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Claude Intercepts 14.58 g/t over 29.74 metres at Santoy Gap, Seabee Project

August 27, 2012

‘Continues to Infill and Expand Santoy Gap’

Trading Symbols
TSX – CRJ  
NYSE MKT – CGR

SASKATOON, Aug. 27, 2012 /PRNewswire/ – Claude Resources Inc. (TSX-CRJ; NYSE
MKT-CGR) (“Claude” and or the “Company”) today provided an exploration
update from its 2012 drill program at Santoy Gap within the Company’s
100 percent-owned, 14,400 hectare Seabee Gold Project. Newly released
drill results have extended the mineralized system up-dip, along strike
to the north and at depth as well as confirming continuity within the
existing inferred resource (Table 1). Drill hole JOY-12-677 returned
the widest intercept to date, 14.58 grams of gold per tonne over 29.74
metres, confirming a high grade core that hosts multiple vein sets over
combined widths of between 20 and 30 metres. Santoy Gap currently hosts
an inferred resource of 495,000 ounces at 6.63 grams of gold per tonne.
The system remains open in most directions and underground development
from the existing Santoy 8 infrastructure has been initiated.


    Table 1: Highlights from 2012 Santoy Gap drilling.

    Hole ID    Easting Northing From (m) To (m) Grade (g/t) Width (m)

    JOY-12-622  599436  6170747   403.57 405.29        4.81      1.72

                            And   722.00 723.00        6.20      1.00

    JOY-12-624  599148  6170973   519.71 520.43       7.87*      0.72

    JOY-12-630  598791  6170890   272.27 272.77       13.60      0.50

    JOY-12-636  599035  6170957   415.77 432.50        6.91     16.73

    JOY-12-638  599035  6170957   398.00 400.30       13.94      2.30

    JOY-12-643  598950  6170670   181.75 183.57       41.88      1.82

    JOY-12-648  599073  6170506    61.92  62.42       17.25      0.50

                            And   158.00 159.00       11.45      1.00

    JOY-12-657  599124  6170848   322.24 322.79      23.20*      0.55

    JOY-12-661  599124  6170848   345.20 345.70       14.90      0.50

    JOY-12-664  599080  6170572   135.14 135.64      15.45*      0.50

    JOY-12-665  599094  6170889   378.25 380.00       13.84      1.75

    JOY-12-666  599000  6170595   143.29 143.95      20.30*      0.66

    JOY-12-667  599000  6170595   124.57 126.24      10.75*      1.67

    JOY-12-670  599010  6170745   253.59 255.97       11.50      2.38

    JOY-12-674  599207  6170942   520.15 526.45        4.67      6.30

                            And   566.25 567.25       49.50      1.00

    JOY-12-677  599154  6170781   321.04 350.78       14.58     29.74

    JOY-12-678  598827  6170985   230.50 231.50       50.30      1.00

    JOY-12-679  599155  6170775   343.99 364.28       13.81     20.29

    JOY-12-682  599155  6170775   374.60 375.60       27.20      1.00

                            And   385.20 386.00        5.88      0.80

                            And   400.80 405.50       11.07      4.70

    Note:* Partial result, certain assays within zone are pending.

    Composites were calculated using a 3 g/t Au cut-off grade and may
    include internal dilution.

In order to demonstrate continuity and upgrade the inferred mineral
resource, the Company completed an infill drill program targeting the
core of the Santoy Gap deposit. All holes returned economic visible
gold-bearing intercepts greater than or consistent with that of the
existing resource.  Specifically, JOY-12-677 returned 14.58 grams of
gold per tonne over 29.74 metres and JOY-12-679 returned 13.81 grams of
gold per tonne over 20.29 metres, 40 and 75 metres along strike from
the previously released JOY-11-556 that returned 19.10 grams of gold
per tonne over 20.48 metres (see Claude new releases dated November 15(th), 2011 and February 13(th), 2012). These results confirm a high grade core, hosting multiple vein sets
over combined widths of between 20 and 30 metres.

The Company also focused on growth of the current resource by exploring
the extensions of the mineralized system to the north and up-dip.
Drilling completed between surface and 250 metres depth, intercepted
high grade, relatively narrow vein systems. Hole JOY-12-643, 667, 670
and 678 returned 41.88 grams of gold per tonne over 1.82 metres, 10.75
grams of gold per tonne over 1.67 metres, 11.50 grams of gold per tonne
over 2.38 metres and 50.30 grams of gold per tonne over 1.00 metres,
respectively. Furthermore, step-out drilling at depth, JOY-12-674, and
down plunge to the north, 636 and 638, have returned impressive
results. Significant intercepts down plunge of the current resource
base include 6.91 grams of gold per tonne over 16.73 metres (636),
13.94 grams of gold per tonne over 2.30 metres (638), 4.67 grams of
gold per tonne over 6.30 metres and 49.50 grams of gold per tonne over
1.0 metres (674). These intercepts indicate that economic
mineralization extends well beyond the inferred resource, over a strike
length of up to 800 metres, up-dip to surface and down plunge from the
current inferred resource.

