Claude Resources produces 45,466 gold ounces for 2008

2009-03-02 09:59 EST - News Release

Mr. Neil McMillan reports

CLAUDE RESOURCES INC. PROVIDES PRODUCTION AND COSTS GUIDANCE

Claude Resources Inc. has released its Jan. 7, 2009, gold production results of 45,466 ounces including 13,551 ounces in the fourth quarter and 25,513 ounces in the second half. This is a production increase of 28 per cent from the first half of 2008. Unaudited cash operating costs for the fourth quarter are estimated to be about $565 (U.S.) per ounce.

2009 forecasted production is estimated to range from 48,000 to 54,000 ounces of gold with about 11,000 ounces of gold expected in the first quarter.

This would represent a 31-per-cent increase quarter over quarter from 2008 and a 6-per-cent-to-10-per-cent increase year over year from 2008. At current exchange rates, cash operating costs for 2009 are estimated to range from $550 to $580 (U.S.) per ounce.

"In 2009, Claude Resources Inc. forecasts to produce from its satellite deposit at Santoy 7 as well as the Seabee mine. In addition, the company plans on continuing with an underground bulk sample program at Porky West and pending environmental approval and permits, to move Santoy 8 towards commercial production.

Investments in the Seabee property over the last two years have provided us a foundation for safe, responsible, cost-effective and growing operation on a forward basis," said Philip Ng, vice-president, mining operations.

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