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 reser ve
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 reser ves,
the grade and recover y of mined ore varying from estimates, capital and operating costs var ying 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 know n 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 Instr ument 43-101, adopted by the Canadian
Securities Administrators. The requirements of National Instr ument 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 conver ted into “reserves”. Fur ther, “inferred resources” have a great amount of
uncertainty as to their existence and w hether 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.
2
3. What is Claude All About?
Claude Resources Inc. has three
Canadian Gold Projects: Seabee,
Amisk and Madsen.
Each project is expected to host multi-
million ounce ore bodies and has the
potential to produce over 100
thousand ounces per year.
3
4. Corporate Overview
Stock Exchanges: Cash & Short Term Investments: $16.4
TSX CRJ (March 31, 2012)
NYSE MKT CGR
Debt (March 31, 2012):
Short Term $9.1 million
Long Term $10.9 million
Shares Outstanding (May 31, 2012):
Basic 173.7 million Cash Costs per Ounce:
Fully Diluted 183.1 million Q1 2012 $1,236 CDN
$1,234 US
Market Cap $120 million CDN
(June 1, 2012) TSX:
52 Week High $2.36
52 Week Low $0.56
Analyst Coverage: Avg. Volume 300,000
Brian Christie Desjardins Securities
Cosmos Chui CIBC NYSE MKT:
Paolo Lostritto National Bank 52 Week High $2.37
Paul Burchell Dundee Securities 52 Week Low $0.56
Sam Crittenden RBC Avg. Volume 450,000
Wendell Zerb Canaccord Genuity
4
5. Focused on Growth
Great Risk vs. Reward Investment Opportunity
Cash flow and net earnings from Seabee Operation
Significant exploration upside at all three projects
Experienced management team
Strong balance sheet
Increasing Seabee Gold Production Resource Base
(2007-2016)
4500000
90,000 4.09 Moz
80,000 4000000
70,000 3500000
1,566,000
3000000 2.91 Moz
Production Ounces
60,000
Amisk
50,000 2500000 1,018,000
1.96 Moz Madsen
40,000 2000000 1,225,000
Seabee
30,000 1500000
1,225,000 1,225,000
20,000 1000000 0.81 Moz
10,000 1,300,000
500000 806,000 735,000 662,000
0 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011
5
7. Seabee Gold Operation
• 100% ownership
• 14,400 hectare property
• Produced over 983,000 ounces of gold from 1991 to
2012
• 1.30 million ounces in NI 43-101 reserve & resource
• Full infrastructure including an 850 tonne per day
mill
• Two producing mines: Seabee Gold Mine and the
Santoy 8 Gold Mine
• Exploration focused on Santoy Gap, L62, Santoy 8,
Seabee Deep, and Neptune
130,000 metre exploration program planned
for 2012
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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
8
9. Regional Exploration:
Santoy Gap
• Inferred Mineral Resources of 495,000 ounces (NI 43-101 compliant)
• 3 rigs drilling approximately 50,000 metres in 2012
• Proximal to current mining infrastructure
• Extension of Santoy 8 deposit
9
10. L62 Discovery
L62 Discovery
Shaft Extension
Q3 2012 completion
• L62 deposit discovery 200 m
from infrastructure
• Open in all directions
• Expected to be in production 2H
2012
10
11. Amisk Gold Project
• 100% ownership
• 24,350 hectare property
• 1.57 million ounces in NI 43-101 resource
calculation
• Proven mining district and “mining friendly”
community
• Close to infrastructure
• Large bulk mineable potential
• Mineralization begins at surface and has been drill
tested to approximately 600 metres below surface
NI 43-101 Resource and PEA to be completed
in Q3 2012
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13. 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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14. Madsen Exploration Project
• 100% ownership
• 10,000 hectare property
• 1.23 million ounces in NI 43-101 resource
calculation
• Historic production was 2.45 million ounces of
gold from 1938 to 1976
• Similar type of geology to that of Goldcorp’s Red
Lake Assets
• All existing infrastructure is fully permitted
29,000 metre exploration program planned
for 2012
14
16. Madsen Mine Trend
2012 Exploration will focus on continued testing of the 8 Zone Trend as well as the
McVeigh and Austin Tuff depth continuity.
16
17. 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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18. Madsen Infrastructure
Modern equipment and facilities:
• 500 ton per day permitted mill
• 5 compartment shaft to 4,125 feet
• Shaft capable of skipping 1,925 tpd
• Permitted tailings facility
Minimal capital required to bring
Madsen into production
18
20. Peer Valuation
(as of May 24, 2012)
$400
$350 Rubicon
Non-producer
$300 Kirkland Lake
Producer
Average
$250
Market Cap/Oz
$200
$150
$100
$50
$0
*Calculation based on National Instrument 43-101 ounces
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21. Claude Resources Inc.
Experience. Stability. Potential.
Creating the Capacity to
Discover. Develop. Deliver.
TSX: CRJ NYSE MKT: CGR
200, 224 - 4th Avenue South
Saskatoon, Saskatchewan, S7K 5M5
Canada
P. 306.668.7505
F. 306.668.7500
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