Claude Resources Inc. Announces First Quarter Results

            Claude Resources Inc. Announces First Quarter Results

PR Newswire

SASKATOON, May 9, 2013

Trading Symbols

SASKATOON, May 9, 2013 /PRNewswire/ - Claude Resources Inc. ("Claude" and or
the "Company") today reported its 2013 first quarter financial and operating
results. All dollar amounts are in Canadian dollars unless stated otherwise.

First Quarter Highlights Include:

  *Net loss of $2.5 million, or $0.01 per share.
  *Cash flow from operations before net changes in non-cash operating working
    capital ^(1) of $1.4 million, or $0.01 per share.
  *Production of 8,082 ounces of gold.
  *Gold sales of 9,301 ounces at an average realized price of $1,643 (U.S.
    $1,629) for revenue of $15.3 million.
  *Total cash cost per ounce of gold ^ (1) for the first quarter of 2013 was
    $1,245 (U.S. $1,235).
  *Completed debt financing with Canadian Western Bank.
  *Seabee Gold Mine shaft extension project completed to 980 metres.

"Production in the first  quarter came in below  budget. We experienced  lower 
grade from two zones at the Seabee Mine. We do not expect this to continue and
have already seen improvement in grade and tonnes during the month of  April," 
stated Neil McMillan, President and  Chief Executive Officer. "Just after  the 
quarter, on April 5, we closed the financing with Crown Capital Partners  Inc. 
for a  long-term  debt  facility  of $25.0  million.  The  additional  capital 
provides us with  adequate liquidity  to continue to  increase production  and 
improve our operating margin. Our focus for the remainder of the year will  be 
on cost  reductions and  meeting our  production guidance  while bringing  the 
Santoy Gap deposit into our production profile."


For the three months ended March 31, 2013, the Company recorded a net loss  of 
$2.5 million, or  $0.01 per share,  after a $0.8  million deferred income  tax 
recovery. This compares to a  net loss of $0.5  million, or $0.00 per  share, 
for the three months ended March 31, 2012.

Gold revenue from  the Company's Seabee  Gold Operation for  the three  months 
ended March 31, 2013  decreased five percent to  $15.3 million from the  $16.1 
million reported for  the first  three months of  2012. The  decrease in  gold 
revenue period  over period  was  attributable to  a  two percent  decline  in 
Canadian dollar gold prices realized (Q1 2012 - $1,643 (U.S. $1,629); Q1  2012 
- $1,681 (U.S. $1,679)) and slightly lower gold sales volume (Q1 2013 -  9,301 
ounces; Q1 2012 - 9,547 ounces).

For the three  months ended  March 31, 2013,  mine production  costs of  $11.6 
million were relatively  unchanged period  over period.  First quarter  total 
cash cost  per ounce  of  gold ^(1)  of $1,245  (U.S.  $1,235) per  ounce  was 
consistent with the  first quarter  of 2012's cash  cost per  ounce of  $1,236 
(U.S. $1,234). The Company  is continuing to pursue  best practices with  the 
intention of lowering these costs during the remainder of 2013 and beyond.

Cash flow from  operations before  net changes in  non-cash operating  working 
capital ^(1) of $1.4 million, or $0.01  per share, for the three months  ended 
March 31, 2013, was down from $2.6 million, or $0.02 per share, for the  three 
months ended March 31, 2012.

During the  first quarter  of  2013, the  Company  expanded its  current  debt 
facilities with its existing bank to  $25.0 million. Subsequent to March  31, 
2013, the Company also executed an agreement with Crown Capital Partners  Inc. 
for an additional long-term debt facility of $25.0 million. The $25.0 million
in new  debt will  facilitate the  retirement of  the Company's  $9.8  million 
outstanding debentures (which mature in  May 2013), allow for the  development 
of Santoy Gap, the Seabee Mine and for working capital purposes.


During the first quarter of 2013, the Company milled 61,877 tonnes at a  grade 
of 4.31 grams of gold per tonne (March 31, 2012 - 66,556 tonnes at a grade  of 
4.74 grams of gold  per tonne) for  total production of  8,082 ounces of  gold 
(March 31, 2012 -  production of 9,574 ounces  of gold). With mill  recoveries 
relatively unchanged period over  period, the decrease  in ounces produced  is 
attributable  to  a  decrease  in  grade  from  the  Seabee  Mine.  Short-term 
volatility in grade is not  unusual at Seabee's narrow-vein mining  operation. 
The Company remains confident that it  can achieve 2013 guidance of 50,000  to 
54,000 ounces of gold.

Table 1: Seabee Gold Operation Production and Cost Statistics
                                         March 31 March 31
                                             2013     2012
Operating Data                                           
Tonnes Milled                               61,877   66,556
Head Grade (grams per tonne)                  4.31     4.74
Recovery (%)                                 94.3%    94.4%
Gold Produced (ounces)                       8,082    9,574
Gold Sold (ounces)                           9,301    9,547
Financial Data                                           
Revenues (CDN$ million)                      $15.3    $16.1
Production Costs (CDN$ million)              $11.6    $11.8
Cash Operating Costs (CDN$/oz) ^(1)         $1,245   $1,236
Cash Operating Costs (U.S.$/oz) ^(1)        $1,235   $1,234

Cost Reduction Initiatives

The Company  has aggressively  taken steps  to reduce  corporate  expenditures 
starting in  the second  quarter of  2012. Since  full year  2012, Claude  has 
identified and  implemented annualized  savings approximating  20 percent  and 
will continue to review and adjust expenditures for the balance of 2013.


