EXHIBIT
99.11





RECONCILIATION
TO UNITED STATES GAAP





Claude
Resources Inc - Reconciliation to United States GAAP




The
      consolidated financial statements of Claude Resources Inc. are expressed
      in Canadian dollars in accordance with Canadian generally accepted
      accounting principles (Canadian GAAP).  The following
      adjustments and disclosures would be required in order to present these
      consolidated financial statements in accordance with accounting principles
      generally accepted in the United States (U.S.
  GAAP).




Differences
From United States Accounting Principles:





a)  Balance
Sheets


2007
              
              
              2006Mineral Properties - under
      Canadian GAAP
              
              $
              76,904
              
              
              $
              52,984Cumulative
      exploration expenditures expensed under U.S. GAAP (i)
              
              
              (30,932
              )
              
              
              (19,844
              )Cumulative
      depreciation and depletion adjustment (ii)
              
              
              1,647
              
              
              
              1,607Cumulative
      write-down adjustment (ii)
              
              
              (1,825
              )
              
              
              (1,825
              )Mineral Properties - under U.S.
      GAAP
              
              $
              45,794
              
              
              $
              32,922Investments - under Canadian
      GAAP
              
              $
              1,140
              
              
              $
              1,428Unrealized gain
      on available-for-sale securities (iii)
              
              
              -
              
              
              
              463Investments - under U.S.
      GAAP
              
              $
              1,140
              
              
              $
              1,891Payables and accrued liabilities -
      under Canadian GAAP
              
              $
              8,536
              
              
              $
              7,294Cumulative
      liability for flow-through shares (vi)
              
              
              1,438
              
              
              
              777Payables and accrued liabilities-
      under U.S. GAAP
              
              $
              9,974
              
              
              $
              8,071Shareholders’
      equityShare capital -
      under Canadian GAAP
              
              $
              85,591
              
              
              $
              56,036Reduction of
      stated capital (v)
              
              
              55,000
              
              
              
              55,000Adjustment for
      flow-through shares (vi)
              
              
              5,724
              
              
              
              4,019Adjustment for
      flow-through share premiums (vi)
              
              
              (4,136
              )
              
              
              (2,698
              )Share capital - under U.S.
      GAAP
              
              
              142,179
              
              
              
              112,357Contributed
      SurplusContributed
      Surplus - Under Canadian GAAP
              
              
              1,308
              
              
              
              1,062Cumulative
      stock compensation costs implementation of FAS
      123
              
              
              (25
              )
              
              
              (25
              )Contributed Surplus - under U.S.
      GAAP
              
              
              1,283
              
              
              
              1,037Retained earnings - under Canadian
      GAAP
              
              
              1,513
              
              
              
              8,480Reduction of
      stated capital (v)
              
              
              (55,000
              )
              
              
              (55,000
              )Cumulative
      exploration expenses (i)
              
              
              (30,932
              )
              
              
              (19,844
              )Cumulative
      depreciation and depletion adjustment (ii)
              
              
              1,647
              
              
              
              1,607Cumulative
      write-down adjustment (ii)
              
              
              (1,825
              )
              
              
              (1,825
              )Cumulative
      stock compensation costs on implementation of FAS
      123
              
              
              25
              
              
              
              25Cumulative
      impact of flow-through shares (vi)
              
              
              (5,724
              )
              
              
              (4,019
              )Cumulative
      renunciation of tax deductions on flow-through shares
    (vi)
              
              
              2,698
              
              
              
              1,921Deficit - under U.S.
      GAAP
              
              
              (87,598
              )
              
              
              (68,655
              )Accumulated other comprehensive
      incomeUnrealized gain
      (loss) on available-for-sale securities (iii)
              
              
              (305
              )
              
              
              463Shareholders’ equity - under U.S.
      GAAP
              
              $
              55,559
              
              
              $
              45,202











b)  Statements
of Earnings (Loss)




2007
              
              
              
              2006Net earnings (loss) - under
      Canadian GAAP
              
              $
              (6,967
              )
              
