Exhibit
99.1
     Claude
Resources Inc.


ANNUAL
INFORMATION FORM


March
28, 2008


Table
of Contents


Claude
Resources Inc. (“Claude” or the “Company”) Annual Information Form - March
28, 2008







PageStatement
      Regarding Forward-Looking Information
            4Glossary
      of Terms
            5Item
      1: Corporate
      Structure1.1
      Name, Address and Incorporation
            121.2  Subsidiary
      Corporations
            12Item
      2: General
      Development of the Business2.1
      Recent History
            12Item
      3: Description
      of the Company’s Business3.1
      General
            133.2
      Risk Factors
            143.3
      Mineral Properties
            193.4
      Statement of Reserves Data and Other Oil and Natural Gas
      Information
            42Item
      4: Dividends4.1 Dividends
            57Item
      5: Description
      of Capital Structure5.1
      General Description of Capital Structure
            57Item
      6: Market
      for Securities6.1
      Trading Price and Volume
            58Item
      7: Directors
      and Officers7.1
      Name, Occupation and Security Holdings
            59Item
      8: Transfer
      Agent and Registrar8.1
      Transfer Agent and Registrar
            60Item
      9: Material
      Contracts9.1 Material Contracts
            60Item
      10: Interests
      of Experts10.1
      Names of Experts
            6010.2
      Interests of Experts
            60Item
      11: Audit
      Committee11.1
      Audit Committee Charter
            6011.2
      Composition of Audit Committee
            6011.3
      Relevant Education and Experience
            6111.4
      Pre-Approval Policies and Procedures
            6111.5
      External Audit Service Fees
            62Item
      12: Additional
      Information
            62









APPENDIX
      A
            Report
      on Reserves Data by Independent Qualified Reserves
      EvaluatorAPPENDIX
      B
            Report
      of Management and Directors on Reserves Data and Other
      InformationAPPENDIX
      C
            Audit
      Committee Disclosure


STATEMENT
REGARDING FORWARD-LOOKING INFORMATION


This
Annual Information Form contains certain forward-looking statements relating but
not limited to the Company’s expectations, intentions, plans and beliefs.
Forward-looking information 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 ore which
is mined varying from estimates, capital and operating costs varying
significantly from estimates, delays in obtaining or failure 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,
uncertainties 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 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.


METRIC
EQUIVALENTS


For
ease of reference, the following factors for converting metric measurements into
imperial equivalents are provided:




To
      Convert from Metric
            To
      Imperial
            Multiply
      byHectares
            Acres
            2.471Metres
            Feet
      (ft.)
            3.281Kilometres
      (km)
            Miles
            0.621Tonnes
            Tons
      (2000 pounds)
            1.102Grams
            Troy
      Ounces
            0.032


Claude
      Resources Inc. - 2007 Annual Information Form
                4
 
  GLOSSARY OF
TERMS


ARTC -Alberta Royalty Tax
Credit.


Alteration -any change in the
mineral composition of a rock brought about by physical or chemical
means.


Amphibolite -a metamorphic
rock that may have originated as a basalt lava flow or mafic
dike/sill.


Arsenopyrite -the most common
arsenic mineral and principal ore of arsenic; occurs in many sulfide ore
deposits, particularly those containing lead, silver, and
gold.


Assaying -laboratory
examination that determines the content or proportion of a specific metal (ie:
silver) contained within a sample. Technique usually involves
firing/smelting.


Autoclave -a high pressure
and temperature vessel for oxidizing refractory ore. Ore or concentrate is fed
into the strong vessel and placed under high pressure and temperature conditions
with elevated oxygen levels to liberate the gold or base
metals.


Bbls -barrels; 34.972
Imperial gallons per barrel or 42 U.S. gallons per barrel.


BCF -billion cubic
feet.


BOPD -barrels of oil per
day.


Batholith -a very large
intrusive mass of igneous rock.


Boudinage -a structure common
in strongly deformed sedimentary and metamorphic rocks, in which an original
continuous competent layer or bed has been stretched, thinned and broken at
regular intervals into bodies resembling boudins or
sausages.


