1. Presented By: Q1 Financials
Neil McMillan May 14, 2012
President & CEO
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2. Cautionary Statement
Cautionary Note Regarding Forward-Looking Information
This document contains certain forward-looking statements relating but not limited to the Company’s expectations, intentions, plans and
beliefs. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”,
“plan”, “intent”, “estimate”, “may” and “will” or similar words suggesting future outcomes or other expectations, beliefs, plans,
objectives, assumptions, intentions or statements about future events or performance. Forward-looking information may include reserve
and resource estimates, estimates of future production, unit costs, costs of capital projects and timing of commencement of operations,
and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to
differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves,
the grade and recovery of mined ore varying from estimates, capital and operating costs varying significantly from estimates, delays in
obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of projects and other factors. Forward-looking statements are subject to
risks, uncertainties and other factors that could cause actual results to differ materially from expected results.
Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking
statements. Shareholders are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking
information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility
that the predictions, forecasts, projections and various future events will not occur. Claude Resources undertakes no obligation to update
publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors
which affect this information, except as required by law.
Cautionary note to U.S. investors concerning resource estimate
The resource estimates in this document were prepared in accordance with National Instrument 43-101, adopted by the Canadian
Securities Administrators. The requirements of National Instrument 43-101 differ significantly from the requirements of the United States
Securities and Exchange Commission (the “SEC”). In this document, we use the terms “measured”, “indicated” and “inferred” resources.
Although these terms are recognized and required in Canada, the SEC does not recognize them. The SEC permits U.S. mining
companies, in their filings with the SEC, to disclose only those mineral deposits that constitute “reserves”. Under United States
standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be
economically and legally extracted at the time the determination is made. United States investors should not assume that all or any
portion of a measured or indicated resource will ever be converted into “reserves”. Further, “inferred resources” have a great amount of
uncertainty as to their existence and whether they can be mined economically or legally, and United States investors should not assume
that “inferred resources” exist or can be legally or economically mined, or that they will ever be upgraded to a higher category.
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3. Q1 2012 Highlights
• Significant increase in mineral reserves and mineral
resources at the Seabee Gold Operation
• St. Eugene Mining Corporation acquisition completed
• Winter re-supply program completed
• Peter Longo appointed as Vice President of Operations
• Brian Booth joined the Claude Resources Board of Directors
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4. Corporate Resource Growth
Resource Base
4,500,000 4.09 Moz
4,000,000
3,500,000
1,566,000
2.91 Moz
3,000,000
2,500,000 Amisk
1,018,000
1.96 Moz Madsen
2,000,000 1,225,000 Seabee
1,500,000
1,225,000 1,225,000
0.81 Moz
1,000,000
1,300,000
500,000 806,000 735,000 662,000
0
2008 2009 2010 2011
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5. Financial Highlights
3 months 3 months
ended March ended March
31 2012 31 2011
Revenues (millions) $16.1 $13.3
Gold sold (ounces) 9,547 9,461
Average realized gold price (CDN) $1,681 $1,408
Total cash cost per ounce (CDN) $1,236 $924
Cash flow (millions) (1) $2.6 $3.6
(1)
Cash flow per share $0.02 $0.03
(1)For an explanation of non-IFRS performance measures, refer to the “Non-IFRS Performance Measures” section in the Company’s
MD&A filed on www.sedar.com.
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6. Financial Highlights
3 months 3 months
ended Mar ended Mar
31 2012 31 2011
Net profit (millions) ($0.5) $1.8
Net profit per share $0.00 $0.01
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7. Seabee Gold Operations
2012 Production
• Forecast: 50,500 ounces of gold
• The Company anticipates initial production at L62
deposit in the second half of 2012.
Exploration Program for 2012
• 130,000 metres at Seabee Operation
o 60,000 metres underground
o 70,000 metres regionally
• Focused on continued reserve and resource growth
at the Seabee and Santoy 8 Mines and the Santoy
Gap and L62 deposits.
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8. Seabee Property
Seabee Property: 14,400 Hectares
• Established fully-permitted infrastructure
• Underexplored productive belt
• $7.5 M, 130,000 m regional exploration
in 2012
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9. Reserve & Resource Update
Mineral Reserves and Mineral Resources for Seabee Gold Property, Saskatchewan.
Resource Class Zone Tonnes Grade Contained
(g/tonne) Gold (oz)
Proven & Probable Seabee 1,062,900 6.58 224,900
Santoy 8 997,100 4.08 130,600
Total 2,059,900 5.37 355,600
Measured &
Seabee 127,400 4.65 19,000
Indicated
Santoy 8 12,600 5.04 2,000
Porky Main 160,000 7.50 38,600
Porky West 111,000 3.10 11,000
Total 410,900 5.35 70,700
Inferred Santoy Gap 2,321,000 6.63 495,000
Seabee 813,900 6.83 178,800
Santoy 8 850,000 5.46 149,300
Porky Main 70,000 10.43 23,500
Porky West 138,300 6.03 26,800
Total 4,193,200 6.48 873,400
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10. Reserve & Resource Update
Highlights include the following:
• Mineral reserves increased, net of mining depletion, to 355,600 ounces at 5.37
grams per tonne from 352,600 ounces at 5.58 grams per tonne.