The system remains open down plunge to the north, along strike to the
south and at depth and may link with the existing Santoy 8 resource 300
metres to the south. A total of 65 holes and 28,600 metres have been
completed at Santoy Gap during 2012 (See Claude website for a table of all intercepts from 2012 drilling as
well as detailed longitudinal and plan maps
). For the full year, the Company expects to complete approximately
32,000 metres of drilling at Santoy Gap, with the remaining and current
drill results incorporated into an updated National Instrument 43-101
resource statement during the first quarter 2013. As of December 31(st), 2011, Santoy Gap hosted an inferred resource of 495,000 ounces at 6.63
grams of gold per tonne.

Based on the Santoy Gap inferred resource, positive exploration results
and proximity to the existing Santoy 8 infrastructure, the Company
initiated an 850 metre long exploration drift to allow for infill
drilling and upgrading of the inferred resource. As of August 23(rd), 100 metres of the drift has been completed and its continued
development will be prioritized. The Company is also is the process of
completing an updated Life of Mine that reflects the 2011 discovery of
the L62 and Santoy Gap deposits and the resulting significant resource
growth at the Seabee Operation. It is anticipated to be completed
during the fourth quarter of 2012.

“Through the first half of 2012, drilling at Santoy Gap has yielded
excellent results, confirming continuity within our resource model and
successfully expanding the mineralized system.  We are most encouraged
by the grade and significant widths returned from the recent drilling
and look forward to incorporating these into an updated resource
model,” stated Brian Skanderbeg, Vice President of Exploration of
Claude. “The advancement of underground development towards Santoy Gap
and updating of the Seabee Life of Mine are critical steps in the
growth of the Seabee Operation.”

Gold mineralization at Santoy Gap is hosted within a system of sheeted,
shear-hosted quartz veins, silicified biotite-diopside schist and
silicified granitic to dioritic dykes. Visible gold is typically
observed along vein contacts, associated with trace to 5 percent,
disseminated pyrrhotite, pyrite, chalcopyrite and rarely tellurides.
Vein sets are interpreted to dip moderately, 45 to 60 degrees to the
east, and are interpreted to be amenable to bulk underground mining
techniques. The system shows very similar structural controls and
geometry to the Santoy 8 deposit.

In addition to aggressive exploration efforts at the Seabee Project,
Claude is continuing Phase II underground and surface drilling at the
Madsen Property in Red Lake and has approved the advancement of the
Amisk Gold Project through to a Preliminary Economic Assessment.

Please visit www.clauderesources.com for a detailed longitudinal and plan maps of the Santoy Gap deposit, a
complete list of 2012 drill results and location map of the Seabee
Project.

Claude Resources Inc. is a gold producer with shares listed on both the
Toronto Stock Exchange (TSX-CRJ) and the NYSE MKT (NYSE MKT-CGR). The
Company is also engaged in the exploration and development of gold
mineral reserves and mineral resources. The Company’s entire asset base
is located in Canada. Its main revenue generating asset is the 100
percent owned Seabee Gold Project, located in northern Saskatchewan.
Since 1991, Claude has produced over 995,000 ounces of gold from the
Seabee Gold Project. Claude also owns 100 percent of the Madsen
property near Red Lake, Ontario and 100 percent interest in the Amisk
Gold Property in northeastern Saskatchewan.

Brian Skanderbeg, P.Geo. and M.Sc., Claude’s Vice President Exploration,
is the Qualified Person who has reviewed and approved the contents of
this news release. Drill core was halved with samples averaging 1.5
metres and was submitted to ALS Chemex in Vancouver, an ISO approved
facility. Rigorous quality assurance and quality control procedures
have been implemented including the use of blanks, standards and
duplicates. Core samples were analyzed by a 30 gram gold fire assay
with an atomic absorption, conventional gravimetric and/or screen fire
techniques.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This Press Release may contain ‘forward-looking’ statements regarding
the plans, intentions, beliefs and current expectations of the Company,
its directors, or its officers with respect to the future business
activities and operating performance of the Company.  The words “may”,
“would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”,
“estimate”, “expect” and similar expressions, as they relate to the
Company, or its management, are intended to identify such
forward-looking statements.  Investors are cautioned that any such
forward-looking statements are not guarantees of future business
activities or performance and involve risks and uncertainties, and that
the Company’s future business activities may differ materially from
those in the forward-looking statements as a result of various
factors.  Such risks, uncertainties and factors are described in the
periodic filings with the Canadian securities regulatory authorities,
including the Company’s Annual Information Form and quarterly and
annual Management’s Discussion & Analysis, which may be viewed on SEDAR
at www.sedar.com.  Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected.  Although the Company has attempted to identify important
risks, uncertainties and factors which could cause actual results to
differ materially, there may be others that cause results not
anticipated, estimated or intended.  The Company does not intend, and
does not assume any obligation, to update these forward-looking
statements.

CAUTIONARY NOTE TO US INVESTORS CONCERNING RESOURCES ESTIMATES

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”.

SOURCE CLAUDE RESOURCES INC.


Source: PR Newswire