BQ Drill -a drill having a
core diameter of 36.5 mm and a hole diameter of 60 mm.


Brecciated -broken into
sharp-angled fragments surrounded by finer-grained
material.


Bulk Sample -a collection of
representative mineralized material whose location, geologic character and metal
assay content can be determined and then used for metallurgical or geotechnical
testing purposes.


Carbon-in-pulp -a method of
recovering gold and silver from pregnant cyanide solutions by absorbing the
precious metals within the solution onto granules of activated
carbon.


Care and Maintenance Basis -in reference to mining means the indefinite suspension of all operations
except those services and personnel necessary to insure the safeguarding of
mining property and assets against controllable acts.


Carried Interest -the
Company's working interest share of capital and operating costs are paid by
another party for a specified period of time or until a specific event
occurs.


Chalcopyrite -a sulphide
mineral of copper and iron.


Clastic -fragments of
minerals and rocks that have been moved individually from their places of
origin.


Core Samples -the cylindrical
form of rock called “core” that is extracted from a diamond drill hole.
Mineralized sections are separated and these samples are sent to a laboratory
for analysis.


Cross-cut -a horizontal
opening driven from a shaft or haulage drift at an oblique or right angle to the
strike of a vein or other orebody.


Claude
      Resources Inc. - 2007 Annual Information Form
                5
 
  Crown -Her Majesty the Queen
in right of Saskatchewan as represented by the Saskatchewan Ministry of Energy
and Resources.


Cut-off Grade -the lowest
grade of mineralized material that qualifies as a reserve in a deposit (ie:
contributing material of the lowest assay that is included in a reserve
estimate).


Cut Value -applies to assays
that have been reduced by a statistically determined maximum to prevent erratic
high values from inflating the average.


Developed or Development -in
oil and natural gas refers to land to which proved or probable reserves have
been assigned, with any wells drilled in a developed area specified as
development wells.


Diamond Drilling -a type of
rotary drilling in which diamond bits are used as the rock-cutting tool to
produce a recoverable drill core sample of rock for observation and
analysis.


Dip -the angle that a
structural surface, a bedding or fault plane makes with the horizontal, measured
perpendicular to the strike of the structure.


Disposition -rights granted
by the Crown under a permit, claim or lease.


Disseminated -where minerals
occur as scattered particles in the rock.


Dore -the final saleable
product from a gold mine.


Drift -a horizontal
underground opening that follows along the length of a vein or rock
formation.


Dry Well -a well found to be
incapable of producing hydrocarbons in quantities sufficient to justify
completion of the well.


Electrowinning -the process
of recovering metal from solution by electrolysis.


Environmental Baseline Study -a geotechnical study that monitors and establishes the numerous naturally
occurring base levels present within a specific area/environment. These can
include: water chemistry, flora and fauna.


Epithermal -low temperature
hydrothermal process or product.


Exploration -work involved in
searching for ore, from prospecting to diamond drilling or driving a
drift.


Exploration Wells -wells
drilled to find hydrocarbons in an unproved area.


Face -the end of a drift,
crosscut or stope in which work is taking place.


Facies -the character and
composition of sedimentary deposits.


Fault -a fracture or break in
rock along which there has been movement.


Feasibility Study -a
definitive study of the viability of a mineral project by a qualified
professional that defines: (1) mining methods, pit configuration, mine
scheduling, mine equipment and all related costing, (2) method of mineral
processing and all related plant, equipment and costing, (3) necessary
determination of all infrastructure required and relevant costs, and (4) all
requirements of government and markets for mine operation. A definitive
financial analysis of the mineral project taking into consideration all relevant
factors, which will establish the presence of a Mineral Reserve and the details
of its economic viability.


Claude
      Resources Inc. - 2007 Annual Information Form
                6
 
  Felsic -an adjective
describing an igneous rock having mostly light colored minerals and rich in
silica, potassium and/or sodium rich aluminosilicated
minerals.


