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Claude Resources Ramps up Regional Exploration at Seabee

March 24, 2011

‘Drills 13.6 Grams of Gold per Tonne Over 3.0 Metres at Neptune Target’

Trading Symbols
TSX – CRJ  
NYSE Amex – CGR

SASKATOON, March 24 /PRNewswire/ – Claude Resources Inc. (TSX:CRJ) (NYSE
Amex:CGR) (“Claude” or the “Company”) today reported exploration
results and plans from its surface drill program at the Neptune target,
6 kilometres north of the Seabee Minesite. The 14,400 hectare Seabee
property is located 110 kilometres northeast of La Ronge, Saskatchewan
and hosts the currently producing Seabee and Santoy 8 Gold Deposits.

In addition to exploration in the Santoy region during 2010 (See Claude News Release dated March 21(st), 2011), exploration focused on the Pigeon Lake region and utilized geological,
geochemical and geophysical surveys and historical drill data.  Based
on the results, Claude outlined a high priority target, henceforth
referred to as Neptune.

Results received for the two holes drilled during the 2010 drill program
are presented in the table below.


     HOLE ID  Target  FROM (m) LENGTH (m) Au (g/T) Visible
                                                    Gold

    NEP-10-01 Neptune  223.00      1.00      0.98     yes

    NEP-10-02 Neptune  228.00      3.00     13.60     yes

In 2010, two drillholes (NEP-10-001, NEP-10-002) targeted the down-dip
extension of the Neptune trend whose gold-in-soil anomaly extends for
1.8 kilometres. The gold-in-soil anomaly exists along three
sub-parallel trends spanning a width of at least 200 metres (To view a
plan    map of the Neptune target please click on the following link http://www.clauderesources.com/html/operations/exploration/Seabee_Mine/Neptune/index.cfm). Peak soil values of 111 ppb were obtained from minus 80 mesh soil
samples obtained over and adjacent to outcropping mineralization.
Prospector channel and grab samples from outcropping quartz vein-hosted
mineralization returned values of up to 18.23 grams per tonne.

Based on these encouraging results, Claude is currently in the process
of completing a 15 hole, 3,000 metre surface drilling program on the
Neptune target. The program is designed to test the 1.8 kilometre
strike length of the soil anomaly to vertical depths of up to 250
metres. The targeted vein sets are situated proximal to the
arenite-basalt contact, a regional structure that hosts gold
mineralization at the Porky West and Porky Main deposits.  Initial
drilling in 2010 revealed high gold grades associated with sheeted
quartz veins within several prospective zones of alteration and veining
hosted within both arenite and basalt-derived, biotite-chlorite schist.

“These two holes and surface sampling from the 2010 program have
successfully confirmed near-surface gold mineralization associated with
the Neptune soil anomaly. These results are very encouraging and we
look to expand on them through the 2011 exploration program,” stated
Brian Skanderbeg, Vice President Exploration.

Assay results from the current drill program are expected to be received
within 6 weeks.

Please visit www.clauderesources.com for plan maps of the Seabee Project and the Neptune target.

Claude Resources Inc. is a public company based in Saskatoon,
Saskatchewan, whose shares trade on the Toronto Stock Exchange
(TSX-CRJ) and the NYSE Amex (NYSE Amex-CGR). Claude is a gold
exploration and mining company with an asset base located entirely in
Canada. Since 1991, Claude has produced approximately 930,000 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 has a 65
percent working interest in the Amisk Gold Project in northeastern
Saskatchewan.

Samples were assayed by Claude Resources Inc.’s non-accredited assay lab
at the Seabee mine site and/or TSL Laboratories in Saskatoon. Duplicate
check assays for assays completed at the Seabee mine were conducted at
site as well as at TSL Laboratories in Saskatoon. Results of the spot
checks were consistent with those reported. 30 gram pulp samples were
then analyzed for gold by fire assay with gravimetric and/or screen
fire finish. Brian Skanderbeg, P.Geo., Vice President, Exploration,
Qualified Persons, has reviewed the contents of this news release for
accuracy.

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 US 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: newswire



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