Claude Resources Announces Fourth Quarter 2007 Results



    Toronto Stock Exchange
    Trading symbol - CRJ
    AMEX - CGR

    SASKATOON, March 17 /CNW/ - Claude Resources Inc. today announced a
fourth quarter 2007 net loss of $1.8 million or $0.02 per share. Positive cash
flow from operations before net changes in non-cash working capital in Q4 2007
was $1.6 million or $0.02 per share. The full year 2007 net loss of
$7.0 million, or $0.08 per share, was accompanied by positive cash flow from
operations before net changes in non-cash working capital for the year of
$1.8 million or $0.02 per share.

    
    Financial Highlights:
                                  Three Months Ended             Years Ended
                                         December 31             December 31
                                    2007        2006        2007        2006

    Revenue ($ millions)            13.4         9.5        39.0        41.4
    Net earnings (loss)
     ($ millions)                   (1.8)       (0.4)       (7.0)        6.4
    Earnings (loss) per share ($)  (0.02)      (0.01)      (0.08)       0.09
    Cash from operations
     ($ millions)(*)                 1.6         0.5         1.8         9.2
    Cash from operations per
     share ($)(*)                   0.02        0.01        0.02        0.13
    Average realized gold price
     (CDN $/oz.)(1)                  776         707         744         685
    Total cash operating costs
     (CDN $/oz.)(2)                  610         533         629         449
    Working capital ($ millions)    10.3         8.0        10.3         8.0

    (*) Before net change in
     non-cash working capital

    (1) Average realized gold price
     (US $/oz.)                      790         620         692         604
    (2) Total cash operating costs
     (US $/oz.)                      621         468         586         396
    

    Operations:

    The market price of gold began its significant rise during Q4 2007 during
which time Claude Resources' gold production was 12,166 ounces compared to
10,300 ounces during Q4 2006. Total gold production for 2007 was 44,323
ounces, of which 61% of production occurred in Quarters 3 and 4. Overall 2007
production represents a 4% decline from 2006.
    During the fourth quarter ended December 31, 2007, Claude Resources Inc.
mined 47,121 tonnes and milled 65,518 tonnes. Grade processed was 6.08 grams
(0.20 oz.) per tonne in the fourth quarter. In 2007 Claude mined a total of
183,003 tonnes and milled 227,661 tonnes. Grade processed for the year was
6.50 grams (0.21 oz.) per tonne.
    At December 31, 2007 reserves at the Seabee mine were 934,098 tonnes at
6.69 grams (0.22 oz.) per tonne or 201,039 ounces of gold. Compared to
December 31, 2006 estimates, this represents a 35%, 2% and 37% increase in
tonnage, grade and ounces, respectively.

    Exploration:

    An extensive surface drilling program continued at Claude Resources'
Madsen Property with 32,800 meters being drilled in 2007. Dewatering of the
shaft continued throughout the year, which when completed, will enable the
underground drilling program to commence.

    
    Outlook:
    For 2008, the Company will focus on the following:
        -  Advance the Madsen exploration property with a continuation of the
           shaft dewatering and surface drilling program;
        -  Continue Seabee mine exploration and development to increase or
           sustain reserves and resources;
        -  Invest substantially in capital projects and equipment to increase
           production, productivity, efficiency and effectiveness of the
           Seabee mine operations.
    

    Claude Resources Inc. is a public company based in Saskatoon,
Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX-CRJ) and
the American Stock Exchange (AMEX-CGR). Claude is a gold exploration and
mining company with an asset base located entirely in Canada. Since 1991,
Claude has produced approximately 800,000 ounces of gold from its Seabee mine.
The Company also owns 100% of the 10,000 acre Madsen property in the prolific
Red Lake gold camp of northwestern Ontario.

    CAUTION REGARDING FORWARD-LOOKING INFORMATION

    This news release 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.

    NOTICE OF AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

    Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an
auditor has not performed a review of the interim financial statements, they
must be accompanied by a notice indicating that the financial statements have
not been reviewed by an auditor.
    The Management of Claude Resources Inc. is responsible for the
preparation of the accompanying unaudited interim consolidated financial
statements. The unaudited interim consolidated financial statements have been
prepared in accordance with accounting principles generally accepted in Canada
and are considered by Management to present fairly the financial position,
operating results and cash flows of the Company.
    The Company's independent auditor has not performed a review of these
financial statements, in accordance with standards established by the Canadian
Institute of Chartered Accountants. These unaudited financial statements
include all adjustments, consisting of normal and recurring items that
Management considers necessary for a fair presentation of the consolidated
financial position, results of operations and cash flows.

