April 29, 2003

Warrants Excercised to Purchase
2,563,463 Common Shares of Claude Resources Inc.

Claude Resources Inc. ("Claude") is pleased to announce that 2,563,463 warrants issued by it on April 23, 2002 have been exercised. Each warrant entitled the holder thereof to purchase one common share in the capital stock of Claude at an exercise price of $1.25 per share.

The proceeds of the issuance of such common shares will be used by Claude for general corporate purposes.