Title SlidePresented By:Neil McMillanPresident & CEO

A bright future ahead…..

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Cautionary Statement

Cautionary Note Regarding Forward-Looking InformationThis document 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.

Cautionary note to U.S. investors concerning resource estimateThe resource estimates in this document were prepared in accordance with National Instrument 43-101, adopted by the Canadian Securities Administrators. The requirements of National Instrument 43-101 differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”). In this document, we use the terms “measured”, “indicated” and “inferred” resources. Although these terms are recognized and required in Canada, the SEC does not recognize them. The SEC permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that constitute “reserves”. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally extracted at the time the determination is made. United States investors should not assume that all or any portion of a measured or indicated resource will ever be converted into “reserves”. Further, “inferred resources” have a great amount of uncertainty as to their existence and whether they can be mined economically or legally, and United States investors should not assume that “inferred resources” exist or can be legally or economically mined, or that they will ever be upgraded to a higher category.  

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Corporate Overview

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Stock Exchanges:TSX CRJNYSE Amex CGR

Shares Outstanding (January 31, 2012):Basic 173.3 millionFully Diluted 181.5 million

Market Cap $250 million CDN

Analyst Coverage:Brian Christie Desjardins SecuritiesCosmos Chui CIBCPaolo Lostritto National BankPaul Burchell Dundee SecuritiesSam Crittenden RBCWendell Zerb Canaccord Genuity

Cash & Short Term Investments: $35.2(September 30, 2011)

Debt (in millions) :Short Term $3.4Long Term$12.0

Cash Costs per Ounce:Q3 2011 $871CDN

$888 US

TSX:52 Week High $2.8452 Week Low $1.35Avg. Volume 460,000

NYSE Amex:52 Week High $2.9152 Week Low $1.32Avg. Volume 375,000

What is Claude All About?Claude Resources Inc. has three

Canadian Projects: Seabee, Amisk and Madsen.

Each project is expected to host multi-million ounce ore bodies and has the potential to produce over 100 thousand ounces per year.

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Focused on Growth

Great Risk vs. Reward Investment Opportunity Cash flow and net earnings from Seabee Operation Significant exploration upside at all three projects Experienced management team Strong balance sheet

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2008 2009 20100

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

806,200 735,342 662,360

1,225,000 1,225,000

1017727

Gold Resource Base

AmiskMadsenSeabee

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

Increasing Gold Production(2006-2016)

Pro

du

ctio

n O

un

ces

0.81 Moz

1.96 Moz

2.91 Moz

Regional Map

AMISK PROJECT

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Seabee Gold Project

• Established fully-permitted infrastructure

• Underexplored productive belt• $7.5 M, 69,600 m regional

exploration in 2012

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Seabee Property: 14,000 Hectares

• L62 200 m from

infrastructure

• Open in all directions

• Expected to be in production

2H 2012

• NI 43-101 Resource planned

in Q1 2012

L62 Discovery

Shaft Extension Q3 2012

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L62 Discovery

Regional Exploration: Santoy Gap

• 3 rigs drilling approximately 40,000 metres in 2012

• Proximal to current mining infrastructure

• NI 43-101 Resource planned in Q1 2012

• Extension of Santoy 8 deposit

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Regional Exploration: Neptune

Highlights of 2010 and 2011

drilling:

• 3.2 m @ 85.0 g/t

• 3.0 m @ 13.6 g/t

• 2.0 m @ 5.2 g/t

• 3.9 m @ 5.9 g/t

70,000 m of drilling between

Neptune, Santoy 8 and

Santoy Gap planned for 2012

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Amisk Gold Project

• 100% ownership

• 24,340 hectare property

• Proven mining district and “mining friendly” community

• Close to infrastructure

• Large bulk mineable potential

• Mineralization begins at surface and has been tested to approximately 600 metres below surface

• 1.57 million ounces in NI 43-101 resource calculation

• NI 43-101 Resource planned in Q2 2012 and PEA to be completed in Q3 2012

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Amisk Location

Claude Resources - Amisk Lake Project - Grade - Tonnage Sensitivity Table

Au Eq Cut-Off

Total Resource Indicated Inferred

Tonnage Au Eq (gpt)

Au (gpt) Ag (gpt) Total Oz Ind Oz % Inf Oz %

0.30 82,422,879 0.69 0.62 4.35 1,828,471 998,622 55% 824,675 45%

0.40 58,803,225 0.83 0.75 5.11 1,569,171 920,881 59% 644,854 41%

0.50 42,979,475 0.97 0.88 5.85 1,340,368 824,702 62% 512,676 38%

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Amisk Pit Shell

Madsen Exploration Project

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Madsen Mine Trend

Madsen Property: Red Lake Camp

6.0 km

Starratt Olsen 164,000 oz @ 0.18

opt

Madsen Mine: Produced 2.45 Moz @ 0.28 optCurrent NI 43-101 Resource – 1.23 Moz @ 0.28 opt

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Madsen Mine Historic Production

2.4 M oz @ 0.30 opt

8 Zone

Austin Tuff

Austin East

2012 exploration target areas

UndergroundDrill Chambers

8 Zone17

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Madsen Cross Section

Madsen Infrastructure

Modern equipment and facilities:

• 500 ton per day permitted mill

• 5 compartment shaft to 4,125 feet

• Shaft capable of skipping 1,925 tpd

• Permitted tailings facility

Minimal capital required to bring Madsen into production

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Exploration Summary

2012 2012 2011 2011

$ (in millions) Metres $ (in millions) Metres

Seabee $7.50* 129,600 $4.90* 100,000

Madsen $6.50 29,050 $3.85 18,000

Amisk $1.50 6,000 $1.74 10,000

Total $15.50 164,650 $6.66 128,000

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*Excluding underground expenditures.

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Explorers

Peer Valuation (as of January 11, 2012)

Calculation based on National Instrument 43-101 ounces

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Mark

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Cap/O

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Catalysts for 2012

Q1

•Closing of SEM Acquisition

•Seabee Exploration Results (Santoy Gap and L62)

•Global Reserve and Resource Update

Q2

•Amisk Resource Update

•Amisk Exploration Results

•Seabee Exploration Results (Neptune, Santoy Gap and L62)

Q3

•Shaft Extension Completed at Seabee

•Mill Expansion Completed at Seabee

•Madsen Exploration Results

•PEA at Amisk

Q4

•Seabee Exploration Results (Santoy Gap and L62)

•Madsen Exploration Results

Claude Resources Inc.

Experience. Stability. Potential.

Creating the Capacity toDiscover. Develop. Deliver.

TSX: CRJ NYSE Amex: CGR

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