Fire Assay -the assaying of
metallic minerals by use of a miniature smelting procedure with various
agents.


Footwall -the rock on the
underside of a vein or ore structure.


Fracture -a break or crack in
rock.


Fracture-controlled -a type
of mineralization where circulating fluids deposit minerals preferentially upon
fracture planes within a rock mass.


Gabbro -a coarse-grained,
crystalline, dark igneous rock.


Geochemistry -the study of
the chemical properties of rocks.


Geophysical Survey -a
scientific method of prospecting that measures the physical properties of rock
formations. Common properties investigated include magnetism, specific gravity,
electrical conductivity and radioactivity.


Gneiss -a layered or banded
crystalline metamorphic rock, the grains of which are aligned or elongated into
a roughly parallel arrangement.


Grade -the metal content of
rock with precious metals, grade can be expressed as troy ounces or grams per
tonne of rock.


Gross -in reference to land
or wells means a 100% interest. When referring to the Company’s natural gas,
crude oil, and natural gas liquids production, it means total projected
production or reserves from the property.


Gross Reserves -total
remaining projected production from a 100% interest in the applicable
property.


Head Grade -the average grade
of ore fed into a mill.


Highwall -the unexcavated
face of ore in an underground stope.


Hydrothermal -the products or
the actions of heated waters in a rock mass such as a mineral deposit
precipitating from a hot solution.


Hydrothermal Alteration -the
process by which heated or superheated water/solutions alter the chemistry of
the rocks they circulate through.


ICA -Investment Canada Act
(Canada).


Igneous -a primary type of
rock formed by the cooling of molten material.


Indicated Mineral Resource -is that part of a Mineral Resource for which quantity, grade or quality,
densities, shape and physical characteristics, can be estimated with a level of
confidence sufficient to allow the appropriate application of technical and
economic parameters, to support mine planning and evaluation of the economic
viability of the deposit. The estimate is based on detailed and reliable
exploration and testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill holes that are
spaced closely enough for geological and grade continuity to be reasonably
assumed.


Inferred Mineral Resource -is
that part of a Mineral Resource for which quantity and grade or quality can be
estimated on the basis of geological evidence and limited sampling and
reasonably assumed, but not verified, geological and grade continuity. The
estimate is based on limited information and sampling gathered through
appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes.


Claude
      Resources Inc. - 2007 Annual Information Form
                7
 
  Intrusion; Intrusive -molten
rock that is intruded (injected) into spaces that are created by a combination
of melting and displacement.


ITA -Income Tax Act
(Canada).


Lens -a body of ore that is
thick in the middle and tapers towards the ends.


LT -long tons.


Mafic -igneous rocks composed
mostly of dark, iron and magnesium-rich minerals.


MCF -thousand cubic
feet.


MLT -thousands of long
tons.


MMCF -millions of cubic
feet.


MSTB -thousands of stock tank
barrels.


Mesothermal -a hydrothermal
mineral deposit formed at considerable depth and in the temperature range of 200
to 300 degrees C (Celsius).


Measured Mineral Resource -in
reference to minerals, means a quantity is computed from dimensions revealed in
outcrops, trenches, workings, or drill holes; grade and (or) quality are
computed from the results of detailed sampling. The sites for inspection,
sampling, and measurement are spaced so closely and the geological character is
so well defined that size, shape, depth and mineral content of the resource are
well established.


Metamorphosed Rocks -rocks
that are changed in character by processes of intense heat and pressure deep
within the earth’s crust.


Metallurgy -the study of the
extractive processes which produce minerals from their host
rocks.


Metallurgical Tests -scientific examinations of rock/material to determine the optimum
extraction of metal contained. Core samples from diamond drill holes are often
used as representative samples of the mineralization for this test
work.


Mineral -a naturally formed
chemical element or compound having a definitive chemical composition and
usually a characteristic crystal form.


Mineralization -a natural
concentration in rocks or soil of one or more minerals.


