A bright future lies ahead for the company as it works to increase gold production and resource base at its Canadian projects over the coming years. The company has three projects in Canada with the potential to produce over 100,000 ounces of gold per year. Exploration success could significantly grow the resource base, which currently stands at over 3 million ounces. The company aims to leverage its cash flow, exploration upside, management team, and strong balance sheet to provide a great risk-reward investment opportunity.

1. A bright future ahead…..
Title Slide
Presented By:
Neil McMillan
President & CEO
1

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.
2

3. Corporate Overview
Stock Exchanges: Cash & Short Term Investments: $35.2
TSX CRJ (September 30, 2011)
NYSE Amex CGR
Debt (in millions) :
Short Term $3.4
Long Term $12.0
Shares Outstanding (January 31, 2012):
Basic 173.3 million Cash Costs per Ounce:
Fully Diluted 181.5 million Q3 2011 $871CDN
$888 US
Market Cap $250 million CDN
TSX:
52 Week High $2.84
Analyst Coverage: 52 Week Low $1.35
Brian Christie Desjardins Securities Avg. Volume 460,000
Cosmos Chui CIBC
Paolo Lostritto National Bank NYSE Amex:
Paul Burchell Dundee Securities 52 Week High $2.91
Sam Crittenden RBC 52 Week Low $1.32
Wendell Zerb Canaccord Genuity Avg. Volume 375,000
3

4. What is Claude All About?
Claude Resources Inc. has three Canadian
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.
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 Gold Production
Gold Resource Base
(2006-2016) 3,500,000
90,000
2.91 Moz
80,000 3,000,000
70,000 2,500,000
Production Ounces
1,017,727
60,000 1.96 Moz
2,000,000 Amisk
50,000
Madsen
40,000 1,500,000
1,225,000
1,225,000 Seabee
30,000 0.81 Moz
1,000,000
20,000
500,000 806,200
10,000 735,342 662,360
0 0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010
5

6. Regional Map
AMISK PROJECT
6

7. Seabee Gold Project
Seabee Property: 14,000 Hectares
• Established fully-permitted infrastructure
• Underexplored productive belt
• $7.5 M, 69,600 m regional exploration in
2012
7

8. L62 Discovery
L62 Discovery
Shaft Extension
Q3 2012
• L62 200 m from infrastructure
• Open in all directions
• Expected to be in production 2H
2012
• NI 43-101 Resource planned in Q1
2012 8

9. Regional Exploration:
Santoy Gap
• 3 rigs drilling approximately 40,000 metres in 2012
• Proximal to current mining infrastructure
• NI 43-101 Resource planned in Q1 2012
• Extension of Santoy 8 deposit
9

10. Regional Exploration:
Neptune
Highlights of 2010 and 2011 drilling:
• 3.2 m @ 85.0 g/t
• 3.0 m @ 13.6 g/t
• 2.0 m @ 5.2 g/t
• 3.9 m @ 5.9 g/t
70,000 m of drilling between
Neptune, Santoy 8 and Santoy Gap
planned for 2012
10

11. Amisk Gold Project
• 100% ownership
• 24,340 hectare property
• Proven mining district and “mining friendly”
community
• Close to infrastructure
• Large bulk mineable potential
• Mineralization begins at surface and has been tested
to approximately 600 metres below surface
• 1.57 million ounces in NI 43-101 resource calculation
• NI 43-101 Resource planned in Q2 2012 and PEA to
be completed in Q3 2012
11

12. Amisk Location
12

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%
13

14. Madsen Exploration Project
14

15. 15

16. Madsen Mine Trend
16

17. Madsen Property:
Red Lake Camp
Starratt Olsen Madsen Mine Historic Production
164,000 oz @ 0.18 opt Austin East
2.4 M oz @ 0.30 opt
Austin Tuff
Underground
Drill Chambers
16 Level
2012 exploration target areas
8 Zone
Madsen Mine: Produced 2.45 Moz @ 0.28 opt
Current NI 43-101 Resource – 1.23 Moz @ 0.28 opt 8 Zone
17
6.0 km

18. Madsen Cross Section
18

19. 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
19

20. 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 $1.74 10,000
Total $15.50 164,650 $6.66 128,000
*Excluding underground expenditures.
20

21. Peer Valuation
(as of January 11, 2012)
350
300
250
Market Cap/Oz
200
150
100 Producers
Explorers
50
0
Calculation based on National Instrument 43-101 ounces
21

22. Catalysts for 2012
• Closing of SEM Acquisition
• Seabee Exploration Results (Santoy Gap and L62)
Q1 • Global Reserve and Resource Update
• Amisk Resource Update
• Amisk Exploration Results
Q2 • Seabee Exploration Results (Neptune, Santoy Gap and L62)
• Shaft Extension Completed at Seabee
• Mill Expansion Completed at Seabee
• Madsen Exploration Results
Q3 • PEA at Amisk
• Seabee Exploration Results (Santoy Gap and L62)
• Madsen Exploration Results
Q4
22

23. Claude Resources Inc.
Experience. Stability. Potential.
Creating the Capacity to
Discover. Develop. Deliver.
TSX: CRJ NYSE Amex: CGR
23