For the first quarter of 2005, the mine processed 54,200 tonnes of ore grading 6.93 grams per tonne yielding 11,200 ounces of gold and resulting in sales of 10,300 ounces.  The increased mill throughput was a result of free pull from the 6809 stope combined with development ore from several work headings below the 395 level.  This high tonnage from development ore was also the cause of the lower grade processed during the period.

Operating Statistics Quarter Ended	Mar 31, 2005	Mar 31, 2004
Tonnes milled	54,200	46,700
Grade processed (g/t)	6.93	7.11
Recovery (%)	92.65%	94.86%
Operating efficiency	98.87%	99.89%
Sales volume (ounces)	10,300	9,900
Production volume (ounces)	11,200	10,100

The mine plan for the second and third quarters will focus on the completion of 395, 490 and 570 level stoping blocks, as well as access of stoping blocks on the 730 metre levels.  Grade is expected to remain at or near reserve grade and tonnage is forecast to increase by approximately 100 tonnes per day towards the beginning of the third quarter.

Development continues on the 730 haulage and access to the 7310 stope is expected by early in the second quarter.  Focus on underground diamond drilling will continue with exploration drifts being driven throughout the second quarter.  The Company expects to increase 2005 diamond drill footage to nearly 60,000 metres, 58% above last year’s drilling.

The annual ACA Howe International Limited independent review of Seabee reserves was finalized at the beginning of February, 2005.  The mine’s current mineral reserves total 732,700 tonnes grading 6.89 grams per tonne with 1,406,200 inferred mineral resources at 8.16 grams per tonne.

Exploration

Given the strength of petroleum prices, the Company continues to invest in the Nipisi and Edson properties.  Successful results from in-field drilling programs are expected to increase reserves and maintain production.

During the first quarter of 2005 Claude completed a 76 hole (12,029 metres) winter diamond drilling program in the Seabee mine area (59 holes, 11,102 metres) and a drilling program at the Nokomis Lake property near Sheridan, Manitoba (17 holes, 927 metres). Nokomis is a joint venture between Pioneer Metals Corporation and Claude Resources Inc.

In the area around the Seabee mine, drilling was completed on the Porky Lake properties, three kilometres north of the mine and on the Santoy properties, 11.5 kilometres east of the mine.

At the Porky West Zone, 6 holes totaling 957.7 metres were drilled at 100 metre intervals in order to test the gold zone to the northwest of the identified resource. The West zone has an estimated indicated resource of 90,000 tonnes grading 7.33 grams per tonne (gpt) and an estimated inferred resource of 130,000 tonnes grading 5.00 gpt. One of the six holes was drilled to obtain a water sample required for the environmental permitting for the proposed underground bulk sample.

One hole (209 metres) was drilled between the West Zone and the Porky Main zone to test the possibility that the shear zone is continuous between the two deposits. Thin quartz veins with trace to minor gold were found but there were no significant values. The main zone has an estimated indicated resource of 160,000 tonnes grading 7.50 gpt and an estimated inferred resource of 70,000 tonnes grading 10.4 gpt.

Four holes totaling 911 metres were drilled on the portage between Porky Lake and Pigeon Lake.  A number of noteworthy intersections were found in the Porky-Pigeon lake portion of the winter drilling program. In the Porky Lake West area, GAS05-46, GAS05-50 and GAS 05-51 all encountered visible gold over narrow widths.

The encouraging results of the winter drilling in the Porky Lake/Pigeon Lake area will be followed up during the second and third quarter of 2005. Five step-out holes (1,200 metres) are planned for the Porky West Zone and 3 step-out holes (800 metres) are planned for the Pigeon Lake area.

During the second and third quarters of 2005, approximately 12,500 metres of in-fill drilling is planned (50 holes) for the Santoy area in addition to the 2,000 metres planned for the Porky Lake-Pigeon lake area. Drilling is also planned for the Jojay property, located approximately 150 kilometres north of La Ronge, and at the Tartan property, located near Flin Flon, Manitoba.

Permitting is in progress for underground bulk sampling at Porky West and at Santoy Zone 7. Approximately 880 metres of decline is planned for the Porky West structure and approximately 715 metres of decline work is planned for the Santoy Zone 7 structure.

At Nokomis, drilling was conducted to test the host tonalite formation north of a previously defined resource. There were no significant gold values intersected in the program. For 2005, line cutting, prospecting and geological mapping is planned for the area south of the previously identified resources prior to further exploration drilling.  In the year 2000, Eckart Buhlmann, P. Geo., an independent consultant for Pioneer, estimated that a mineral resource of approximately 80,000 tonnes grading 10 gpt, with an average width of 4 metres, was located at the Nokomis Lake Gold Zone, formerly known as the South Showing. (Note: The mineral resources cited are historical estimates that do not conform to the standards outlined in sections 1.3 and 1.4 of National Instrument 43-101).

During the first quarter, Placer-Dome delivered its final 2004 exploration report for the Madsen property located near Red Lake, Ontario. (see March 30, 2005 press release “New High Grade Zones Discovered at Madsen” at www.clauderesources.com. With the completion of this drill program, Placer has met the $8.2 million exploration expenditure requirement of its option agreement with Claude Resources Inc. Placer has until December of 2006 to deliver a positive feasibility study to fulfill its obligations and vest in the Madsen Joint Venture with a 55% working interest.

