1. June 2012
C O R P O R A T E U PDATE
INSIDE THIS
ISSUE:
HIGHLIGHTS:
Highlights 1
 Seabee Gold Operation mineral reserves and mineral
Seabee Exploration 1 resources increased from 662,000 ounces to 1,300,000
ounces of gold with a 236% increase in the inferred resource
Amisk Exploration 2 base
Madsen Exploration 2  Claude Resources completed the acquisition of St. Eugene
Mining
Q1 Financials & 3  Peter Longo appointed as Vice President of Operations
Operating Results
 Brian Booth joined the Claude Resources Board of Directors
2012 Outlook 3  Met Q1 production and budget targets
Contact Us 4
SEABEE EXPLORATION
 Claude Resources Inc. (“Claude” and or the “Company”) reported an updated National Instrument
43-101 gold reserve and resource on March 14, 2012. 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.
TSX: CRJ
Measured and indicated resources increased to 70,700 ounces at 5.35 grams per tonne from
52 Week High: $2.36 49,600 ounces at 5.70 grams per tonne, representing a 43 percent increase from 2010.
52 Week Low: $0.56 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
NYSE MKT: CGR year over year.
52 Week High: $2.37 A significant portion of the increases came from the discovery and delineation of the L62 and
52 Week Low: $0.56 Santoy Gap deposits. Individually, the L62 deposit added 70,400 ounces to the probable reserve
and 40,300 ounces to the inferred resource and the Santoy Gap deposit added 495,000 ounces to
the inferred resource.
Share Structure
 Highlights from Santoy Gap drill results released in Q1 2012 include:
(May 31, 2011)
 JOY-11-588 returned 35.00 grams of gold per tonne over 9.78 metres
173.7 million shares outstand-  JOY-11-589 returned 46.44 grams of gold per tonne over 1.97 metres
ing
 JOY-11-600 returned 56.23 grams of gold per tonne over 1.41 metres
183.1 million fully diluted
 JOY-11-606 returned 12.95 grams of gold per tonne over 7.80 metres
Resource Class Zone Tonnes Grade (g/tonne) Contained Gold (oz)
Market Capitalization
Proven & Probable Seabee 1,062,900 6.58 224,900
~$110,000,000
Santoy 8 997,100 4.08 130,600
Total 2,059,900 5.37 355,600
Measured & Indicated Seabee 127,400 4.65 19,000
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

2. Page 2 June 2012
AMISK EXPLORATION
 The Company announced the closing of the St. Eugene Mining Corporation acquisition on February 2, 2012. Claude now owns
100 percent of the Amisk Gold Project.
 At 24,350 hectares, this gold and silver exploration property is one of the largest land positions in the prolific Flin Flon mineral
district. The Amisk Property is located 20 kilometres southwest of Flin Flon, Manitoba and hosts the Amisk Gold Project, a bulk
mineable gold and silver deposit.
 The Company is currently working on updating the resource calculation, conducting a Preliminary Economic Assessment and
further exploration programs on the property.
Figure 1: Amisk Gold Property Cross Section A-A’ with Pit Projection Figure 2: Amisk Location and Property Size Map
MADSEN EXPLORATION
 Madsen 2012 exploration program will drill 29,000 metres using 2 underground rigs and 1 surface rig targeting 40-50 holes.
 Exploration will focus on continued testing of the 8 Zone Trend as well as the McVeigh and Austin Tuff depth continuity.
 Highlights from the latest drill results include:
 15.70 grams Au per tonne over 2.00 metres in MUG-11-13—McVeigh Tuff
 6.27 grams Au per tonne over 2.00 metres in MUG-11-14—McVeigh Tuff
 8.06 grams Au per tonne over 2.02 metres in MUG-11-14b—8 Zone
 5.69 grams Au per tonne over 2.14 metres in MUG-11-16-8—8 Zone
 53.70 grams Au per tonne over 0.70 metres in MUG-11-17—McVeigh Tuff
 5.64 grams Au per tonne over 2.00 metres in MUG-11-17—McVeigh Tuff
Figure 3: Madsen Property Map Figure 4: Madsen Composite Longitudinal Section

