March 3, 2006

Claude Resources Announces Fourth Quarter Results

Gold production at Claude’s Seabee mine increased steadily through the second half of 2005 reaching a high of 15,100 ounces in the fourth quarter, 53% higher than the average production from the previous three quarters. Total 2005 gold production of 44,600 ounces was 9% above 2004 and close to Claude’s five year average of 44,800 ounces per year. The improvement is expected to be sustained at about 12,000 ounces per quarter for 2006.

“Increased production and resulting revenues in 2005 were positive achievements”, stated President and CEO Neil McMillan, “but the stronger Canadian dollar and the increasing labour and consumable costs will keep pressure on operating margins in 2006. We expect to meet these challenges through expanded production, diligent cost controls and an expected robust increase in the price of gold.”

Financial Highlights

	Three Months Ended		Year Ended
	December 31		December 31
	2005	2004	2005	2004
Revenue ($ millions)	11.4	8.8	34.3	32.2
Net earnings (loss) ($ millions)	1.0	(0.3)	(3.5)	(0.6)
Earnings (loss) per share ($)	0.01	0.00	(0.05)	(0.01)
Cash from operations ($ millions)*	2.1	2.0	4.4	6.2
Cash from operations per share ($)*	0.03	0.03	0.07	0.10
Average realized gold price (CDN $/ounce)	569	560	548	545
Total cash operating costs (US $/ounce)	355	313	358	297
Working capital ($ millions)	6.9	9.4	6.9	9.4

* before net change in non-cash working capital

OPERATIONS

Gold

For the quarter ended December 31, 2005, the Seabee mine increased tonnes mined and milled by 38% and 42% over the same period last year, respectively.  Grade processed for the quarter was up slightly from 7.45 grams per tonne in 2004 to 7.60 grams per tonne this period.  This combination of increased throughput and grade resulted in a 42% improvement in produced ounces over the same period in 2004 (Q42005-15,100; Q42004-10,600) as well as a 35%, 59% and 70% improvement over the first, second and third quarters of 2005, respectively.

Operating Statistics		Three Months Ended December 31		Year Ended December 31
		2005	2004	2005	2004
Tonnes mined		61,000	44,200	228,900	144,400
Mined grade (g/t)		6.35	7.09	6.95	7.68
Mined volume (ounces)		12,500	10,100	51,200	35,600
Tonnes milled		66,400	46,600	236,400	186,900
Grade processed (g/t)		7.60	7.45	6.32	7.15
Recovery (%)		92.98	95.23	92.86	95.21
Operating efficiency (%)		99.57	98.23	97.41	96.82
Sales volume (ounces)		13,900	11,300	42,200	41,200
Production volume (ounces)		15,100	10,600	44,600	40,900

Seabee mine operating expenditures increased by 35%, period over period and 15% year over year.  These results are attributable to the incremental costs associated with added tonnes mined and milled.

Development costs during the fourth quarter decreased slightly from $2.2 million in 2004 to $2.0 in 2005.  During the year development expenditures of $7.6 million were historically high, as maintaining mill throughput with stope grades performing at less than reserve estimates required the expedited development of additional working places. The main decline was developed down to the 790 metre level at the end of 2005 and will continue down to the 900 metre level in 2006. Should the underground drilling program below the No. 5 mine prove successful in laterally extending the Seabee ore body, expectations are that annual development requirements going forward will decrease.

2006 production at the Seabee mine is forecast at 48,000 ounces, a return to historic levels. Production is expected from the 2B, 2C and 161 ore bodies at depths between the 325 metre level and the 850 metre level.  During the upcoming year, the Company will examine its mining technique at depth. Due to added ground pressure as the mine extends lower and the potential for added dilution, a long-hole stope on the 820 metre level will be tested. This has the potential to not only mitigate dilution but also reduce operating costs.

Claude is planning in excess of 50,000 metres of underground drilling at Seabee to replace 2006 production and expand reserves and resources. This drilling will be focused on extending the Seabee ore body at depth and laterally to the east. Two main diamond drill chambers were completed on the 550 level to test the 5-1 and 5-2 structures under the old No. 5 mine workings. Drilling will commence in the first quarter of 2006.

The Seabee mill expansion to 1,100 tonnes per day from 550 tonnes per day was largely completed by year-end.  The mill is being expanded to accommodate feedstock from satellite deposits within trucking distance of the Seabee mine.