    
       (signed)                                  (signed)
    Neil McMillan                           Rick Johnson, CA
    Chief Executive Officer                 Chief Financial Officer

    Date: March 17, 2008



    Consolidated Balance Sheets
    (Canadian Dollars in Thousands - Unaudited)
                                                  December 31    December 31
                                                         2007           2006
    -------------------------------------------------------------------------

    Assets
      Current assets:
        Cash                                     $      2,628   $      5,331
        Receivables                                     6,698          1,824
        Inventories and stockpiled ore                  7,140          6,288
        Shrinkage stope platform costs (Note 2)         9,673          9,987
        Prepaids                                          594            425
    -------------------------------------------------------------------------
                                                       26,733         23,855

      Mineral properties                               76,904         52,984
      Oil and natural gas properties                    9,099          9,198
      Stockpiled ore and shrinkage stope
       platform costs                                   1,563              -
      Investments (Note 3)                              1,140          1,428
      Restricted promissory notes (Note 4)             81,606         55,982
      Deposits for reclamation costs                    2,389          2,270
    -------------------------------------------------------------------------

                                                  $   199,434     $  145,717
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and Shareholders' Equity
      Current liabilities:
        Payables and accrued liabilities          $     8,536     $    6,910
        Demand loans (Note 5)                           6,015          8,000
        Other current liabilities                       1,887            911
    -------------------------------------------------------------------------
                                                       16,438         15,821

      Obligations under capital lease                   1,612            502
      Royalty obligations (Note 4)                     82,779         56,496
      Deferred revenue                                  7,291          4,834
      Asset retirement obligations                      3,207          2,486

      Shareholders' equity:
        Share capital (Note 6)                         85,591         56,036
        Contributed surplus                             1,308          1,062
        Retained earnings                               1,513          8,480
        Accumulated other comprehensive deficit          (305)             -
    -------------------------------------------------------------------------
                                                       88,107         65,578
    -------------------------------------------------------------------------

      Subsequent event (Note 11)
                                                   $  199,434     $  145,717
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The accompanying notes form an integral part of these unaudited
    consolidated financial statements


    Consolidated Statements of Earnings (Loss)
    (Canadian Dollars in Thousands, except per share amounts - Unaudited)

                                  Three Months Ended          Years Ended
                                      December 31             December 31
                                    2007        2006        2007        2006
    -------------------------------------------------------------------------

    Revenues: (Note 9)
      Gold                     $  11,015   $   7,538   $  29,922   $  32,495
      Oil and natural gas
       (net of royalties)            905         753       3,026       3,184
    -------------------------------------------------------------------------
                                  11,920       8,291      32,948      35,679

    Expenses:
      Gold                         8,661       5,688      25,311      21,296
      Oil and natural gas            697         715       2,384       2,330
      Depreciation, depletion
       and accretion:
        Gold                       2,336       2,295       8,308       9,968
        Oil and natural gas          272         260         968         729
    -------------------------------------------------------------------------
                                  11,966       8,958      36,971      34,323
    -------------------------------------------------------------------------

                                     (46)       (667)     (4,023)      1,356

    Other income (expense):
      General and administrative    (934)       (768)     (3,575)     (2,651)
      Interest and other             (75)       (603)        113        (229)
      Stock compensation expense    (128)       (238)       (592)       (523)
      Gain (loss) on sale of
       assets                        (12)      2,028         (12)      5,925
      Write-down of mineral
       properties                   (583)       (155)       (583)       (155)
    -------------------------------------------------------------------------
                                  (1,732)        264      (4,649)      2,367
    -------------------------------------------------------------------------

    Earnings (loss) before
     income taxes                 (1,778)       (403)     (8,672)      3,723

      Income tax recovery
       (Note 7)                        -           -       1,705       2,699
    -------------------------------------------------------------------------

    Net earnings (loss)        $  (1,778)  $    (403)  $  (6,967)  $   6,422
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Net earnings (loss) per
     share
      Basic and diluted        $   (0.02)  $   (0.01)  $   (0.08)  $    0.09


