1. September 2012
C O R P O R A T E U PDATE
INSIDE THIS
ISSUE:
HIGHLIGHTS:
Highlights 1
Seabee Capital 1  Capital projects running on schedule and on budget
Projects  Celebrated 1 Millionth Ounce of Gold at the Seabee
One Millionth Ounce 2 Gold Operation
Celebration  Brian Skanderbeg appointed as Senior Vice
President and Chief Operating Officer
Key Personnel 2
Additions  Peter Longo appointed as Vice President of
Operations
Santoy Gap Drill 3  Brian Booth joined the Claude Resources Board of Directors
Results
2012 Outlook 3
S E A B E E C A P I TA L P R O J E C T S U P D A T E
Contact Us 4
Claude Resources Inc. is investing in several projects at the Seabee Gold Operation that will
enable the Company to increase production over the next five years. These investments were
TSX: CRJ necessary to mine at lower levels in the Seabee ore body, process more tonnes of ore and
52 Week High: $2.36 accommodate more employees at the mine.
52 Week Low: $0.55
Mill Expansion
 Peak capacity expanded to 1,050 tonnes per day. Further expansions are being evaluated.
NYSE MKT: CGR
 A shutdown of 7 days is planned for mid-October, independent of the shaft expansion
52 Week High: $2.37
project.
52 Week Low: $0.56
Shaft Extension
Share Structure  Shaft will be deepened from 600 metres to 980 metres.
(June 30, 2011)  Development is running on schedule and anticipated to be completed in the fourth
173.7 million shares outstand- quarter.
ing
183.1 million fully diluted Camp Upgrades
 Commissioned and ready for occupancy end of September 2012.
Market Capitalization
~$140,000,000
Housing addition shown on right side of photo. Mill has been expanded to a peak capacity of
1,050 tonnes per day.

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1 MILLIONTH OUNCE CELEBRATION
The Company celebrated its 1 Millionth Ounce of Gold produced from the Seabee Gold Operation on August 7th and 8th,
2012. The event included flying 30 special guests up to the Seabee Mine to tour the operations and watch the gold pour. The
following day there was a celebration in Saskatoon with a reception and dinner.
Several weeks later the Company hosted two employee celebrations to thank the employees for their hard work and efforts
put in to achieving the 1 Millionth Ounce of Gold.
Neil McMillan, President and CEO, said “It’s a wonderful accomplishment for our employees that have made this happen.”
Marty Topping, Bill MacNeill, Three employees from the
Mill Superintedent Founder of Claude Resources Seabee Gold Operation
KEY PERSONNEL ADDITIONS
Re-structuring of Operations:
 Create Mine Manager role: Responsible for mine operations.
 Established Capital Projects role: – Responsible for building business case, planning and execution of capital projects
and new mines.
New Site Management Team:
4 Leaders with 50+ years operating experience at Seabee
 Dale Cliff, Site Manager: 25+ years mining experience.
 Pat Hamilton, Manager Technical Services (Engineering): 20 years mining engineering experience at Claude.
 Jeff Kulas, Manager Technical Services (Geology): 15+ years industry experience including operations and geology.
 Mark Lodewyk, P. Eng., Mine Manager: 10 years in mining in Canada/Australia, including 4 years at Seabee.
5 New Leaders with 65+ years operating experience from other operations
 Chad Ireland, HSA, CSO, Manager Safety & Training: 10+ years industry at Claude, SNC Lavalin.
 Trevor Cooney, SPCM,, Manager Supply Chain: 10 years experience, 5 years in Northern Sask mining operations.
 Nicola Banton, MSc, P.Eng, Manager Environment: 10+ years in industry working in base metals, uranium and
potash milling operations and projects.
 Lane Maxemiuk, P.Eng: Technical services: 15 years experience in mining operations including Diavik mine (Rio
Tinto) and consulting firms (Golder, SRK).
 Kerry McNamara, P. Eng, Manager Capital Projects: 20+ years industry experience in operations, engineering, and
projects in gold and uranium at Goldcorp and Cameco.

