November 1,
2004
New Gold Discovery at Claude Resources'
Santoy Lake Property

Claude Resources Inc. is pleased to announce the results of drilling on the company’s Santoy Lake property, which is located about 11.5 kilometres (7 miles) from Claude's Seabee gold mine in Saskatchewan, Canada. Claude Resources Inc. completed 97 surface diamond drill holes for a total of 12,237 metres, between February and July 2004 (Map 1). The program encountered significant gold values in silicified shear zones over a strike length of four kilometres.

The Santoy property is underlain by the Pine Lake greenstone belt of metamorphosed mafic volcanic, volcaniclastic and sedimentary rocks, which have been intruded by granitoid sills. Seven gold zones had been discovered on the property during Claude’s previous prospecting programs. The 2004 holes were drilled in Zone 7 (48 holes totaling 6,164 m), Zone 8 (21 holes totaling 2,797 m), Zone 6 (5 holes totaling 598 m), and in the area between these zones (23 holes totaling 2,678 m).

The zones are hosted in a 4 kilometre long, northwest trending and northeast dipping sheared and mineralized corridor in mafic volcaniclastic rocks. Gold mineralization occurs in gold-sulfide-chlorite-quartz veins in the shear zones, near the granodiorite and granite sills. Gold bearing chlorite quartz veins 1 to 7 metres thick were routinely intercepted in the holes drilled in Zones 7 and 8. In addition, a number of holes drilled between zones 7 and 8 also intercepted high grade gold values. The results of the drilling are summarized in the following Table (see assay highlight spreadsheet). Patrick Hannon, P.Eng., Claude’s exploration manager, is the project’s qualified person and all assays were processed at TSL Laboratories in Saskatoon.

Claude plans to continue both delineation drilling and step out drilling in 2005.

An underground bulk sampling program is planned to confirm grade, continuity and the metallurgy of the gold mineralization. Permitting for this bulk sampling program has been initiated with the necessary regulatory agencies.

Management of Claude is very excited about the implication of this discovery on the immediate and long-term development of the Seabee mining camp and surrounding area.
For further information please contact:

