Claude Resources Reports First Quarter Results



    
    "Increases Q1 Production by 26 Percent Period over Period"

    Trading Symbols
    TSX - CRJ
    NYSE AMEX - CGR
    

    SASKATOON, May 14 /CNW/ - Claude Resources Inc. ("Claude" or the
"Company") today announced first quarter production results of 10,613 ounces
of gold, a 26 percent increase over the 8,423 produced during the same period
in 2008. For the quarter ended March 31, 2009, the Company recorded a net loss
of $1.0 million, or $0.01 per share. This compares to net earnings of $0.4
million, or $0.00 per share after a $2.2 million non-cash recovery related to
income tax benefits arising from the issuance of flow-through shares for the
comparable period in 2008.

    
    Financial Highlights (unaudited):

                                                          Three Months Ended
                                                                March 31
                                                            2009        2008

    Gold revenue ($ millions)                               11.5         8.1
    Cash flow from mining operations ($ millions)            3.8         1.7
    Net earnings (loss) ($ millions)                        (1.0)        0.4
    Earnings (loss) per share ($)                          (0.01)       0.00
    Average realized gold price
     (CDN $ per oz./US $ per oz.)                      1,146/920     921/918
    Total cash operating costs
     (CDN $ per oz./US $ per oz.)                        768/617     729/725
    Working capital ($ millions)                            15.5        11.9


    Operations:
    

    At its Seabee Operation, Claude milled 54,190 tonnes of ore at a grade of
6.36 grams per tonne (2008 - 51,110 at a grade of 5.37 grams per tonne) during
the quarter ended March 31, 2009. Sales volume from the first quarter of 2009
was 10,070 ounces of gold compared to 8,819 ounces of gold sold during the
first quarter of 2008, an increase of 15 percent. Increased sales volume and
improving gold prices continued to result in significant improvements in both
revenue and gross operating margin.

    Exploration:

    Claude continued its directionally-assisted underground drill program
that was initiated in December 2008 from the 10th level of the Madsen mine
shaft. The Company has been very encouraged by the high grade gold intercepts
recovered to date including:

    
    -   127.12 grams per tonne over 0.75 meters (3.71 ounces per ton over
        2.46 feet);
    -   21.52 grams per tonne over 0.45 meters (0.63 ounces per ton over
        1.48 feet);
    -   33.39 grams per tonne over 2.49 meters (0.97 ounces per ton over
        8.17 feet); and
    -   25.77 grams per tonne over 7.90 meters (0.75 ounces per ton over
        25.92 feet).
    

    Claude's gold exploration efforts at Seabee Deep have also yielded
impressive results, including 30.60 grams per tonne of gold over 2.5 meters
true width.

    Outlook:

    Speaking today in Saskatoon, President and Chief Executive Officer Neil
McMillan stated that "The Company is very enthusiastic with recent exploration
results from Madsen Deep that lend support to our belief in the potential of
the 8 Zone system and the Madsen property. Furthermore, the Seabee Operation
has benefited from positive exploration results at Seabee Deep, strong gold
prices and period over period production increases. The Company continues to
remain focused on its premier advanced exploration program at Madsen and
further development at its Seabee Operation."

    
    During the remainder of 2009, the Company will continue to focus on:

    -   Advancing the underground and surface exploration drill programs at
        the Company's 100 percent owned Madsen exploration property with a
        continuation of the shaft dewatering program;
    -   Completing a National Instrument 43-101 resource estimate at Madsen;
    -   Seabee Mine/Deep exploration and development to increase or sustain
        reserves and resources at the Seabee Operation;
    -   Further development of satellite deposits at the Seabee Operation by
        continuing with an underground bulk sampling program at Porky West
        and, pending environment approval and permits, moving Santoy 8
        towards commercial production; and
    -   Investing in capital projects and equipment to increase both
        production and productivity at the Seabee Operation.
    

    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 840,000 ounces of gold from its Seabee mining operation in
northeastern Saskatchewan. 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 STATEMENTS

    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.
    A copy of Claude's Q1 2009 interim financial statements and notes
(unaudited) can be viewed at www.clauderesources.com. Further information
relating to Claude Resources Inc. has been filed on SEDAR and may be viewed at
www.sedar.com.

    %SEDAR: 00000498E          %CIK: 0001173924




For further information:

For further information: Neil McMillan, President & CEO, Claude
Resources Inc., Phone: (306) 668-7505; or Marc Lepage, Investor Relations,
Claude Resources Inc., Phone: (306) 668-7501, Email: ir@clauderesources.com,
Website: www.clauderesources.com

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Claude Resources Inc.

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