Each year, reserves and resources at the Seabee mine are independently reviewed. At February 1, 2006, reserves were at 684,400 tonnes at 6.55 grams per tonne or 144,200 ounces. Resources were 1,499,700 tonnes at 8.86 grams per tonne or 427,000 ounces. Over the past 14 years, the Company has successfully upgraded 100% of its posted resources to reserves.

Seabee Mine – Mineable Reserves and Mineral Resources

	2005			2004			2003
	Tonnes	g/t	Ounces	Tonnes	g/t	Ounces	Tonnes	g/t	Ounces
Proven	395,600	6.18	78,600	400,500	6.37	82,000	187,400	7.72	46,500
Probable	288,800	7.07	65,600	332,200	7.53	80,400	487,300	7.39	115,800
Total Mineable Reserves	684,400	6.55	144,200	732,700	6.89	162,400	674,700	7.48	162,300
Inferred Mineral Resrcs.(1)	1,499,700	8.86	427,200	1,406,200	8.16	368,900	1,987,000	8.45	539,800

⁽¹⁾ Mineral resources, all in the inferred category, stated after applying historic mining dilution factors.

Oil and Gas

Oil and natural gas liquids sales (NGLs) volume for the quarter was 19,200 barrels, 6% lower than the 20,500 barrels sold in the same period of 2004.  Year over year, oil and NGLs sales volume fell from 90,900 barrels in 2004 to 83,000 barrels this year, a 9% decline.  Natural gas volume declined 23% from 202 MMCF in the fourth quarter of 2004 to 156 MMCF in 2005.  Year over year, natural gas sales volumes fell from 796 MMCF in 2004 to 669 MMCF in 2005, a 16% decline

For 2006 the Company expects production declines to improve, especially at the Nipisi, where seven infill wells were drilled in 2005.

Each year the Company has its proven and probable oil, NGLs and natural gas reserves evaluated independently.  Crude oil and NGLs proved and probable reserves increased by 57% from 702,000 barrels  at the end of 2004 to 1,099,000 barrels at the end of this year.  This increase is largely attributable to successful infill drilling on the Nipisi Unit and improved oil and NGLs prices.  Natural gas reserves remained relatively unchanged at 8,900 MMCF.  Natural gas reserve declines due to production were offset by much improved natural gas prices.

Reserves(1)			2005	2004	2003
Crude oil and NGLs (mbbl)
	Proved
		Alberta	806	455	339
		Saskatchewan	60	66	44
			866	521	383
	Probable
		Alberta	215	174	131
		Saskatchewan	18	7	5
			233	181	136
	Total		1,099	702	519
Natural gas (MMCF)
	Proved
		Alberta	7,539	7,167	5,861
	Probable
		Alberta	1,313	1,775	1,857
	Total		8,852	8,942	7,718
Barrels of oil equivalent (mboe)
	Proved		2,123	1,716	1,360
	Probable		452	477	445
	Total		2,575	2,193	1,805

⁽¹⁾ Gross reserves at December 31, 2005, reviewed by Sproule Associates Limited using constant prices.

EXPLORATION

Claude continued to aggressively pursue its strategy of exploring for satellite gold deposits within trucking distance of the Seabee mill. Most of this year’s work was undertaken in the vicinity of the Seabee mine area, including the Porky Lake and Santoy Lake properties.

Santoy Lake Area

At Santoy Lake, Claude completed a delineation drilling program at the Santoy 7 and Santoy 8 and 8 East zones. The Santoy property is approximately 11 kilometres east of the Seabee mine. The 2005 program included 68 diamond drill holes totaling 15,296 metres. This drilling was carried out to test the north-northwest plunge and dip extensions of the mineralized shear structures outlined in previous drill campaigns.  During the fourth quarter geological data was compiled generating a map covering the area from Santoy Zones 6 and 7 to Zones 8 and 8E.

Mineralization is hosted in siliceous shear zones with sulfide-chlorite-quartz veins and in silicified granitoid sills. It has been confirmed that the Santoy 8 shear zone is at least 380 metres long and up to 350 metres wide. The zone plunges to the northeast and is open at depth. Mineralized sections of this zone range in thickness from 1.5 metres to 30 metres. It is possible that the 8 zone and the adjacent 150 metre long, 100 metre wide 8 East zone are interconnected. Both zones are still open and more drilling will be conducted during the winter season of 2006 to establish the dip and strike extents.