    Weighted average number
     of shares outstanding
     (000's)
      Basic                       94,818      74,566      88,296      73,184
    -------------------------------------------------------------------------
      Diluted                     94,818      74,566      88,296      74,113


    The accompanying notes form an integral part of these unaudited
    consolidated financial statements


    Consolidated Statements of Shareholders'  Equity
    (Canadian Dollars in Thousands - Unaudited)

                                                              Years Ended
                                                              December 31
                                                            2007        2006
    -------------------------------------------------------------------------

    Share Capital
      Balance, beginning of year                       $  56,036  $   53,109
      Common shares issued                                28,075       5,144
      Warrants exercised                                   2,798         167
      Flow-through renunciation                           (1,705)     (2,699)
      Stock Option Plan                                      294         251
      Other                                                   93          64
    -------------------------------------------------------------------------
      Balance, end of year                             $  85,591  $   56,036
    -------------------------------------------------------------------------

    Contributed Surplus
      Balance, beginning of year                       $   1,062  $      622
      Stock-based compensation                               592         523
      Options exercised                                     (278)        (98)
      Other                                                  (68)         15
    -------------------------------------------------------------------------
      Balance, end of year                             $   1,308  $    1,062
    -------------------------------------------------------------------------

    Retained Earnings
      Balance, beginning of year                       $   8,480  $    2,058
      Net earnings (loss)                                 (6,967)      6,422
    -------------------------------------------------------------------------
      Balance, end of year                             $   1,513  $    8,480

    Accumulated other comprehensive loss
      Balance, beginning of year                       $       -  $        -
      Transition adjustment (Note 3)                         463           -
      Net realized loss on disposition of
       marketable securities                                 (17)
      Net change in losses on marketable
       securities (Note 3)                                  (751)          -
    -------------------------------------------------------------------------
      Balance, end of year                             $    (305) $        -
    -------------------------------------------------------------------------

      Total retained earnings and accumulated
       other comprehensive loss                        $   1,208  $    8,480
    -------------------------------------------------------------------------

    Shareholders' equity, end of year                  $  88,107  $   65,578
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The accompanying notes form an integral part of these unaudited
    consolidated financial statements


    Consolidated Statements of Comprehensive Income (Loss)
    (Canadian Dollars in Thousands - Unaudited)

                                  Three Months Ended          Years Ended
                                      December 31             December 31
                                    2007        2006        2007        2006
    -------------------------------------------------------------------------

    Net earnings (loss)        $  (1,778)   $   (403)  $  (6,967) $    6,422

    Other comprehensive loss
      Unrealized loss on
       marketable securities
       (Note 3)                      (52)          -        (751)          -
    -------------------------------------------------------------------------

    Total comprehensive income
     (loss)                    $  (1,830)   $   (403)  $  (7,718) $    6,422
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The accompanying notes form an integral part of these unaudited
    consolidated financial statements


    Consolidated Statements of Cash Flows
    (Canadian Dollars in Thousands - Unaudited)

                                   Three Months Ended          Years Ended
                                       December 31             December 31
                                    2007        2006        2007        2006
    -------------------------------------------------------------------------

    Operations:
      Net earnings (loss)      $  (1,778)  $    (403)  $  (6,967)  $   6,422
      Non-cash items:
        Depreciation, depletion
         and accretion             2,608       2,555       9,276      10,697
        Stock-based compensation     128         238         592         523
        Write down of mineral
         properties                  583         155         583         155
        Loss (gain) on sale
         of assets                    12      (2,028)         12      (5,925)
        Income tax recovery            -           -      (1,705)     (2,699)

      Net changes in non-cash
       working capital:
        Receivables               (1,196)      1,906      (4,874)      2,535
        Inventories and
         stockpiled ore            1,773       2,883      (1,216)       (335)
        Shrinkage stope platform
         costs                        (1)       (152)       (885)     (1,046)
        Prepaids                    (193)        (25)       (169)        (28)
        Payables and accrued
         liabilities                (704)       (611)      1,626         530
    -------------------------------------------------------------------------
      Cash from (used in)
       operations                  1,232       4,518      (3,727)     10,829
    -------------------------------------------------------------------------

