November 20, 2003

Claude Arranges Funding for 2004 Exploration Program

Claude Resources Inc. (Claude) is proceeding with a private placement offering of flow-through common shares on a non-brokered basis to raise a maximum of $2,500,000.
The offering, which is subject to regulatory approval, consists of up to 1,000,000 common shares at $2.50 per share. It is planned to close this transaction on or before December 5, 2003.
A finder’s and advisory fee is payable in connection with this private placement financing.
It is the intention of Claude to use the net proceeds from the issuance of the shares to finance its 2004 exploration programs.
Not for distribution to U.S. news wire services or dissemination in the United States.