3. Page 3 June 2012
Q1 FINANCIALS & OPERATING RESULTS
 Claude reported its first quarter financial and operating results on May 14, 2012. Highlights include:
 Cash flow from operations(1) before net changes in non-cash operating working capital of $2.6 million, or $0.02 per
share, for the three months ended March 31, 2012, down 28 percent from $3.6 million, or $0.03 per share, for the
comparable period in 2011.
 Gold sales during the first quarter of 2012 of 9,547 ounces at an average realized price of $1,681 (U.S. $1,679) for
revenue of $16.1 million, up 21 percent from first quarter 2011 revenue of $13.3 million. Total Canadian dollar cash cost
per ounce of gold(1) for the first quarter of 2012 increased 34 percent to CDN $1,236 (U.S. $1,234) per ounce from CDN
$924 (U.S. $937) during the first quarter of 2011.
 Net loss of $0.5 million, or $0.00 per share, for the three months ended March 31, 2012 (March 31, 2011—net profit of
$1.8 million, or $0.01 per share).
 Produced ounces were relatively unchanged period over period (March 31, 2012—9,574 ounces; March 31, 2011—9,539
ounces); these results were consistent with Management’s guidance for the quarter. Mill recoveries were relatively un-
changed period over period.
 Neil McMillan, President and Chief Executive Officer stated, “Our first quarter production and unit costs were in line with Man-
agement’s expectations. The Company’s plans to expand the mill and deepen the shaft are on track and are expected to play a
major role in increasing production and decreasing unit cash costs going forward. For the remainder of the year we will focus on
executing on our capital projects while expanding on the exploration success we had in 2011.”
3 months 3 months 3 months 3 months
ended March ended March ended March ended March
31, 2012 31, 2011 31, 2012 31, 2011
Revenues (millions) $16.1 $13.3 Net (loss) profit (millions) ($0.5) $1.8
Gold sold (ounces) 9,547 9,461 Net (loss) profit per share ($0.00) $0.01
Average realized gold price per Cash, cash equivalents and short
$1,681 $1,408
ounce (CDN) term investments & gold $16.4 $2.4
Total cash cost per ounce receivables (millions)
$1,236 $924
(CDN) Debt (including leases)
$20.0 $17.3
Cash flow (millions) (1) $2.6 $3.6 (millions)
Working Capital (millions) $16.2 $4.1
Cash flow per share (1) $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.
2012 OUTLOOK
For the remainder of 2012, the Company will continue to focus on the following:
1) Pursue best practices in the areas of safety, health and the environment;
2) Increase production and improve unit operating costs at the Seabee Gold Operation by investing in capital projects and equip-
ment to further develop satellite deposits;
3) Increase reserves and resources at the Seabee Gold Operation through further exploration and development;
4) Expand the scope of the Amisk Gold Project, and complete a preliminary economic assessment; and
5) Advance surface and underground exploration drill programs at the Company’s 100 percent owned Madsen Exploration Project
with continuation of Phase II of underground drilling from the 16th level drill platform.
For 2012, forecast gold production at the Seabee Operation is estimated to range from 50,000 to 52,000 ounces of gold. Unit costs for
2012 are estimated to be similar to 2011.
Capital expenditures are expected to increase significantly with continued investment at Madsen and expected upgrades at the Seabee
Gold Operation, including expansion to the Seabee Central Milling Facility, extension of the Seabee Shaft and expansion of the Seabee
Gold Operation’s Camp Facilities.
Further information relating to the Company’s outlook can be found in the Management’s Discussion and Analysis on the Company’s
website.

4. Page 4 June 2012
Claude Resources Inc. is a public company based in Saskatoon, Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX-
CRJ) and the NYSE MKT (NYSE MKT-CGR). Claude is a gold exploration and mining company with an asset base located entirely in
Canada. Since 1991, Claude has produced over 983,000 ounces of gold from its Seabee mining operation in Northeastern Saskatchewan.
The Company also owns 100 percent of the 10,000 acre Madsen property in the prolific Red Lake gold camp of Northwestern Ontario
and owns 100 percent of the Amisk Gold Project in Northeastern Saskatchewan.
CAUTION 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 infor-
mation 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, uncer-
tainties 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 US investors concerning resource estimates
The resource estimates in this document were prepared in accordance with National Instrument 43-101, adopted by the Canadian Securities Administrators. The require-
ments 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, miner-
alization 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 deter-
mination 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.
P L E A S E C O N TA C T U S A T :
Claude Resources Inc.
www.facebook.com/clauderesources
200, 224 - 4th Avenue South
Saskatoon, SK www.twitter.com/clauderesource
S7K 5M5
Tel: 306-668-7505 www.linkedin.com/company/claude-resources-inc
Fax: 306-668-7500
Email: ir@clauderesources.com www.slideshare.net/clauderesourcesinc
www.clauderesources.com