Inferred Mineral Resources of 910,000 tonnes were outlined at Santoy Lake. The grade of this Inferred Resource is estimated at 6.10 grams per tonne with a top cut of 30 grams per tonne or 8.70 grams per tonne without cutting. The cut-off grade used was 3 grams per tonne over 1.5 metres (approximately 1.2 metres true width). A specific gravity of 2.8 was used based on Seabee mine practice.

In October 2005, the Company received a permit from the necessary regulatory agencies to erect a bridge over the Munro crossing and a permit to bulk sample the Santoy 7 zone. Road construction to Santoy commenced in the spring of 2005 but was set back by the delay in obtaining a government permit to build the bridge. The Company expects to complete the Santoy Zone 7 bulk sample extraction by the end of 2006. Pending positive results of this bulk sampling, the Company expects to mine the Santoy Zone 7 deposit in 2007.

Porky Lake Area

Approval to conduct bulk sampling of the Porky West Zone was granted in early June and physical work has begun at the site with the collaring of the portal. Approximately 880 metres of decline is planned to the 130 metre level, from which a 5,000 tonne sample will be extracted. The underground bulk sampling program is underway to confirm grade, continuity and metallurgy of the gold mineralization. To date, the West zone has an estimated indicated resource of 90,000 tonnes grading 7.33 grams per tonne and an estimated inferred resource of 130,000 tonnes grading 5.00 grams per tonne. At the end of 2005, the ramp had advanced approximately 125 metres with the remainder of the program to be completed in 2006. Pending positive results of this bulk sampling, the Company expects to mine the Porky West deposit in 2007.

More than 1.5 million tonnes of resources were added to Claude’s reserve inventory in the area beyond the Seabee mine:

Porky Lake Area Resources
Zone	Category	Tonnage	Grade (g/t)	Grams of Au	Troy Ounces
West Zone	Indicated	90,000	7.33	659,700	21,200
	Inferred	130,000	5.00	650,000	20,900
Main Zone	Indicated	160,000	7.50	1,200,000	38,600
	Inferred	70,000	10.43	730,100	23,500
Total	Indicated & Inferred	450,000	7.20	3,239,800	104,200
Santoy Lake Area Resources
Zone	Category	Tonnage	Grade (g/t)	Grams of Au	Troy Ounces
Santoy 7	Indicated	190,000	8.42	1,599,800	51,400
	Inferred	10,000	10.0	100,000	3,200
Santoy 8/8E	Indicated	-	-	-	-
	Inferred	910,000	6.10	5,551,000	178,500
Total	Indicated & Inferred	1,110,000	6.53	7,250,800	233,100
Total Porky + Santoy Resources		1,560,000	6.72	10,490,600	337,300

Madsen

In 2005, Placer Dome delivered its final 2004 exploration report for the Madsen property located near Red Lake, Ontario. (see March 30, 2005 press release “New High Grade Zones Discovered at Madsen” at www.clauderesources.com). The property is located at Madsen, Ontario in the prolific Red Lake gold camp. Placer did not conduct any field exploration on the Madsen property in 2005. By the end of 2004, Placer had spent a total of $8.6 million on the property, $400,000 more than required by the option agreement. As per the agreement, Placer has until December of 2006 to deliver a positive bankable feasibility study to fulfill its obligations and vest in the Madsen Joint Venture with a 55% working interest.

FINANCIAL

The Company recorded net earnings of $1.0 million, or $0.01 per share after the gain on sale of investments of $1.4 million for the fourth quarter of 2005.  This compares to a net loss of $.3 million, or $0.00 per share, for the same period last year.  The period over period net earnings increase was due largely to the combination of higher gold revenues and the gain on sale of investments offset by increased operating costs.

For the year ended December 31, 2005, the Company recorded a net loss of $3.5 million, or $0.05 per share, after a $1.3 million non-cash recovery related to income tax benefits arising from the issuance of flow-through shares and a $1.4 million gain realized on the sale of certain portfolio investments.  This compares to a net loss of $.6 million, or $0.01 per share, for the same period last year.  The year to date earnings decrease was due largely to higher mine operating costs and non-cash depreciation and depletion charges offset by the tax recovery and gain on investments sale.