    Investing:
      Mineral properties          (8,204)     (6,095)    (32,133)    (20,507)
      Oil and natural gas
       properties                   (302)        121        (824)     (2,204)
      Investments                    (30)        747         (30)      5,046
      Restricted promissory
       notes                     (25,624)    (35,000)    (25,624)    (35,000)
      Reclamation deposits            (8)        (10)       (119)       (173)
    -------------------------------------------------------------------------
      Cash used in investing     (34,168)    (40,237)    (58,730)    (52,838)
    -------------------------------------------------------------------------

    Financing:
      Issue of common shares,
       net of issue costs          6,514       5,240      30,914       5,547
      Production royalties        26,283      35,384      26,283      35,384
      Deferred revenue             3,300       3,907       2,804       3,212
      Bank indebtedness           (1,309)     (3,495)          -      (2,543)
      Demand loans:
        Proceeds                       -           -           -       5,000
        Repayment                   (501)       (487)     (1,985)     (1,261)
      Obligations under
       capital lease:
        Proceeds                   1,645         365       2,514         841
        Repayment                   (368)       (112)       (776)       (288)
    -------------------------------------------------------------------------
      Cash provided from
       financial activities       35,564      40,802      59,754      45,892
    -------------------------------------------------------------------------

    Increase (decrease) in cash    2,628       5,083      (2,703)      3,883
    Cash, beginning of period          -         248       5,331       1,448
    -------------------------------------------------------------------------
    Cash, end of period        $   2,628   $   5,331   $   2,628   $   5,331
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The accompanying notes form an integral part of these unaudited
    consolidated financial statements
    



    Notes to Consolidated Financial Statements
    (Canadian Dollars in Thousands, except as otherwise noted)
    (Unaudited)

    Note 1 - Significant Accounting Policies

    These unaudited interim consolidated financial statements have been
prepared by the Company in accordance with Canadian generally accepted
accounting principles (Canadian GAAP) for interim financial statements. The
preparation of financial data within these statements is based on, with the
exception of financial instruments, accounting policies and practices
consistent with those used in the preparation of the most recent audited
annual consolidated financial statements. The accompanying unaudited interim
consolidated financial statements should be read in conjunction with the notes
to the Company's audited consolidated financial statements for the year ended
December 31, 2006, as they do not contain all disclosures required by Canadian
GAAP for annual financial statements.
    In the opinion of Management, all adjustments (including
reclassifications and normal recurring adjustments) necessary to present
fairly the financial position, results of operations and cash flows at
December 31, 2007, and for comparative periods presented, have been made.

    Financial Instruments, Hedges, Comprehensive Income, Equity

    Effective January 1, 2007, the Company adopted the following new
accounting standards issued by the Canadian Institute of Chartered Accountants
("CICA") relating to financial instruments:

    (a) Section 3855, "Financial Instruments - Recognition and Measurement"
    (b) Section 3865, "Hedging"
    (c) Section 1530, "Comprehensive Income"
    (d) Section 3251, "Equity"

    These new standards have been adopted on a prospective basis with no
restatement to prior period comparative balances.

    (a) Section 3855, "Financial Instruments - Recognition and Measurement"

    This standard sets out criteria for the recognition and measurement of
financial instruments and requires that all financial instruments within its
scope, including derivatives, are to be included on the Company's balance
sheet and measured either at fair value or, when fair value may not be
considered most relevant, at cost or amortized cost in certain circumstances.
Changes in fair value are to be recognized in the statements of operations and
comprehensive income.
    All financial assets and liabilities are recognized when the entity
becomes a party to the contract creating the item. As part of the transitional
provisions within this section, the Company's outstanding financial assets and
liabilities at the effective date of adoption have been recognized and
measured in accordance with the new requirements as if these requirements had
always been in effect. Any changes to the fair value of assets and liabilities
prior to January 1, 2007 have been recognized by adjusting opening accumulated
other comprehensive income (loss).
    Financial assets are classified as: loans and receivables, held-to
maturity investments, available-for-sale, or as held-for-trading. Financial
liabilities are classified as either held-for-trading or other financial
liabilities. Initial classification of the Company's financial instruments
affects their initial and subsequent measurement as well as subsequent
recognition of changes in the value of these instruments. Classification of
the Company's financial instruments is outlined in the table below.
    Loans and receivables, held-to-maturity investments, and other financial
liabilities are initially measured at fair value; measurement of these items
in subsequent reporting periods is at amortized cost. Gains and losses
associated with measurement in subsequent reporting periods are recognized in
net earnings.
    Available-for-sale financial assets are initially measured at fair value;
measurement in subsequent reporting periods is also at fair value. Gains and
losses from such revaluations are included in other comprehensive income. If
available-for-sale financial assets are disposed of, gains and losses
recognized in other comprehensive income are transferred to net earnings.
    Held-for-trading financial instruments are initially measured and
subsequently measured at fair value. Subsequent to initial measurement, all
gains and losses are included in net earnings in the period in which they
arise.
    Derivative financial instruments are classified as held-for-trading; as
such, they are measured at fair value, even when they are part of a hedging
relationship. All gains and losses are recognized immediately in net earnings
in the period in which they arise.

