anticipated to play a prominent role in Claude’s mission to become a recognized and valued exploration and mining company with a producing asset base.

During the fourth quarter of 2006, Claude acquired the necessary permits to begin dewatering the Madsen shaft to the 1,600 foot level to provide underground access for drill definition of extensions to the historic high grade No. 8 zone in addition to other zones. This dewatering process is expected to be completed by the fourth quarter of 2007.

A surface drill program was completed over the main stringer envelope of mineralization intersected in the Treasure Box zone, 2.4 kilometres north of the Madsen mine complex.  Claude’s drill program, carried out from December 2006 to May 2007, comprised 13,285 metres in 49 vertical holes.  The Treasure Box zone is characterized by quartz-tourmaline-calcite-sulphide stringers and veins up to 35 centimetres wide carrying nuggety visible gold.  The veins appear to have been emplaced as late-stage brittle fracture fillings in mafic metavolcanic rocks and are considered to represent the uppermost portion of an Archean gold system.

Quality Assurance and Quality Control Procedures

Rigorous quality assurance and quality control practices have been implemented on all Company core drill programs including blank, reference and duplicate samples with each batch of assays.   Madsen and Santoy 8 samples are analyzed by fire assay with a combination of atomic absorption and gravimetric finish at an independent ISO approved facility.   Santoy 7 samples were analyzed by fire assay with a gravimetric finish at the Seabee Mine laboratory, with check samples sent to an independent ISO approved facility.

Oil and Natural Gas

In addition to the Company's mining properties, Claude produces crude oil, natural gas liquids (ngls) and natural gas from properties in Alberta and Saskatchewan.

The Company has various working interests in oil, ngls and natural gas in Alberta; these interests are operated by other entities on behalf of the Company. At Q2 2007, the Alberta properties provided 90% of the total production for oil and ngls and 100% of the production of natural gas. The Nipisi Unit is a 173 well unitized oil field operated by Canadian Natural Resources Ltd. The Edson Gas Unit has 54 producing gas wells and an associated gas plant, all operated by Talisman Energy. In addition to these properties, the Company has interests in producing oil and gas wells at a number of other Alberta locations.

In Saskatchewan, the Company has a 75% working interest in six producing vertical oil wells along with a 33.75% interest in four producing horizontal wells.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This document and site contains “forward-looking statements” that are based on Claude Resources Inc.’s expectations, estimates and projections as of the dates the statements were made. Generally, these forward-looking statements can be identified by the use of terminology such as “outlook”, “anticipate”, “project”, “forecast”, “target”, “believe”, “estimate”, “expect”, “intent”, “should”, “could” and similar expressions. These forward-looking statements are subject to known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Such factors include, but are not limited to, gold price and foreign currency exchange rate volatility and to uncertainties and costs related to: exploration and development activities, production rates, cash and total costs of production, or the ability to obtain necessary permitting or financing.

A discussion of these and other factors that may affect Claude Resources Inc.’s actual results, performance, achievements or financial position is contained in the filings by Claude Resources Inc. with the Canadian provincial securities commissions and the United States Securities and Exchange Commission.

This list is not exhaustive of the factors that may affect Claude Resources Inc.’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on forward-looking statements. Claude Resources Inc. does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities law.

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