              $
              6,422Exploration
      expenditures (i)
              
              
              (11,088
              )
              
              
              (7,492
              )Depreciation
      and depletion adjustment (ii)
              
              
              40
              
              
              
              105Tax liability
      of flow-through shares (vi)
              
              
              (1,705
              )
              
              
              (2,699
              )Renunciation of
      tax deductions on flow-through shares (vi)
              
              
              777
              
              
              
              623Net earnings (loss) - under U.S.
      GAAP
              
              
              (18,943
              )
              
              
              (3,041
              )Available-for-sale
      securities (iii)
              
              
              (768
              )
              
              
              (5,675
              )Comprehensive earnings (loss)
      under U.S. GAAP
              
              
              (19,711
              )
              
              
              (8,716
              )Net earnings
      (loss) per share under U.S. GAAP  Basic and
      diluted
              
              $
              (0.21
              )
              
              $
              (0.04
              )
  i)
Mineral Property Exploration Expenditures





Mineral
property exploration expenditures are capitalized in accordance with Canadian
GAAP as disclosed in Note 1 to the consolidated financial statements. For U.S.
GAAP purposes, the Company expenses, as incurred, exploration expenditures
relating to unproven mineral properties. When proven and probable reserves are
determined for a property and a final feasibility study determines the economic
recoverability of these reserves, development costs of the property are
capitalized.  Exploration properties with a net book value of $25,343
(2006 - $19,844) have been expensed for U.S. GAAP purposes.





During
the year, the Company’s Santoy 7 project achieved commercial
production.  Exploration costs of $6,057 capitalized for Canadian GAAP
purposes were reclassified to mine development costs.  Depletion
expense of $468 was recognized during the year.  These exploration
expenditures have been expensed for U.S. GAAP purposes.





ii)
Write-down of Mineral Properties





Under
both Canadian and U.S. GAAP, property, plant and equipment must be assessed for
potential impairment. If the cash flows are less than the carrying value of the
asset, under Canadian GAAP and U.S. GAAP, the impairment loss is calculated as
the amount by which the carrying value of the asset exceeds its fair value. Fair
value is calculated as the present value of estimated future net cash flows.
Under both Canadian and U.S. GAAP, impairment tests are calculated with cash
flows determined using only proven and probable reserves. Previously, under
Canadian GAAP, the impairment loss was calculated as the difference between the
carrying value of the asset and its recoverable amount calculated on an
undiscounted future cash flow basis. The resulting difference in the previous
period write-down between Canadian and U.S. GAAP also results in a difference in
the amount of depreciation and depletion charged to earnings.





iii)
Available-for-Sale Securities





Under
both Canadian and U.S. GAAP, investments classified as available-for-sale
securities are carried at market values with unrealized gains or losses
reflected as a separate component of shareholders’ equity and included in
comprehensive income. Formerly, under Canadian GAAP, investments were accounted
for using the cost method, resulting in a Canadian U.S. GAAP difference in the
prior year.












iv)
Reduction of Stated Capital





Under
Canadian GAAP and by special resolutions of the shareholders, the Company
reduced its stated capital account by $40,000,000 in 2001 and $15,000,000 in
1994. This reduction in stated capital is not permitted under U.S. GAAP and
accordingly, has resulted in a cumulative increase in the share capital account
of $55,000,000 with a corresponding increase in the Company’s deficit
balance.





v)
Flow-through Share Premiums





Under
U.S. GAAP, the proceeds from the issuance of flow-through shares should be
allocated between the offering of shares and the sale of tax
benefits.  The allocation is based on the difference between the issue
price of flow-through shares and the fair value of the shares at the date of
issuance.  A liability is recorded for this difference and is reversed
when tax benefits are renounced. To the extent that the Company has available
tax pools for which a full valuation allowance has been provided, the premium is
recognized in earnings as a reduction in the valuation allowance at the time of
renunciation of the tax pools. Under Canadian GAAP, share capital is reduced and
future income tax liabilities are increased by the estimated income tax benefits
renounced by the Company to the subscribers, except to the extent that the
Company has unrecorded loss carryforwards and tax pools in excess of book value
available for deduction against which a valuation allowance has been
provided.  In these circumstances, the future tax liability reduces
the valuation allowance and this reduction in the amount of $1,705,000 (2006-
$2,699,000) has been recognized in earnings for Canadian GAAP
purposes.