3. Page 3 S e p t em b e r 20 1 2
SANTOY GAP DRILL RESULTS
 The Company released an exploration update from its 2012 drill program at Santoy Gap on August 27th, 2012.
 Newly released drill results have extended the mineralized system up-dip, along strike to the north and at depth as well
as confirming continuity within the existing inferred resource.
 Santoy Gap currently hosts an inferred resource of 495,000 ounces at 6.63 grams of gold per tonne. The system
remains open in most directions and underground development from the existing Santoy 8 infrastructure has been
initiated.
Table 1: Highlights from 2012 Santoy Gap drilling.
Grade
Hole ID Easting Northing From (m) To (m) Width (m)
(g/t)
JOY-12-622 599436 6170747 403.57 405.29 4.81 1.72
And 722.00 723.00 6.20 1.00
JOY-12-624 599148 6170973 519.71 520.43 7.87* 0.72
JOY-12-630 598791 6170890 272.27 272.77 13.60 0.50
JOY-12-636 599035 6170957 415.77 432.50 6.91 16.73
JOY-12-638 599035 6170957 398.00 400.30 13.94 2.30
JOY-12-643 598950 6170670 181.75 183.57 41.88 1.82
JOY-12-648 599073 6170506 61.92 62.42 17.25 0.50
And 158.00 159.00 11.45 1.00
JOY-12-657 599124 6170848 322.24 322.79 23.20* 0.55
JOY-12-661 599124 6170848 345.20 345.70 14.90 0.50
JOY-12-664 599080 6170572 135.14 135.64 15.45* 0.50
JOY-12-665 599094 6170889 378.25 380.00 13.84 1.75
JOY-12-666 599000 6170595 143.29 143.95 20.30* 0.66
JOY-12-667 599000 6170595 124.57 126.24 10.75* 1.67
JOY-12-670 599010 6170745 253.59 255.97 11.50 2.38
JOY-12-674 599207 6170942 520.15 526.45 4.67 6.30
And 566.25 567.25 49.50 1.00
JOY-12-677 599154 6170781 321.04 350.78 14.58 29.74
JOY-12-678 598827 6170985 230.50 231.50 50.30 1.00
JOY-12-679 599155 6170775 343.99 364.28 13.81 20.29
JOY-12-682 599155 6170775 374.60 375.60 27.20 1.00
And 385.20 386.00 5.88 0.80
And 400.80 405.50 11.07 4.70
Note: * Partial result, certain assays within zone are pending.
Composites were calculated using a 3 g/t Au cut-off grade and may include internal dilution.
 For more information view the press release on the Claude Resources Inc. website.
2012 OUTLOOK
For the remainder of 2012, the Company will continue to focus on the following:
1) Pursue best practices in the areas of safety, health and the environment;
2) Increase production and improve unit operating costs at the Seabee Gold Operation by investing in capital projects
and equipment to further develop satellite deposits;
3) Sustain or increase reserves and resources at the Seabee Gold Operation through further exploration and
development;
4) Advance surface and underground exploration drill programs at the Company’s 100 percent owned Madsen
Exploration Project with continuation of Phase II of underground drilling from the 16th level drill platform; and
5) Expand the scope of the Amisk Gold Project, including a preliminary economic assessment.
For 2012, forecast gold production at the Seabee Operation has been lowered to range to 48,000 to 50,000 ounces of gold
from 50,000 to 52,000 ounces of gold. Unit costs for 2012 are estimated to be about 10 percent higher than 2011 unit cash
costs of $908 CDN.
Further information relating to the Company’s outlook can be found in the Management’s Discussion and Analysis on the Company’s
website.

4. Page 4 S e p t em b e r 20 1 2
Claude Resources Inc. is a public company based in Saskatoon, Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX-
CRJ) and the NYSE MKT (NYSE MKT-CGR). Claude is a gold exploration and mining company with an asset base located entirely in
Canada. Since 1991, Claude has produced over 1,000,000 ounces of gold from its Seabee mining operation in Northeastern Saskatchewan.
The Company also owns 100 percent of the 10,000 acre Madsen property in the prolific Red Lake gold camp of Northwestern Ontario
and owns 100 percent of the Amisk Gold Project in Northeastern Saskatchewan.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This document contains certain forward-looking statements relating but not limited to the Company’s expectations, intentions, plans and beliefs. Forward-looking infor-
mation 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, uncer-
tainties 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 US investors concerning resource estimates
The resource estimates in this document were prepared in accordance with National Instrument 43-101, adopted by the Canadian Securities Administrators. The require-
ments 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, miner-
alization 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 deter-
mination 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.
P L E A S E C O N TA C T U S A T :
Claude Resources Inc.
www.facebook.com/clauderesources
200, 224 - 4th Avenue South
Saskatoon, SK www.twitter.com/clauderesource
S7K 5M5
Tel: 306-668-7505 www.linkedin.com/company/claude-resources-inc
Fax: 306-668-7500
Email: ir@clauderesources.com www.slideshare.net/clauderesourcesinc
www.clauderesources.com