Financial

For the three months ended March 31, 2005, the Company recorded net earnings of $.3 million, or $0.00 per share, after a $1.3 million income tax recovery.  This compares to a net loss of $.4 million, or $0.01 per share, for the first quarter of 2004.

Revenues

Total revenue generated for the quarter was $8.0 million, 5% higher than reported for the same period in 2004.

The Seabee mine contributed $5.5 million to revenue for the first quarter of 2005 compared to $5.4 million for the same period last year.  Sales volume for this period improved 4% from 9,900 ounces in 2004 to 10,300 ounces this quarter.  As a result of the appreciating Canadian versus US dollar exchange rate, average gold prices realized remained relatively unchanged period over period:  2005 – CDN $539 (US $439) versus 2004 – CDN $543 (US $412).

Gross oil, natural gas liquids and gas revenues totaled $2.5 million for the current period compared to $2.3 million last period.  The improvement was due largely to higher oil prices realized for the period offset by normal production declines.

Expenditures

Total mine operating costs were $4.0 million this quarter, relatively unchanged from the $4.2 million recorded last period.  The improved operating costs combined with higher sales volume resulted in a small decline in cash operating costs per ounce:  2005 – US $319; 2004 – US $324.  The strengthening Canadian dollar continues to negatively impact the per ounce calculation; it is responsible for US $22 of this quarter’s comparable total cash cost per ounce.

Oil and gas operating costs increased slightly period over period.  General and administrative costs rose 33% from $.6 million during the first quarter of 2004 to $.8 million this period.  This was largely due to increased non-recurring legal and listing costs on the Toronto and American stock exchanges.

Depreciation and depletion of the Company’s gold assets was $2.1 million for the three months ended March 31, 2005 compared with $1.3 million in the corresponding 2004 period.  The increase was a result of more tonnes broken and milled.  Depreciation and depletion costs per ounce for the period were US $166 versus US $98 for the first quarter of 2004.

The Income Tax Recovery of $1.3 million during the period was the estimated income tax benefit arising from the issuance of flow-through shares in 2004 and the subsequent renouncement of those expenditures in 2005.

Liquidity & Financial Resources

Cash flow from operations before net changes in non-cash working capital items was $1.3 million, or $0.02 per share, compared to $1.0 million, or $0.02 per share, in the first quarter of 2004.

Capital invested increased from $4.4 million during the first quarter of 2004 to $5.7 million this period.  Mineral property expenditures this quarter of $4.1 million were comprised mostly of $2.2 million in development investment, $1.2 million in exploration funded by two separate 2004 flow-through issues, and $1.7 million in mill expansion and equipment costs.  Investment in oil and gas properties remained relatively unchanged at $.4 million, much of which reflects drilling and infrastructure costs at the Nipisi Unit and Edson Gas plant.

To partially finance the mill expansion and related projects, the Company borrowed $5.0 million in the first quarter of 2005 in the form of a 5 year demand loan.  The $110,000 increase in share capital was from the issuance of common shares pursuant to the Employee Share Purchase Plan.

At March 31, 2005, the Company had $5.0 million in working capital, a decrease of $4.3 million from the year ended December 31, 2004.  This amount was due largely to a $4.9 million, 5 year demand loan classified as a current liability.  As well, the 2005 winter resupply included added expenditures for the Porky Lake and Santoy bulk samples and mill expansion infrastructure costs.

Outlook

The Company’s production and cost forecasts remain unchanged for both the Seabee mine and oil and gas properties.  For 2005, gold sales volume is estimated to be 46,000 ounces with mine operating costs approximately $17.0 million.  Capital expenditures remain as forecast, with mine development costs of $6.9 million, plant and equipment costs of $3.0 million to $4.0 million (due to the mill expansion) and exploration costs of $5.0 million (due to Porky Lake and Santoy bulk samples).

Oil and gas revenues should remain unchanged as production and price are forecast to remain strong.  Both operating and capital expenditures are also expected to remain near 2004 levels.

Extensive delineation drilling will begin on the Porky Lake and Santoy properties near the end of the second quarter.  Permitting for the Porky Lake bulk sample extraction is expected to be received early in the second quarter, with an 880 metre decline expected to begin on the Porky West Zone.  Final permitting for the Santoy bulk sample extraction is expected to be received during the third quarter.

Derivative Instruments and Hedging Activities

To mitigate the effects of price fluctuations on revenues, the Company undertakes hedging transactions, from time to time, in respect of foreign exchange rates and the price of gold.

At March 31, 2005, Claude had outstanding forward gold contracts related to 2005 production of 2,000 ounces, at an average price of US $423 per ounce.  The market value loss inherent in these contracts was US $26,000.  At March 31, 2005, the Company had outstanding foreign exchange contracts to sell US $3.5 million, at an average exchange rate of CDN$/US$ 1.2347.  The market value gain inherent in these contracts was US $73,000

Caution Regarding Forward-Looking Information

Some of the statements contained in this report are forward-looking statements, such as estimates and statements that describe the Company’s future plans, objectives or goals.  This includes words to the effect that the Company or management expects a stated condition or result to occur.  Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results in each case could differ materially from those currently anticipated in such statements.