Claude Resources Reports Second Quarter Results



    
    Trading Symbols
    TSX - CRJ
    NYSE AMEX - CGR
    

    SASKATOON, Aug. 7 /CNW/ - Claude Resources Inc. ("Claude" or the
"Company") today announced second quarter production results of 7,735 ounces
of gold, a 33 percent decrease from the 11,531 produced during the same period
in 2008. For the quarter ended June 30, 2009, the Company recorded a net loss
of $3.9 million, or $0.04 per share. This compares to a net loss of $0.8
million, or $0.01 per share for the comparable period in 2008.
    Notwithstanding the production decline experienced in the second quarter,
the Seabee Operation continued to benefit from strong average realized gold
price during the first six months of 2009, resulting in a 14 percent increase
in revenues period over period (2009 - $20.6 million; 2008 - $18.0 million).

    
    -------------------------------------------------------------------------
                                     Three Months ended     Six Months ended
                                     ----------------------------------------
    Financial Highlights               June 30  June 30    June 30   June 30
     (unaudited):                         2009     2008       2009      2008
    -------------------------------------------------------------------------
    Gold revenue (CDN $ millions)          9.1      9.8       20.6      18.0
    Cash flow from mining operations
     (CDN $ millions)                      2.2      1.7        6.0       3.5
    Net loss (CDN $ millions)            ($3.9)   ($0.8)     ($4.9)    ($0.3)
    Loss per share ($) - basic and
     diluted                             (0.04)   (0.01)     (0.05)    (0.00)
    Average realized gold price
     (CDN $ per oz./US $ per oz.)    1,075/921  915/906  1,114/923   918/912
    Total cash operating costs
     (CDN $ per oz./US $ per oz.)      813/696  750/743    789/654   740/735
    Working capital ($ millions)          12.0     19.1       12.0      19.1
    -------------------------------------------------------------------------
    

    Operations:

    At its Seabee Operation, Claude milled 51,284 tonnes of ore at a grade of
4.92 grams per tonne (Q2 2008 - 57,984 at a grade of 6.45 grams per tonne)
during the quarter ended June 30, 2009. Sales volume from the second quarter
of 2009 was 8,453 ounces of gold compared to 10,751 ounces of gold sold during
the second quarter of 2008, a decrease of 21 percent. Production and sales
during the second quarter of 2009 were impacted by planned major maintenance
of the Company's hoist and mill facilities at its Seabee Operation.
    During the second half of 2009, the Company expects production to be
significantly higher with annual production forecasted to range between 46,000
and 48,000 ounces.

    Exploration:

    From the 10th level of the Madsen mine shaft, Claude continued its
directionally-assisted underground drill program that was initiated in
December 2008. Drilling highlights from the second quarter include the
completion of a fifth hole which intercepted 0.71 ounces per ton over 11.45
feet (including 1.81 ounces per ton over 4.0 feet). Shaft dewatering at the
Madsen Mine is below the 13th level and is ongoing. In order to further
support and accelerate dewatering efforts, the Company has commissioned a new
pump station on the 12th level and expects to be at the 16th level by the end
of 2009.
    Claude's gold exploration efforts at Seabee Deep have also yielded
impressive results, including 14.07 grams per tonne of gold over 3.2 metres
true width.

    Outlook:

    "Despite a challenging second quarter, the Company continues to remain
focused on its premier advanced exploration project at Madsen and on further
development and operational improvements at its Seabee Camp," said Claude's
President and Chief Executive Officer, Neil McMillan. "The Company has
continued to experience positive exploration results from Madsen Deep and from
Seabee Deep. Furthermore, Claude is very enthusiastic with the recently
completed major maintenance activities and further development of the higher
grade 2c stope at our Seabee Operation which the Company anticipates will help
reduce future operational risks."

    
    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 Camp.

    Qualified Persons:

    The disclosure of scientific and technical information regarding the
following Claude properties in this news release were prepared by or under the
supervision of the following qualified persons for the purpose of National
Instrument 43-101:

    -------------------------------------------------------------------------
    Qualified Person                                          Properties
    -------------------------------------------------------------------------
    Philip Ng, P.Eng., Vice President Operations              Seabee
    -------------------------------------------------------------------------
    Brian Skanderbeg, P.Geol., Vice President Exploration     Seabee, Madsen
    -------------------------------------------------------------------------
    

    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 850,000 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 statements which constitute
'forward-looking', including 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 .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 to be as
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 Q2 2009 interim financial statements and notes
(unaudited) can be viewed 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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