• Measured and indicated resources increased to 70,700 ounces at 5.35 grams per
tonne from 49,600 ounces at 5.70 grams per tonne, representing a 43 percent
increase from 2010.
• Inferred mineral resources increased to 873,400 ounces at 6.48 grams per tonne
from 260,100 ounces at 6.23 grams per tonne in 2010, representing a 236 percent
increase in contained ounces year over year.
• A significant portion of the increases came from the discovery and delineation of
the L62 and Santoy Gap deposits.
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11. Projects: Seabee Gold
Operation
Shaft extension
• From 600 metres to 980 metres
• Completion date: Q3 2012
Mill upgrade
• Expanded to a peak capacity of 1,050 tonnes
• Further expansions are currently being planned
Camp Expansion
• At Seabee and Santoy 8
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12. Amisk Gold Project
• On October 25, 2011 Claude announced that it entered into an
agreement with St. Eugene to purchase all of its shares. The
transaction closed on February 1st, 2012.
• Completed a NI 43-101 resource estimate of 921,000 ozs Au Eq. in
Indicated and 645,000 ozs Au Eq. in Inferred category
• Recent metallurgical test results returned averages of 89.4% for gold
and 80.8% for silver recoveries.
2012 Projects:
• Amisk Preliminary Economic Assessment and resource update
• Near-pit exploration
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13. Amisk Location
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14. Amisk Pit Shell
Claude Resources - Amisk Lake Project - Grade - Tonnage Sensitivity Table
Total Resource Indicated Inferred
Au Eq Cut-Off Au Eq
Tonnage Au (gpt) Ag (gpt) Total Oz Ind Oz % Inf Oz %
(gpt)
0.30 82,422,879 0.69 0.62 4.35 1,828,471 998,622 55% 824,675 45%
0.40 58,803,225 0.83 0.75 5.11 1,569,171 920,881 59% 644,854 41%
0.50 42,979,475 0.97 0.88 5.85 1,340,368 824,702 62% 512,676 38%
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15. Madsen 2012 Program
Exploration Program
• Metres: 29,000
• 2 underground rigs and 1 surface rig, targeting 30-40
holes
Exploration will focus on continued testing of the 8 Zone
Trend as well as the McVeigh and Austin Tuff depth
continuity.
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16. Madsen Property:
Red Lake Camp
Starratt Olsen Madsen Mine Historic Production
2.4 M oz @ 0.30 opt Austin East
164,000 oz @ 0.18 opt
Underground
Drill Chambers
2012 exploration target areas
8 Zone
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17. Madsen Infrastructure
Fully operational equipment and
facilities:
• 500 ton per day permitted mill
• 5 compartment operating shaft to
4,125 feet
• Permitted tailings pond
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18. Exploration Summary
2012 2012 2011 2011
$ (in millions) Metres $ (in millions) Metres
Seabee $7.50* 129,600 $4.90* 100,000
Madsen $6.50 29,050 $3.85 18,000
Amisk $1.50 6,000 $1.75 10,000
Total $15.50 164,650 $10.50 128,000
*Excluding underground expenditures.
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19. 2012 Outlook
For 2012, and looking forward, the Company will continue to:
1) Pursue best practices in the areas of safety, health and the environment;
2) Invest in capital projects and equipment to further develop satellite deposits to
increase production and to decrease unit cash cost at the Seabee Gold
Operation;
3) Further exploration and development at the Seabee Gold Operation to sustain
or increase reserves and resources;
4) Advance surface and underground exploration drill programs at the Company’s
100 percent owned Madsen Exploration Project; and
5) Expand the scope of the Amisk Gold Project, and complete a preliminary
economic assessment.
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20. Catalysts for 2012
• Closing of SEM Acquisition
• Seabee Exploration Results
Q1 • Seabee Reserve and Resource Update
• Amisk Exploration Results
Q2 • Seabee Exploration Results
• Shaft Extension Completed at Seabee
• Mill Expansion Completed at Seabee
• Madsen Exploration Results
Q3 • PEA at Amisk
• Seabee Exploration Results
• Madsen Exploration Results
Q4
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21. Claude Resources Inc.
Experience. Stability. Potential.
Creating the Capacity to
Discover. Develop. Deliver.
TSX: CRJ NYSE Amex: CGR
200, 224- 4th Avenue South
Saskatoon, Saskatchewan, S7K 5M5
Canada
P. 306.668.7505
F. 306.668.7500
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