Revenue

Total revenue generated for the fourth quarter of 2005 was $11.4 million, a 30% improvement over the $8.8 million reported for the same period in 2004.  The Seabee mine contributed $7.9 million to revenue for the fourth quarter of 2005 compared to $6.3 million for the same period last year.  Sales volume for the period improved by 23% from 11,300 ounces in 2004 to 13,900 ounces this quarter. The average price realized for this period was CDN $569 (US $485) versus CDN $560 (US $459) for the same period in 2004.

Oil, NGLs and natural gas revenue for the quarter improved significantly from $2.5 million in 2004 to $3.4 million.  This was due to a combination of increased petroleum (Q42005 - CDN $63.77; Q42004 - CDN $55.99) and natural gas prices (Q42005 - CDN $12.14; Q42004 - CDN $6.72) offset by normal production declines.  Corresponding increases in Alberta crown and overriding royalties mitigated the increase in net oil and natural gas revenue.

Gross revenue for the year increased 7% from $32.2 million in 2004 to $34.3 million in 2005.  The Seabee mine contributed $23.1 million to revenue, a 3% improvement from the $22.5 million recorded in 2004. This improvement was largely a result of 1,000 more ounces sold during the year (2005 – 42,200; 2004 – 41,200). An 8% increase in the average US dollar gold price realized was almost entirely offset by the strengthening Canadian dollar and resulted in minimal improvement in Canadian dollar prices realized:  2005 - $548 (US $452); 2004 - $545 (US $419).

Production of 44,600 ounces for 2005 was 3% below the forecast of 46,000 ounces. This was largely due to fewer tonnes mined and milled combined with certain stoping blocks not performing to estimated reserve grade, primarily during the first three quarters of the year.

Gross oil, NGLs and natural gas revenues totalled $11.1 million in 2005, a 14% improvement from the $9.7 million in 2004. This increase was due to higher averaged realized prices, particularly towards the latter half of the year, partially offset by normal production declines. Corresponding increases in both Alberta crown royalties and overriding royalties mitigated the increase in net oil and gas revenue.

The 2005 oil and NGLs sales volume of 83,000 barrels was 9% lower than the 90,900 barrels sold the previous year. The average realized price per barrel in Canadian dollar terms improved 6% to CDN $49.55 (US $40.94) in 2005 from CDN $46.92 (US $36.06) last year.

Natural gas volumes fell 16% from 796 MMCF in 2004 to 669 MMCF in 2005. The average realized price in Canadian dollar terms increased by 34% from CDN $6.51 (US $5.00) in 2004 to CDN $8.74 (US $7.22) this year.

Expenditures 

For the three months ended December 31, 2005, total mine operating costs were $5.8 million, a 35% increase from $4.3 million recorded for the comparable period last year.  This result was due largely to the incremental costs required to mine and mill 38% and 42% more tonnes than in the same period in 2004, respectively.  These operating costs combined with the appreciating Canadian versus US dollar offset by the higher sales volume resulted in a 13% increase in cash operating costs per ounce (Q42005 – US $355; Q42004 – US $313).

Oil, NGLs and natural gas operating costs for the quarter increased 50% from $.4 million in 2004 to $.6 million this period.  This was largely a result of salt water disposal and emulsion treatment charges on the Zama property.

A 59% and 26% increase in tonnes mined and milled for full year 2005 compared to 2004, resulted in a 15% increase in mine operating costs:  2005 - $18.3 million, 2004 - $15.9 million. As well, the Company is experiencing the industry-wide effects of increasing labour and consumables costs. Total cash costs per ounce increased from US $297 in 2004 to US $358 this year. This 21% increase was a result of the higher operating costs offset by the slightly improved sales volume. The strengthening Canadian dollar was responsible for US $25 of this year’s US $63 unit cost increase.

Oil, NGLs and gas operating costs increased to $1.9 million this year from $1.6 million in 2004. This was a result of salt water disposal and emulsion treatment charges on the Zama property – primarily the Keg River Unit.

Administrative Costs

General and administrative costs improved slightly in the fourth quarter of 2005 compared to the same period in 2004. Year to date costs remained relatively unchanged.