    In accordance with this new standard, the Company has classified its
financial instruments as follows:

    
                                           2007                  2006
                                  Carrying   Estimated  Carrying   Estimated
                                     Value  Fair Value     Value  Fair Value
    -------------------------------------------------------------------------
    Loans and Receivables
      Accounts receivable(1)         6,698       6,698     1,824       1,824
      Restricted promissory note    81,606      81,606    55,982      55,982
    Available-for-sale financial
     assets
      Investments                    1,140       1,140     1,428       1,891
    Held-for-trading
      Cash and cash equivalents(1)   2,628       2,628     5,331       5,331
      Reclamation deposits(1)        2,389       2,389     2,270       2,270
    Other financial liabilities
      Demand Loans(1)                6,015       6,015     8,000       8,000
      Payables and Accrued
       Liabilities(1)                8,536       8,536     6,910       6,910

    (1) Due to the nature and/or short maturity of these financial
    instruments, carrying value approximated fair value
    

    The Company's investment in various equities has been classified as
available-for-sale securities and recorded at fair value in the Company's
Consolidated Balance Sheet. In accordance with transitional provisions of this
Section, the Company recorded the following adjustments as at January 1, 2007:
an increase to investments of $463,000 and an increase to accumulated other
comprehensive income of $463,000.

    (b)  Section 3865, "Hedging"

    This standard outlines the circumstances under which hedge accounting is
permissible and how it may be applied. As the Company did not have any foreign
currency or gold hedges outstanding as at January 1, 2007 or December 31,
2007, Section 3865 had no impact on the Company's financial statements.

    (c) Section 1530, "Comprehensive Income"

    Comprehensive income is the change in shareholders' equity that occurs
during an accounting period from transactions and other events from non-owner
sources. This standard requires certain gains and losses that would otherwise
be recorded as part of net earnings, to be presented in other comprehensive
income ("OCI") until it is considered appropriate to recognize in net
earnings. This standard requires the presentation of comprehensive income and
its components in a separate financial statement that is displayed with the
same prominence as the other financial statements.


    Note 2 - Shrinkage Stope Platform Costs

    Shrinkage stope platform costs represent ore that is being used to gain
access to further ore. This ore is expected to be processed in the following
12 months. The processing of this broken ore occurs in accordance with a mine
plan based on the known mineral reserves and current mill capacity. The timing
of processing of ore has not been significantly affected by historic prices of
gold.

    Note 3 - Investments

    The Company has investments in various Canadian equities; these
investments have been classified as available-for-sale securities, in
accordance with Handbook Section 3855, Financial Instruments. In accordance
with transitional guidance, the Company adjusted the value of these
investments as at January 1, 2007 to their fair value. Measurement in
subsequent reporting periods is also at fair value. Gains and losses from such
revaluations are included in other comprehensive income. If available-for-sale
financial assets are disposed of, gains and losses recognized in other
comprehensive income are transferred to net earnings.


    
                                                         2007        2006
                                                      Fair Value  Book Value
    -------------------------------------------------------------------------

    Available-for-sale securities                      $   1,140  $    1,428
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                               Mark-to-market loss in OCI
                                                          2007
                                                           Three      Twelve
                                                          Months      Months
                                            Fair Value     Ended       Ended
    -------------------------------------------------------------------------

    Available-for-sale securities           $    1,140 $     (52) $     (751)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                                           2006
                                                                     Transi-
                                                            Book      tional
                                            Fair Value     Value  Adjustment
    -------------------------------------------------------------------------

    Available-for-sale securities           $    1,891 $   1,428  $      463
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    By holding these long-term investments, the Company is exposed to various
    risk factors including market price risk and liquidity risk.
    