During the first quarter of 2013,  exploration was focused at the Seabee  Gold 
Operation targeting extensions  at both the  Seabee Mine and  the Santoy  Mine 
Complex. Further exploration at  the Santoy Mine Complex  is planned for  2013 
while the team  continues to work  towards the completion  of the  Preliminary 
Economic Assessment at the Amisk Gold  Project and an internal scoping at  the 
Madsen Gold Project.


For 2013, forecast gold production at  the Seabee Gold Operation is  estimated 
to range from 50,000 to  54,000 ounces. Unit costs  for 2013 are expected  to 
improve slightly from  2012's unit cash  costs of $997  per ounce.  Quarterly 
operating results are  expected to  fluctuate throughout 2013;  as such,  they 
will not necessarily be reflective of the full year average.

Conference Call and Webcast

We invite you to join our Conference Call and Webcast on May 10, 2013 at 11:00
AM Eastern Standard Time.

To  participate  in  the  conference   call  please  dial  1-647-427-7450   or 
1-888-231-8191. A replay of the conference  call will be available until  May 
17, 2013 by calling 1-855-859-2056 and entering the password 55514132.

To view and listen to the webcast on May 10, 2013 please use the following URL
in your web browser:

A copy  of Claude's  2013 first  quarter Management's  Discussion &  Analysis, 
Financial  Statements  and  Notes  thereto   (unaudited)  can  be  viewed   at Further  information  relating to  Claude  Resources 
Inc. has been filed on SEDAR and  EDGAR and may be viewed at  or

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 
1,031,000 ounces  of  gold from  its  Seabee Gold  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.


      See description and reconciliation of non-IFRS performance measures in
^(1) the "Non-IFRS Performance Measures and Reconciliations" section of the
      Company's Q1 2013 MD&A available on and


All statements,  other  than  statements  of  historical  fact,  contained  or 
incorporated   by   reference   in   this   news   release   and   constitute 
"forward-looking  information"  within  the  meaning  of  applicable  Canadian 
securities laws and  "forward-looking statements"  within the  meaning of  the 
United States Private Securities  Litigation Reform Act  of 1995 (referred  to 
herein as "forward-looking statements"). Forward-looking statements  include, 
but are not limited to, statements with  respect to the future price of  gold, 
the estimation of mineral reserves  and resources, the realization of  mineral 
reserve estimates, the timing and amount of estimated future production, costs
of production, capital expenditures,  costs and timing  of the development  of 
new deposits,  success  of  exploration  activities,  permitting  time  lines, 
currency exchange  rate  fluctuations, requirements  for  additional  capital, 
government regulation of mining operations, environmental risks, unanticipated
reclamation expenses, title  disputes or claims  and limitations on  insurance 
coverage. Generally, these  forward-looking statements can  be identified  by 
the use of forward-looking terminology such as "plans", "expects" or "does not
expect",  "is  expected",  "budget",  "scheduled",  "estimates",  "forecasts", 
"intends", "anticipates"  or  "does  not anticipate"  or  "believes",  or  the 
negative connotation thereof or variations of such words and phrases or  state 
that certain actions, events or  results, "may", "could", "would", "might"  or 
"will be taken", "occur" or "be achieved" or the negative connotation thereof.

All forward-looking statements  are based on  various assumptions,  including, 
without limitation, the  expectations and beliefs  of management, the  assumed 
long-term price of gold,  that the Company will  receive required permits  and 
access to surface rights, that  the Company can access financing,  appropriate 
equipment and sufficient  labour, and  that the  political environment  within 
Canada will continue to support the development of mining projects in Canada.

Forward-looking  statements   are  subject   to  known   and  unknown   risks, 
uncertainties and other factors  that may cause the  actual results, level  of 
activity, performance or  achievements of  Claude to  be materially  different 
from those expressed or implied by such forward-looking statements,  including 
but not  limited  to:  actual  results  of  current  exploration  activities; 
environmental risks;  future  prices  of  gold;  possible  variations  in  ore 
reserves, grade  or  recovery rates;  mine  development and  operating  risks; 
accidents, labour issues  and other risks  of the mining  industry; delays  in 
obtaining  government  approvals  or  financing   or  in  the  completion   of 
development or  construction activities;  and other  risks and  uncertainties, 
including but not limited to those discussed in the section entitled "Business
Risk" in the Company's Annual Information Form. These risks and uncertainties
are not, and should not be construed as being, exhaustive.

Although Claude has attempted to  identify important factors that could  cause 
actual results to  differ materially from  those contained in  forward-looking 
statements, there  may  be other  factors  that cause  results  not to  be  as 
anticipated, estimated  or intended.  There  can be  no assurance  that  such 
statements will prove  to be  accurate, as  actual results  and future  events 
could  differ  materially   from  those  anticipated   in  such   statements. 
Accordingly, readers  should  not  place  undue  reliance  on  forward-looking 

Forward-looking statements in  this news release  are made as  of the date  of 
this news release  and accordingly, are  subject to change  after such  date. 
Except as otherwise indicated by Claude,  these statements do not reflect  the 
potential impact of any  non-recurring or other special  items that may  occur 
after the  date  hereof.  Forward-looking statements  are  provided  for  the 
purpose of providing information  about management's current expectations  and 
plans and allowing investors and others  to get a better understanding of  our 
operating environment.

Claude does not undertake  to update any  forward-looking statements that  are 
incorporated  by  reference  herein,  except  in  accordance  with  applicable 
securities laws.



Neil McMillan, President & CEO
Phone: (306) 668-7505
Marc Lepage, Manager, Investor Relations
Phone: (306) 668-7505
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