Claude Resources Extends 8 Zone at Depth and Discovers Extension to McVeigh Tuff at Madsen

Claude Resources Inc. CGR today provided an interim update from on-going exploration activities at the Company's 100 percent-owned, Madsen Project in Red Lake, Ontario. Drilling has successfully extended the 8 Zone plunge to approximately 250 metres down plunge of previous drilling as well as discovered significant depth extensions to the McVeigh Tuff. Based on these encouraging results, the Company has approved a 29,000 metre, underground and surface-based drill program for 2012. In 2011, Phase II underground drilling has completed 12,700 metres and 9 holes, targeting the 8 zone plunge and strike continuity as well as sub-parallel footwall structures. Drill holes targeting the plunge continuity of the 8 Zone include MUG-11-12, 14 (14b) and 16 (Figure 2). Drill hole 14b and drill hole 16, the deepest hole ever completed on the Madsen property, intercepted silicified and visible gold-bearing, basalt and returned 8.06 g/t gold over 2.02 metres and 5.69 g/t gold over 2.14 metres, respectively. These intercepts extend the 8 Zone system 250 metres down plunge from previous drilling to approximately 1,600 metres below surface. The system continues to remain open down plunge and will be the target of future drilling. Drill holes targeting the strike continuity of the 8 Zone include MUG-11-10, 11, 13, 15, 17 and 19. Drill hole 13 and drill hole 17 intercepted silicified, biotite-altered basalt and returned 15.70 g/t gold over 2.00 metres and 53.70 g/t gold over 0.70 metres, approximately 950 metres below surface. These intercepts are in the hanging-wall of the 8 Zone system and interpreted to correlate with and be an extension of the McVeigh Tuff, located approximately 650 metres up-dip. Importantly, the McVeigh Tuff hosts a current Indicated Resource of 115,000 ounces at 9.59 g/t gold and has seen very limited drill testing below the 350 metres depth. In addition to the McVeigh mineralization, the 8 Zone structure is developed in all holes completed along strike and is characterized by anomalous gold associated with biotite-altered, variably silicified basaltic and ultramafic lithologies. Moving into 2012, Claude has approved a 29,000 metre, underground and surface exploration program at Madsen with budgeted expenditures of $6.6 million dollars. The program will include two underground rigs and one surface rig, targeting to complete 40 to 50 holes. Exploration will focus on continued testing of the 8 Zone Trend as well as the McVeigh and Austin Tuff depth continuity.