    Note 4 - Restricted Promissory Notes and Royalty Obligations

    a) In December 2007, the Company entered into a Royalty Agreement ("2007
Agreement") with Red Mile Resources No. 11 Limited Partnership ("Red Mile
No. 11") whereby the Company sold a "Royalty" on a portion of the gold
production at its Seabee mine; this agreement lasts the shorter of 10 years or
life of the Seabee mine. The Company received cash of $28,956,250 which
included royalty income of $25,625,000, indemnity fees of $1,355,382 and
interest income of $1,975,868.
    Under the terms of the 2007 Agreement, the Company is required to make
Royalty payments at fixed amounts per ounce of gold produced; these amounts
can vary between CDN $35.17 to $147.05 per ounce over the term of the 2007
Agreement. In addition, the Company granted Red Mile No. 11 a Net Profits
Interest (NPI) of 3.50%, 3.70% or 3.90% in years 2013 through 2017, payable
only if each day's price of gold in any of those calendar years is equal to or
greater than CDN $1,250, $1,500 or $1,675 per ounce, respectively.
    $25,625,000 of the cash received was placed with a financial institution;
in return, the Company received a restricted promissory note. The restricted
promissory note earns interest at 7%, payable annually, and matures on
February 16, 2017. Interest and principal from the restricted promissory note
will be sufficient to fund the expected basic royalty payments.
    Under certain circumstances the Company has the right, by way of a call
option, to acquire the partnership units of Red Mile No. 11, effectively
terminating the 2007 Agreement, for the lower of market value or for the
outstanding amount of the restricted promissory note at the end of the tenth
year of the 2007 Agreement.
    On the balance sheet, the royalty received from Red Mile is included in
"Royalty Obligation". These amounts are treated as debt and attract interest
which is included in interest expense. The indemnity fee and interest income
of $1,355,382 and $1,975,868 received by the Company are included in "Deferred
Revenue" on the balance sheet and recognized in income as earned over the life
of the 2007 Agreement.

    b) In accordance with AcG 15 - "Consolidation of Variable Interest
Entities" and EIC 157 - "Implicit Variable Interests under AcG 15",the Company
has determined that this and previous Red Mile Limited Partnerships are
variable interest entities for which the Company holds variable interests.
However, as the Company is not the primary beneficiary under these
arrangements, it is not required to consolidate these entities.

    c) The Company has entered into similar transactions during the years of
2006, 2005 and 2004. The following supplemental schedules present the effects
of the Red Mile agreements on the Restricted Promissory Note and Royalty
Obligation balances reported in the Company's balance sheet:

    
    Supplemental Restricted Promissory Note Schedule

                                    2007        2006
    -------------------------------------------------
    Balance, beginning of year  $ 55,982    $ 20,982
    Additions                     25,624      35,000
    -------------------------------------------------
    Balance, end of year        $ 81,606    $ 55,982
    -------------------------------------------------
    -------------------------------------------------

    Supplemental Royalty Obligation Schedule

                                    2007        2006
    -------------------------------------------------
    Balance, beginning of year  $ 56,496    $ 21,112
    Additions                     26,283      35,384
    -------------------------------------------------
    Balance, end of year        $ 82,779    $ 56,496
    -------------------------------------------------
    -------------------------------------------------


    Note 5 - Demand Loans
                                                            2007        2006
    -------------------------------------------------------------------------

    Demand loan, repayable in monthly payments of
     $ 96,514 including interest at 5.99%, due
     February 2010                                      $  2,348   $   3,300
    Demand loan, repayable in monthly payments of
     $83,333 plus interest at prime plus 1.5%, due
     August 2011                                           3,667       4,700
    -------------------------------------------------------------------------
                                                        $  6,015   $   8,000
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The demand loans are secured by a general security agreement covering all
    assets of the Company, excluding oil and natural gas assets in Alberta.
    

