Claude Resources Enters into Royalty Agreement



    Toronto Stock Exchange
    Trading symbol - CRJ
    AMEX - CGR

    SASKATOON, Dec. 31 /CNW Telbec/ - Claude Resources Inc. ("Claude") (TSX:
CRJ; AMEX:   CGR) is pleased to announce that it has entered into a Royalty
Agreement ("Agreement") with Red Mile Resources No. 11 Limited Partnership
("Red Mile"). Under the terms of the Agreement, Claude has sold a royalty on a
portion of the gold production at its Seabee Mine; this agreement lasts
10 years. The Company received cash of $28.9 million, which included royalty
income of $25.6 million and fees and interest of $3.3 million.
    Under the terms of the 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 Agreement. In
addition, the Company granted Red Mile 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.
    $25.6 million of the cash received was placed with a financial
institution; in return, the Company received a promissory note. Interest
earned from the promissory note will be sufficient to fund the expected basic
royalty payments during the first four years of the Agreement. Interest and
principal from the promissory note will be sufficient to fund the expected
basic royalty payments over the remaining years of the Agreement.
    Under certain circumstances the Company has the right, by way of a call
option, to acquire the partnership units of Red Mile, effectively terminating
the Agreement, for the lower of market value or for the outstanding amount of
the promissory note.
    The balance of the funds received of $3.3 million will be used for
general corporate purposes.

    This document contains "forward-looking statements" that are based on
Claude Resources Inc.'s expectations, estimates and projections as of the
dates the statements were made. Generally, these forward-looking statements
can be identified by the use of terminology such as "outlook", "anticipate",
"project", "forecast", "target", "believe", "estimate", "expect", "intent",
"should", "could" and similar expressions. These forward-looking statements
are subject to known and unknown risks and uncertainties and other factors
which may cause actual results, levels of activity and achievements to differ
materially from those expressed or implied by such statements. Such factors
include, but are not limited to, gold price and foreign currency exchange rate
volatility and to uncertainties and costs related to exploration and
development activities, production rates, cash and total costs of production,
or the ability to obtain necessary permitting or financing. A discussion of
these and other factors that may affect Claude Resources Inc.'s actual
results, performance, achievements or financial position is contained in the
filings by Claude Resources Inc. with the Canadian provincial securities
commissions and the United States Securities and Exchange Commission. This
list is not exhaustive of the factors that may affect Claude Resources Inc.'s
forward-looking statements. These and other factors should be considered
carefully and readers should not place undue reliance on forward-looking
statements. Claude Resources Inc. does not undertake any obligation to update
publicly or to revise any of the included forward-looking statements, whether
as a result of new information, future events or otherwise, except in
accordance with applicable securities law.
    %SEDAR: 00000498E          %CIK: 0001173924




For further information:

For further information: Neil McMillan, President and Chief Executive
Officer, (306) 668-7505; Rick Johnson, Chief Financial Officer, (306)
668-7505; Renmark Financial Communications Inc.: Neil Murray-Lyon:
nmurraylyon@renmarkfinancial.com; James Buchanan:
jbuchanan@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com

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Claude Resources Inc.

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