Patrick Hannon, M.A.Sc., P.Eng.
Exploration Manager

or

Neil McMillan
President & CEO

or

Phillip E. Olson, M.Sc., P.Geo.
Vice President
Corporate Development

306.668.7505
306.668.7500 Fax
info@clauderesources.com

Santoy Lake
Locations Map
CLAUDE RESOURCES INC.
SANTOY LAKE PROPERTY
Diamond Drilling Highlights 2004 Season
(Widths are not true widths) (Samples grading over 1 g/t)
Zone
Hole
From
To
Core Length
Gold Grade
(uncut)
(m)
(m)
(m)
(g/t)
7
J1
34.00
35.15
1.15
2.00
7
J1
45.70
46.45
0.75
56.53
7
J1
58.75
59.05
0.30
7.30
7
J2
35.50
36.40
0.90
5.10
7
J2
38.10
38.70
0.60
4.43
between zone 7 and zone 8
J5
84.80
86.20
1.40
1.70
7
J8
12.70
13.40
0.70
2.43
7
J8
19.25
19.65
0.40
2.03
7
J8
36.90
37.20
0.30
47.21
7
J9
28.60
29.10
0.50
1.00
7
J9
40.50
41.25
0.75
1.20
7
J10
16.60
17.00
0.40
1.93
7
J10
53.75
54.10
0.35
35.53
7
J10
54.10
55.05
0.95
2.27
7
J11
31.05
32.30
1.25
1.13
7
J11
51.10
51.50
0.40
45.43
7
J11
60.55
60.95
0.40
1.47
7
J12
30.55
31.15
0.60
9.67
7
J12
36.75
37.35
0.60
2.10
7
J12
38.10
38.80
0.70
1.83
7
J12
38.80
40.20
1.40
1.10
7
J12
57.70
58.05
0.35
52.02
7
J12
60.60
61.60
1.00
71.94
7
J14
59.90
60.90
1.00
3.07
7
J14
59.10
59.90
0.80
23.78
7
J14
60.90
62.30
1.40
8.53
7
J14
62.30
63.10
0.80
31.21
7
J14
63.10
64.00
0.90
5.40
7
J14
64.00
65.00
1.00
3.90
7
J14
65.60
66.25
0.65
3.03
7
J14
68.20
68.70
0.50
17.97
7
J14
70.50
71.50
1.00
3.13
7
J14
77.05
77.35
0.30
1.27
7
J14
79.30
79.80
0.50
1.17
7
J14
79.80
80.50
0.70
14.22
7
J14
80.50
81.40
0.90
1.70
7
J14
81.40
82.00
0.60
2.80
7
J15
3.40
4.00
0.60
1.67
7
J15
54.00
54.78
0.78
1.90
7
J15
56.35
57.15
0.80
3.62
7
J15
57.90
59.10
1.20
2.27
7
J15
59.10
60.00
0.90
6.54
7
J15
60.90
61.90
1.00
1.30
7
J15
61.90
62.45
0.55
1.37
7
J15
63.95
64.60
0.65
3.00
7
J16
97.85
98.60
0.75
1.13
7
J16
98.60
99.40
0.80
3.53
7
J16
105.05
105.55
0.50
6.75
7
J17
121.80
123.10
1.30
1.67
7
J17
142.00
142.30
0.30
17.26
7
J18
52.60
53.50
0.90
1.00
7
J18
76.00
77.20
1.20
22.50
7
J18
78.95
79.90
0.95
20.87
7
J18
80.40
81.70
1.30
2.17
7
J19
40.00
40.77
0.77
1.40
7
J19
45.05
45.70
0.65
10.50
7
J19
45.70
46.53
0.83
11.44
7
J19
46.53
47.23
0.70
12.44
7
J19
48.18
48.90
0.72
1.10
7
J20
56.75
58.20
1.45
3.44
7
J20
59.60
60.00
0.40
1.73
7
J20
60.85
61.60
0.75
38.40
7
J20
61.60
62.00
0.40
1.67
7
J20
62.00
62.40
0.40
17.83
7
J20
62.40
62.95
0.55
89.67
7
J20
62.95
63.40
0.45
5.70
7
J20
64.00
64.80
0.80
11.40
7
J20
64.80
65.45
0.65
8.91
7
J20
65.45
66.15
0.70
2.53
7
J21
58.80
59.70
0.90
1.43
7
J21
59.70
60.70
1.00
1.20
7
J21
60.70
61.00
0.30
9.65
7
J21
61.00
62.20
1.20
1.20
7
J21
62.83
64.00
1.17
31.36
7
J21
64.00
64.50
0.50
26.43
7
J21
64.50
65.10
0.60
6.90
7
J21
67.97
68.30
0.33
1.60
7
J21
72.20
72.85
0.65
1.27
7
J21
99.25
100.30
1.05
1.17
7
J21
103.83
105.00
1.17
3.00
7
J22
63.85
65.25
1.40
3.10
7
J22
70.00
70.70
0.70
46.55
