Claude Resources New Release

Following its annual estimation by mine staff and independent review by Dr. David Patrick of A.C.A. Howe International, Claude Resources reports that the Seabee mine’s proven and probable mineral reserves have been maintained. Claude is also pleased to announce a significant increase to the mine’s inferred mineral resource.

The Seabee mine’s mineral reserves as at February 29, 2004 totaled 674,722 tonnes grading 7.48 grams per tonne Au (gpt). This estimation represents a 2% tonnage increase and a 7% grade reduction over last year’s estimation.

The mine’s inferred mineral resources have increased to 1,973,000 tonnes grading 8.46 gpt. The new mineral resources constitute a 39% increase in tonnage and a 6% increase in grade compared to the previous estimation. This equates to a gain of 172,600 ounces or three years of mill-feed at current production levels, should the Company successfully upgrade these resources to reserves. Historically, Claude has successfully converted more than 100% of its mineral resources into mineral reserves for the past twelve years. Claude’s inferred mineral resource assumes continuity of mined lode structures to depths accessible from current or planned infrastructure. The total reported constitutes only 40%, or the “payable” portion, of these veins.

Elsewhere on its mineral dispositions contiguous to the Seabee mine, Claude is aggressively exploring for additional shear-related, mineralized structures. Exploration expenditures on the Seabee area properties for 2004 are projected to total $1.7 million and will include approximately 20,000 metres of surface diamond drilling. Targets include the West Porky main zone, the mineralized structures associated with the Porky Lake anticline, the East Pine Lake splay and two mineralized structures east of Santoy Lake.