    Note 6 - Share Capital

    At December 31, 2007 there were 96,997,397 common shares outstanding.

    a) Issue of shares

    In November 2007, the Company entered into a flow-through share agreement
for the issue of 3,783,784 common shares at a price of $1.85 per share for
proceeds of $7,000,000. The company is required to expend $7,000,000 in
qualifying Canadian Exploration Expenses as defined in the Income Tax Act
(Canada) prior to December 31, 2008.
    In April 2007, the Company completed a financing for the issue of
12,500,000 common shares at a price of $1.60 per share for gross proceeds of
$20,000,000. In addition, an over-allotment option to purchase an additional
1,875,000 common shares at a price of $1.60 for gross proceeds of $3,000,000
was exercised. This resulted in a total of 14,375,000 common shares issued at
a price of $1.60 for total gross proceeds of $23,000,000.
    During the period ended December 31, 2007, the Company also issued
122,000, 270,000 and 2,174,000 common shares pursuant to the Company's
Employee Share Purchase Plan, Stock Option Incentive Plan and warrants
exercised pursuant to a June 2005 private placement, respectively.

    b) Stock Option Incentive Plan

    The Company has established a share option plan under which options may
be granted to directors, officers, key employees and consultants to purchase
up to an aggregate of 9% of the issued and outstanding common shares. Options
granted have an exercise price of the prior day's closing price of the common
shares on the stock exchange on which the shares are traded. The majority of
the options granted vest over three years and expire ten years from the date
of the grant of the option.
    For options outstanding at December 31, 2007 weighted average exercise
prices are as follows:

    
                                             Average                 Average
                                    2007       Price        2006       Price
    -------------------------------------------------------------------------
      Beginning of period      3,380,000   $    1.17   2,755,000   $    1.11
      Options granted            925,000        1.63     965,000        1.35
      Options exercised         (270,000)       0.81    (230,000)       0.74
      Options lapsed            (398,333)       1.64    (110,000)       2.13
    -------------------------------------------------------------------------
      End of period            3,636,667   $    1.27   3,380,000   $    1.17
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    For options outstanding at December 31, 2007, the range of exercise
prices, the weighted average exercise price and the weighted average remaining
contractual life are as follows:

                                                        Weighted    Weighted
                                                         Average     Average
      Option Price                                      Exercise   Remaining
       Per Share                              Number       Price        Life
    -------------------------------------------------------------------------
      $0.53-$0.96                            741,000   $    0.63  4.77 years
      $1.05-$1.47                          1,712,333        1.26  4.11 years
      $1.54-$2.10                          1,183,334        1.68  8.58 years
    -------------------------------------------------------------------------
                                           3,636,667   $    1.27  5.70 years
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    The fair value of stock options issued in the period was estimated using
the Black-Scholes option pricing model with assumptions of six year weighted
average expected option life, no expected forfeiture rate, 46.65% to 59.88%
volatility and interest rates ranging from 3.96% to 4.70%. For the period
ended December 31, 2007, the compensation cost recorded in respect of stock
options issued was $592,000 (December 31, 2006 - $523,000).

    Note 7 - Income taxes

    The Company finances a portion of its exploration activities through the
issue of flow-through shares. The Company estimates the tax cost of
expenditures renounced to subscribers on the date the deductions are renounced
to the subscribers. Share capital is reduced and future income tax liabilities
are increased by the estimated tax benefits renounced by the Company to the
subscribers. Because the Company has unrecorded loss carryforwards and tax
pools in excess of book value, future income tax liabilities are reduced with
a corresponding credit to income tax recovery of $1.7 million (2006 -
$2.7 million).

    Note 8 - Comparative Figures

    Certain prior period balances have been reclassified to conform to the
current year's financial statement presentation.

    Note 9 - Segmented Information

    The Company has two reportable industry segments: (1) gold mining and (2)
oil, natural gas liquids and natural gas production. These segments are
differentiated by differences in end products. All assets within the Company's
reportable segments are located in Canada. The Company's producing gold mine,
the Seabee mine, is located in northern Saskatchewan. Mineral exploration
properties are located in Saskatchewan, Manitoba and Ontario. The Company's
oil and natural gas assets are located in Alberta and Saskatchewan.

