December 12, 2003

Claude Resources Inc. Completes Flow-Through
Private Placement

Claude Resources Inc. ("Claude") is pleased to announce that it has completed a private placement of 1,000,000 common shares issued on a flow-through basis at a price of $2.50 per share, for gross proceeds of $2,500,000.

The proceeds of this offering will be used by Claude to incur Canadian exploration expenditures in connection with its mineral properties, with such expenditures to be incurred on or before December 31, 2004.