Depreciation and Depletion

For the fourth quarter of 2005, depreciation and depletion of the Company’s gold assets increased slightly over the same period in 2004.  For the year ended December 31, 2005, this increase was 62%, from $6.0 million in 2004 to $9.7 million this period.  The increase was due to a combination of more tonnes mined and milled, the amortization of a larger asset base due to aggressive development programs and a slightly declining reserve base.

Depreciation and depletion of the Company’s oil and gas assets remained relatively unchanged, a result of the larger asset base used in the units of production calculation offset by improved oil reserves.

Other Income

During the year, the Company disposed of a portion of its investment portfolio, realizing a gain of $1.4 million.

Income Taxes

The income tax recovery of $1.3 million was the estimated income tax benefit arising from the issuance of flow-through shares in 2004 and the subsequent renouncement of those expenditures in 2005.

Liquidity & Financial Resources

Cash flow from operations before net change in non-cash working capital items was $4.4 million in 2005, or $0.07 per share, compared to $6.2 million, or $0.10 per share, in 2004. This year’s 29% decrease from 2004 was attributable to lower contributions from the Seabee mine..

Investing

Mineral property expenditures of $17.6 million in 2005 increased from $13.3 million in 2004. This year’s expenditures were comprised of the following: Seabee mine development of $7.6 million (2004 - $8.6 million); exploration costs, focusing on the Porky and Santoy Lake bulk sample projects of $4.4 million (2004 - $3.2 million); property, plant and equipment charges of $5.0 million (2004 - $.8 million); Seabee mine tailings project of $.3 million; and the Tartan Lake project of $.3 million. Property, plant and equipment charges include mill expansion costs of $3.9 million. The expanded mill, initiated to mitigate ore grade volatility and accommodate the potential for additional ore from sources other than the Seabee mine, will be commissioned in 2006.

Oil and gas capital expenditures of $2.3 million during the year increased from $2.0 million in 2004.  Of this, $1.3 million relates to drilling on both the Nipisi and Edson Units and $1.0 million relates to infrastructure costs on the Nipisi unit and Edson gas plant.

Pursuant to the sale of a production royalty, the Company received a promissory note in the amount of $14.0 million as part of the Red Mile transaction. The Company sold a similar production royalty at the end of 2004 for $7.0 million.

During the year, the Company disposed of a portion of its portfolio investment for proceeds of $1.5 million. The Company holds several investments in publicly traded entities which have a book value of $.5 million and fair market value of $6.7 million at December 31, 2005.

Financing

Financing activities in 2005 included a private placement for the issue of 4,023,100 common shares at $1.00 per share and 4,547,273 common shares, issued on a flow-through basis for $1.10 per share, for gross proceeds of $9,025,000; and a private placement for 1,999,999 common shares, issued on a flow-through basis for $1.05 per share, for gross proceeds of $2,100,000.

The Royalty Obligation of $13.2 million refers to the royalty payment received related to the Red Mile transaction. The Company sold a similar production royalty at the end of 2004 for $7.1 million.

In February 2005, to finance the mill expansion, the Company borrowed $5.0 million in the form of a demand loan bearing interest at 5.99%, repayable in monthly principal and interest payments of $96,514 and maturing in February 2010. The Company repaid $.7 million during the year.

The proceeds from a capital lease obligation relates to a 40-ton ore truck acquired for the Porky and Santoy Lake bulk samples.  Repayments are in respect of this lease as well as an existing lease obligation relating to a diamond drill leased in 2002.

For 2006, Claude’s gold sales volume is expected to improve over 2005 actuals by 14% to approximately 48,000 ounces, with mine operating costs forecast similar to 2005 at $18.4 million. Depreciation and depletion on gold assets is forecast to increase by 9% to $10.7 million if targeted tonnes mined and milled are attained. Capital expenditures for mineral properties are forecast as follows:

•       development costs similar to 2005 at $7.3 million, this amount could be less should the underground drilling program prove successful and allow development to proceed laterally rather than to depth;

•       infrastructure costs should decline substantially as the mill expansion is complete;

•       exploration costs, funded by two separate flow-through share issues, should be approximately $5.0 - $6.0 million. This amount continues to be larger than historical averages, as the Company expects to complete the extraction of two separate bulk samples at the Porky Lake and Santoy Lake properties and continues to aggressively drill targets in the Seabee area.