    
                                    Three Months Ended December 31, 2007
    -------------------------------------------------------------------------
                                                 Oil
                                           & Natural
                                    Gold         Gas  All Others       Total
    -------------------------------------------------------------------------
      Revenue                  $  11,015   $   2,383   $       -   $  13,398
      Crown royalties                  -        (408)          -        (408)
      Overriding royalties             -      (1,070)          -      (1,070)
    -------------------------------------------------------------------------
      Net Revenue                 11,015         905           -      11,920
      Operating expense            8,661         697           -       9,358
      Depreciation, depletion
       and accretion               2,336         272           -       2,608
      Write-down of mineral
       properties                    583           -           -         583
      Non-segmented loss               -           -       1,149       1,149
    -------------------------------------------------------------------------
      Net loss                 $    (565)        (64)  $  (1,149)  $  (1,778)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                    Three Months Ended December 31, 2006
    -------------------------------------------------------------------------
                                                 Oil
                                           & Natural
                                    Gold         Gas  All Others       Total
    -------------------------------------------------------------------------
      Revenue                  $   7,538   $   1,954   $       -   $   9,492
      Crown Royalties                  -        (371)          -        (371)
      Alberta Royalty Tax Credit       -         125           -         125
      Overriding royalties             -        (955)          -        (955)
    -------------------------------------------------------------------------
      Net Revenue                  7,538         753           -       8,291
      Operating expense            5,688         715           -       6,403
      Depreciation, depletion
       and accretion               2,295         260           -       2,555
      Write-down of mineral
       properties                    155           -           -         155
      Non-segmented income             -           -        (419)       (419)
    -------------------------------------------------------------------------
      Net earnings (loss)      $    (600)  $    (222)  $     419   $    (403)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                         Year Ended December 31, 2007
    -------------------------------------------------------------------------
                                                 Oil
                                           & Natural
                                    Gold         Gas  All Others       Total
    -------------------------------------------------------------------------
      Revenue                  $  29,922   $   9,029   $       -   $  38,951
      Crown royalties                  -      (1,720)          -      (1,720)
      Overriding royalties             -      (4,283)          -      (4,283)
    -------------------------------------------------------------------------
      Net Revenue                 29,922       3,026           -      32,948
      Operating expense           25,311       2,384           -      27,695
      Depreciation, depletion
       and accretion               8,308         968           -       9,276
      Write-down of mineral
       properties                    583           -           -         583
      Non-segmented loss               -           -       2,361       2,361
    -------------------------------------------------------------------------
       Net loss                $  (4,280)       (326)  $  (2,361)  $  (6,967)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                         Year Ended December 31, 2006
    -------------------------------------------------------------------------
                                               Oil &
                                             Natural
                                    Gold         Gas  All Others       Total
    -------------------------------------------------------------------------
      Revenue                  $  32,495   $   8,893   $       -   $  41,388
      Crown Royalties                  -      (1,979)          -      (1,979)
      Alberta Royalty Tax
       Credit                          -         500           -         500
      Overriding royalties             -      (4,230)          -      (4,230)
    -------------------------------------------------------------------------
      Net Revenue                 32,495       3,184           -      35,679
      Operating expense           21,296       2,330           -      23,626
      Depreciation, depletion
       and accretion               9,968         729           -      10,697
      Write-down of mineral
       properties                    155                                 155
      Non-segmented income             -           -      (5,221)     (5,221)
    -------------------------------------------------------------------------
      Net earnings             $   1,076   $     125   $   5,221   $   6,422
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    Note 10 - Differences from United States Accounting Principles

    These unaudited interim consolidated financial statements have been
prepared in accordance with accounting principles generally accepted in
Canada. See Note 21 to the Company's audited consolidated financial statements
for the year ended December 31, 2006 for an explanation of the differences
between Canadian and US GAAP.

    Note 11 - Subsequent Event

    On March 13, 2008, the Company announced plans to proceed with a
non-brokered debenture offering of up to $20 Million (CDN). The debenture
offering, which is subject to regulatory approval, will feature a 12%, five
year term with monthly interest only payments. Debenture holders will be
entitled to warrants in the amount of 10% of the debenture purchase (100
warrants per $1,000 of debentures). Each warrant will entitle the holder to
acquire one common share of Claude Resources Inc. at the exercise price of
$2.00 per common share for a period of five years from the date of closing.
The debenture will be secured by a general security in the Company's assets.
The security interest will be subordinated to all Bank debt, including current
and future advances.

    %SEDAR: 00000498E          %CIK: 0001173924




For further information:

For further information: Neil McMillan, President & CEO, Claude
Resources Inc., Phone: (306) 668-7505 or Rick Johnson, CA, CFO, Phone: (306)
668-7505 or Dwight Percy, Manager Corporate Development and Communications,
Claude Resources Inc., Phone: (306) 668-7501, Email:
clauderesources@clauderesources.com, Website: www.clauderesources.com

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Claude Resources Inc.

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