7
J22
73.40
73.85
0.45
2.95
7
J22
73.85
74.55
0.70
45.95
7
J22
74.75
75.90
1.15
1.77
7
J22
79.80
80.05
0.25
50.88
7
J22
82.40
82.80
0.40
4.90
7
J22
82.80
83.60
0.80
1.60
7
J22
83.60
84.10
0.50
1.23
7
J23
56.10
56.65
0.55
11.79
7
J23
60.40
60.80
0.40
18.31
7
J23
63.00
63.50
0.50
2.43
7
J23
63.50
64.30
0.80
2.73
7
J24
72.85
73.25
0.40
3.30
7
J24
85.75
86.45
0.70
5.40
7
J24
86.45
87.10
0.65
8.90
7
J24
87.10
88.05
0.95
4.13
7
J24
88.05
88.95
0.90
4.63
7
J24
88.95
89.90
0.95
1.67
7
J25
60.95
61.90
0.95
13.63
7
J25
61.90
62.30
0.40
7.80
7
J25
62.30
62.85
0.55
8.37
7
J26
72.00
72.40
0.40
2.77
7
J26
112.70
113.45
0.75
1.13
7
J26
113.45
114.52
1.07
1.00
7
J30
90.30
90.92
0.62
6.23
7
J31
43.80
44.80
1.00
1.33
7
J31
67.80
69.15
1.35
6.93
7
J31
74.65
75.75
1.10
2.20
7
J31
78.35
79.35
1.00
1.33
7
J32
134.00
134.15
0.15
134.43
7
J34
79.45
80.70
1.25
10.43
7
J35
177.00
177.80
0.80
5.00
7
J36
167.75
168.30
0.55
1.00
7
J38
3.50
5.20
1.70
1.39
7
J38
16.25
16.75
0.50
5.42
7
J38
38.55
40.30
1.75
2.30
7
J39
3.54
4.20
0.66
1.60
7
J39
30.63
31.83
1.20
7.57
between zone 7 and zone 8
J42
50.15
50.80
0.65
4.44
between zone 7 and zone 8
J42
51.25
51.70
0.45
2.25
between zone 7 and zone 8
J43
28.21
29.60
1.39
2.49
7
J50
211.80
212.15
0.35
23.15
7
J54
54.35
55.00
0.65
9.95
7
J56
62.85
63.55
0.70
9.21
7
J56
63.55
63.87
0.32
46.33
7
J57
54.92
56.02
1.10
3.77
7
J57
56.02
56.57
0.55
37.73
8
J68
93.30
93.60
0.30
3.10
8
J70
24.90
25.75
0.85
1.13
8
J72
97.70
98.65
0.95
1.20
8
J72
163.70
164.35
0.65
4.32
between zone 7 and zone 8
J100
21.65
22.90
1.25
34.36
between zone 7 and zone 8
J101
20.15
20.55
0.40
76.07
between zone 7 and zone 8
J102
46.75
47.15
0.40
3.33
between zone 7 and zone 8
J103
19.25
20.45
1.20
4.35
between zone 7 and zone 8
J103
28.85
29.60
0.75
1.05
between zone 7 and zone 8
J103
32.05
32.70
0.65
10.49
between zone 7 and zone 8
J103
38.70
39.43
0.73
1.17
between zone 7 and zone 8
J104
24.05
25.60
1.55
1.65
between zone 7 and zone 8
J104
25.60
26.13
0.53
1.58
between zone 7 and zone 8
J104
29.95
31.55
1.60
1.37
between zone 7 and zone 8
J104
33.77
34.10
0.33
1.23
between zone 7 and zone 8
J104
42.55
42.93
0.38
1.29
between zone 7 and zone 8
J105
27.55
28.45
0.90
1.54
between zone 7 and zone 8
J105
28.45
29.18
0.73
1.01
between zone 7 and zone 8
J105
29.18
29.92
0.74
14.43
between zone 7 and zone 8
J109
91.90
92.65
0.75
4.08
between zone 7 and zone 8
J111
114.56
115.26
0.70
1.76
8
J112
61.72
62.46
0.74
15.60
8
J112
62.46
63.25
0.79
6.80
8
J112
63.25
63.71
0.46
24.64
8
J112
63.71
64.06
0.35
2.30
8
J112
64.06
64.70
0.64
1.51
8
J113
22.05
23.10
1.05
2.30
8
J113
23.10
23.50
0.40
1.78
8
J113
39.00
39.55
0.55
1.58
8
J114
89.70
90.00
0.30
10.45
8
J115
73.44
74.11
0.67
5.02
8
J115
74.11
74.35
0.24
15.30
8
J119
67.65
68.25
0.60
2.06
8
J119
69.00
70.10
1.10
25.89
8
J119