February 5, 2003

Claude Resources Inc. Completes
Private Placement Offering

Claude Resources Inc. ("Claude") is pleased to announce that it has completed a private placement offering of 2,500,000 units, each unit consisting of one common share and one half of one common share purchase warrant, at a price of $1.50 per unit, for gross proceeds of $3,750,000. Each whole purchase warrant will entitle the holder, upon exercise at any time up to and including January 31, 2004, and upon payment of $1.85, to subscribe for one common share.

The proceeds of this offering will be used by Claude to finance its Seabee gold mineshaft extension project and for general corporate purposes.