vi)
Changes in Accounting Policy





In
February 2006, the FASB issued SFAS No. 155, Accounting for Certain Hybrid
Financial Instruments.  This statement is an amendment of FASB
Statements No. 133 and No. 140 (Accounting for Derivative Instruments and
Hedging Activities and Accounting for Transfers and Servicing of Financial
Assets and Extinguishments of Liabilities, respectively) and is effective for
the Company beginning January 1, 2007.  This guidance did not impact
the Company’s consolidated financial statements under US GAAP.





In
July 2006, the FASB issued Financial Interpretation No. 48, Accounting for
Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109 (“FIN
48”).  FIN 48 provides additional guidance on how a company is to
recognize, measure and disclose uncertain tax positions that it has taken in its
tax filings.  Canadian GAAP has no similar requirements related to
uncertain tax positions.





Effective
January 1, 2007, Claude adopted the provisions of FIN 48.  This
guidance did not impact the Company’s consolidated financial statements under
U.S. GAAP.





vii)
Future Changes in Accounting Policy





In
September 2006, the FASB issued SFAS No. 157, Fair Value
measurements.  This guidance defines fair value, establishes a
framework for measuring fair value in generally accepted accounting principles
and expands disclosures about fair value measurements.  This statement
is effective for financial statements issued for fiscal years beginning after
November 15, 2007.  However, certain elements of the standard related
to non-financial assets and liabilities have been deferred to fiscal years
beginning on or after November 15, 2008.  The Company does not expect
the adoption of this statement to have a material impact on its consolidated
financial statements under U.S. GAAP.




In
February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial
Assets and Liabilities (“FAS 159”).  FAS 159 provides an entity the
option to measure many financial instruments and certain other items at fair
value that are not otherwise currently required.  FAS 159 also
establishes presentation and disclosure requirements for assets and liabilities
measured at fair value in an effort to allow comparisons between entities that
choose alternative methods.  Claude does not expect the adoption of
this statement to have a material impact on its consolidated financial
statements.




In
December 2007, the FASB issued a revised standard on accounting for business
combinations, Statement No. 141(R), Business Combinations (“FAS
141(R)”).  FAS 141(R) specifies a number of changes including: an
expanded definition of a business, a requirement to measure all business
acquisitions at fair value, a requirement to measure noncontrolling interests at
fair value and a requirement to recognize acquisition-related costs as
expenses.  FAS 141(R) is applicable to business combinations occurring
after December 15, 2008.




In
December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in
Consolidated Financial Statements "FAS 160"; FAS 160 is a  revised standard
on accounting for noncontrolling interest and transactions with noncontrolling
interest holders in consolidated financial statements.




This
statement specifies that noncontrolling interest are to be treated as a separate
component of equity, not as a liability or other item outside of equity. Because
noncontrolling interests are an element of equity, increases and decreases in
the parent's ownership interest that leave control intact are accounted for as
capital transactions rather than a step acquisition or dilution gains or losses.
The carrying amount of the noncontrolling interest is adjusted to reflect the
change in ownership interests, and any difference between the amount by which
the noncontrolling interests are adjusted and the fair value of the
consideration paid or received is recognized directly in equity attributable to
the controlling interest.




This
standard requires net income and comprehensive income to be displayed for both
the controlling and the noncontrolling interest. Additional required disclosures
and reconciliation include a separate schedule that shows the effects of any
transactions with the noncontrolling interests on the equity attributable to the
controlling interest.




The
statement is effective for periods beginning on or after December 15, 2008. FAS
160 will be applied prospectively to all noncontrolling interest, including any
that arose before the effective date.













Exhibit 99.11 a