Oil and gas revenues are expected to remain unchanged as production and price are forecast to remain strong. Operating costs for 2006 are also expected to remain constant or improve slightly. In 2006, oil and gas capital expenditures should be approximately $1.5 million. Depreciation and depletion costs should remain the same as 2005.

By the third quarter, the Company expects to be in a position to process tonnes from the Porky and Santoy bulk samples. Success at either or both projects could lead to a production increase as early as 2007.

KEY SENSITIVITIES

Earnings from Claude’s gold and oil & gas operations are sensitive to fluctuations in both commodity and currency prices. The key factors and their approximate effect on earnings, earnings per share and cash flow, based on assumptions comparable to 2005 actuals, are as follows:

Gold

For a US $10 price movement in gold price per ounce, earnings and cash flow will have a corresponding movement of CDN $.6 million, or $0.01 per share. For a $0.01 movement in the US$/CDN$ exchange rate, earnings and cash flow will have a corresponding movement of $.3 million.

Oil & NGLs

For a US $5 price movement in oil price per barrel, earnings and cash flow will have a corresponding movement of $.5 million, or $0.01 per share. For a $0.01 movement in the US$/CDN$ exchange rate, earnings and cash flow will have a corresponding movement of $.04 million, or $0.01 per share.

Gas

For a US $1 price movement in gas price per MCF, earnings and cash flow will have a corresponding movement of $.8 million, or $0.01 per share. For a $0.01 movement in the US$/CDN$ exchange rate, earnings and cash flow will have a corresponding movement of $.01 million.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

To mitigate the effects of price fluctuations on revenues, the Company undertakes hedging transactions, from time to time, in respect of foreign exchange rates and the price of gold.  At December 31, 2005, the Company had no outstanding forward gold or foreign exchange contracts.

BALANCE SHEET

The Company’s total assets were $93.4 million at December 31, 2005 compared to $64.9 million at year-end 2004. The increase is mostly attributable to investments at the Seabee mine as well as the promissory note received on the sale of a production royalty.

The long-term debt amounting to $.2 million relates to capital lease obligations. The Company has a $4.3 million loan outstanding. As it is a demand loan, the entire amount has been classified as a current asset for accounting purposes. As a result, working capital fell 27% from $9.4 million at December 31, 2004 to $6.9 million in 2005.

Shareholder’s equity for the year ended December 31, 2005 increased by $5.9 million. The increase reflects a net loss of $3.5 million, an increase to share capital of $9.1 million that was due primarily to two separate private placements in the year, and a $.3 million increase to contributed surplus that relates to the expensing of stock options during the year.

OUTSTANDING SHARE DATA

At December 31, 2005, there were 72.5 million common shares outstanding. In addition, there were 2.8 million employee stock options and 3.5 million warrants outstanding with exercise prices ranging from $.53 to $3.05 per share and $1.10 to $3.00 per share, respectively.

DISCLOSURE CONTROLS AND PROCEDURES

As of December 31, 2005, the Company evaluated its disclosure controls and procedures as defined under Multilateral Instrument 52-109. This evaluation was performed by the Chief Executive Officer and the Chief Financial Officer with the assistance of other Company employees to the extent necessary or appropriate. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the design and operation of these disclosure controls and procedures were effective.

NON-GAAP PERFORMANCE MEASURES

The Company reports its operating, depreciation and depletion costs on a per-ounce basis, based on uniform standards developed by the Gold Institute.  Management uses this measure to analyze the profitability, compared to average realized gold prices, of the Seabee mine.  Investors are cautioned that the above measures may not be comparable to similarly titled measures of other companies, should these companies not follow the Gold Institute standards.

Cash flow from operations per common share is determined by dividing the cash flow from operations, before the net change in non-cash working capital items, by the weighted average number of common shares outstanding during the period.  The measures are not necessarily indicative of operating profit or cash flow from operations as determined under Canadian GAAP.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This Management Discussion & Analysis contains certain forward-looking statements relating but not limited to the Company’s expectations, intentions, plans and beliefs.  Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “intent”, “estimate”, “may” and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.  Forward-looking information may include reserve and resource estimates, estimates of future production, unit costs, costs of capital projects and timing of commencement of operations, and is based on current expectations that involve a number of business risks and uncertainties.  Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors.  Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.

Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements.  Shareholders are cautioned not to place undue reliance on forward-looking information.  By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur.  Claude Resources undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.