GoldMinerPulse Report on Claude Resources Inc.: (NI) 43-101 Metal Valuation Report

Claude Resources Inc. (CRJ)

Company Web Site: www.clauderesources.com
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-03-19. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-09-02.
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Claude Resources Valuation
Recent Production
2008 : 45.466K oz gold produced.
2007 : 44.3K oz gold produced.
Source(s): Production data is from p. 3 of 44 of the 2007 Annual Report.
2008 production data is from Claude Resources Releases 2008 Production Results, January 7, 2009.
GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-09-02
Project/Deposit CC MVpSh PP% MI% I% Gold
    Madsen CA $10.12 0 76% 24% 1.23 M oz
    Seabee Area CA $7.51 25% 30% 46% 910.25 K oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal Gold
    Metal Totals 2.14 M oz
    Metal Prices in US$ (from 2010-09-02) $1,251.30 per oz
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $17.64
    Percentage of Total Metal Value 100.00%
    PP% | MI% | I% 11% | 56% | 33%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
    Metal Value per Share (MVpSh)    US$17.64
    Average Ore Value per Tonne    US$348.53
    Metal Value Leverage (MVL)    14.52
    Market Capitalization as % of Metal Value    6.9%
    Recent Stock Price    C$1.28   (TSX/TSXV close on 2010-09-02.)
Conversion rate used: 1 Cnd$ = 0.949244 US$ )
    Fully Diluted Share Count    151.60 M    ( Fully diluted share count taken from slide 23 of 28 of January 2010 Corporate Presentation, viewed January 2010. )
    PP% | MI% | I%    11% | 56% | 33%
Gold Metrics-- all Projects/Deposits
    Average Gold Ore Grade    8.663 g/t
    Market Capitalization
    per oz of Gold In Ground    $86.20   US$  |   90.81   C$
    Gold Eq Oz Estimate    2.14 M oz   ( 2.14 M oz are in ground)
    Market Capitalization
    per oz of Gold Equilavent    $86.20   US$  |   90.81   C$

See terms for more about GoldMinerPulse metrics.
Additional Notes:
Madsen    -   Madsen Exploration Program
The Madsen Property at Red Lake, Ontario. GoldMinerPulse has not found a (NI) 43-101 resource estimate for this property.
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of Claude Resources Inc. is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold
Madsen	CA	$10.12	0	76%	24%	1.23 M oz
Seabee Area	CA	$7.51	25%	30%	46%	910.25 K oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal	Gold
Metal Totals	2.14 M oz
Metal Prices in US$ (from 2010-09-02)	$1,251.30 per oz
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$17.64
Percentage of Total Metal Value	100.00%
PP% \| MI% \| I%	11% \| 56% \| 33%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
Metal Value per Share (MVpSh)	US$17.64
Average Ore Value per Tonne	US$348.53
Metal Value Leverage (MVL)	14.52
Market Capitalization as % of Metal Value	6.9%
Recent Stock Price	C$1.28 (TSX/TSXV close on 2010-09-02.) Conversion rate used: 1 Cnd$ = 0.949244 US$ )
Fully Diluted Share Count	151.60 M ( Fully diluted share count taken from slide 23 of 28 of January 2010 Corporate Presentation, viewed January 2010. )
PP% \| MI% \| I%	11% \| 56% \| 33%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade	8.663 g/t
Market Capitalization per oz of Gold In Ground	$86.20 US$ \| 90.81 C$
Gold Eq Oz Estimate	2.14 M oz ( 2.14 M oz are in ground)
Market Capitalization per oz of Gold Equilavent	$86.20 US$ \| 90.81 C$

See terms for more about GoldMinerPulse metrics.

Madsen - ^top^

(NI) 43-101 Report:

Title: Mineral Resource Estimation Madsen Gold Project Red Lake, Ontario, Canada
Date: 2010-01-20 (197 pages)

Project Location: Ontario, Canada / Mining Region: Red Lake greenstone

Map View: View the Madsen Gold project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $7.67 929.08 K oz 8.930 g/t 3.24 M t
Estimate notes: See Table i. Consolidated Mineral Resource Statement* for Madsen Gold Project, Ontario, SRK Consulting, December 7, 2009. on p. 9 of 197 in the NI 43-101 dated January 2010.
Cut-off grade was 5.0 gpt based on US$1,000 per troy onunce gold and gold metallurgical recoveries of 94 percent.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$7.67	929.08 K oz	8.930 g/t	3.24 M t
Estimate notes: See Table i. Consolidated Mineral Resource Statement* for Madsen Gold Project, Ontario, SRK Consulting, December 7, 2009. on p. 9 of 197 in the NI 43-101 dated January 2010. Cut-off grade was 5.0 gpt based on US$1,000 per troy onunce gold and gold metallurgical recoveries of 94 percent.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $2.45 297.43 K oz 11.740 g/t 788.00 K t
Estimate notes: See Indicated notes.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.45	297.43 K oz	11.740 g/t	788.00 K t
Estimate notes: See Indicated notes.

Seabee Area - ^top^

(NI) 43-101 Report:

Title: Seabee Area
Date: 2008-06 (67 pages)

Project Location: Saskatchewan, Canada

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.86 225.84 K oz 6.700 g/t 1.05 M t
Estimate notes: See Table 8: Seabee Mine Area – Mineable Reserves and Mineral Resources on p. 61 of 67 in the (NI) 43-101 dated June 2008.
Estimate date is April 30, 2008

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.86	225.84 K oz	6.700 g/t	1.05 M t
Estimate notes: See Table 8: Seabee Mine Area – Mineable Reserves and Mineral Resources on p. 61 of 67 in the (NI) 43-101 dated June 2008. Estimate date is April 30, 2008

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $2.23 269.96 K oz 8.590 g/t 977.50 K t
Estimate notes: See Table 8: Seabee Mine Area – Mineable Reserves and Mineral Resources on p. 61 of 67 in the (NI) 43-101 dated June 2008.
Estimate date is April 30, 2008

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.23	269.96 K oz	8.590 g/t	977.50 K t
Estimate notes: See Table 8: Seabee Mine Area – Mineable Reserves and Mineral Resources on p. 61 of 67 in the (NI) 43-101 dated June 2008. Estimate date is April 30, 2008

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $3.42 414.45 K oz 7.950 g/t 1.62 M t
Estimate notes: See Table 8: Seabee Mine Area – Mineable Reserves and Mineral Resources on p. 61 of 67 in the (NI) 43-101 dated June 2008.
Estimate date is April 30, 2008

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.42	414.45 K oz	7.950 g/t	1.62 M t
Estimate notes: See Table 8: Seabee Mine Area – Mineable Reserves and Mineral Resources on p. 61 of 67 in the (NI) 43-101 dated June 2008. Estimate date is April 30, 2008