Mineral Reserve -the
economically mineable part of a Measured or Indicated Mineral Resource
demonstrated by at least a Prefeasibility Study. This study must include
adequate information on mining, processing, metallurgical, economic and other
relevant factors that demonstrate, at the time of reporting, that economic
extraction can be justified.


Mineral Resource -a
concentration or occurrence of natural, solid, inorganic, or fossilized organic
material in or on the Earth’s crust in such form and quantity and of such a
grade or quality that it has reasonable prospects for economic extraction. The
location, quantity, grade, geological characteristics, and continuity of a
Mineral Resource are known, estimated or interpreted from specific geological
evidence and knowledge.


Muck -ore or rock that has
been broken by blasting.


Muskeg -a thick deposit of
decayed vegetable matter forming swampy areas.


Natural Gas Liquids or ngls -primarily consist of propane, butane and condensate.


Claude
      Resources Inc. - 2007 Annual Information Form
                8
 
  Net Profit Interest -a phrase
used to describe a royalty payment made by a producer of metals based on a
percentage of revenue from production, less the deduction of the equivalent
percentage of costs of commercial production, including exploration, capital and
operating costs.


Net Smelter Return Royalty/ NSR
Royalty -a phrase used to describe a royalty payment made by a producer
of metals based on a percentage of gross metal production from the property,
less deduction of certain limited costs including smelting, refining,
transportation and insurance costs.


Pillar -a block of solid ore
or other rock left in place to structurally support the shaft, walls or roof of
a mine.


Plunge -the vertical angle a
linear geological feature makes with the horizontal plane.


Porphyry -any igneous rock in
which relatively large crystals are set in a fine-grained
groundmass.


Prefeasibility Study -a
comprehensive study of the viability of a mineral project that has advanced to a
stage where the mining method, in the case of underground mining, or the pit
configuration, in the case of an open pit, has been established, and where an
effective method of mineral processing has been determined. This study must
include a financial analysis based on reasonable assumptions of technical
engineering, operating, and economic factors, which are sufficient for a
Qualified Person acting reasonably, to determine if all or part of the Mineral
Resource may be classified as a Mineral Reserve.


Probable Mineral Reserve -the
economically mineable part of an indicated, and in some circumstances, a
Measured Mineral Resource, demonstrated by at least a Prefeasibility Study. This
study must include adequate information on mining, processing, metallurgical,
economic and other relevant factors that demonstrate, at the time of reporting,
that economic extraction can be justified.


Proven Mineral Reserve -the
economically mineable part of a Measured Mineral Resource demonstrated by at
least a Prefeasibility Study. This study must include adequate information on
mining, processing, metallurgical, economic and other relevant factors that
demonstrate, at the time of reporting, that economic extraction is
justified.


Pulp -a mixture of ground ore
and water.


Pyrite -an iron sulphide
mineral (FeS2), the
most common naturally occurring sulphide mineral.


Pyrrhotite -a bronze-colored,
often magnetic iron sulphide mineral.


Qualified Person -an
individual who is an engineer or geoscientist with at least five (5) years of
experience in mineral exploration, mine development, mine operation, project
assessment or any combination of these; has experience relevant to the subject
matter of the mineral project and technical report; and is a member in good
standing of a professional association.


Quartz -crystalline silica;
often forming veins in fractures and faults within older
rocks.


Quartz Monzonite -a coarse
grained, quartz rich igneous rock usually occurring as a smaller rock mass
associated with major granitic bodies.


Raise -a vertical or inclined
underground working that has been excavated from the bottom
upward.


Recovery Rate -the percentage
of valuable metal in the ore that is recovered by metallurgical
treatment.


Refractory -ore that resists
the action of chemical reagents in the normal treatment processes and which may
require pressure leaching or other means to affect the full recovery of the
valuable minerals.
  Claude
      Resources Inc. - 2007 Annual Information Form
                9


Resource -a concentration of
mineral material in such form and amount that economic extraction of a commodity
from the concentration is currently or potentially feasible. Locations, grade,
quality or quantity are estimated from specific geological
evidence.


Reverse Circulation Drilling (RC) -a drilling method used in geological appraisals whereby the drilling
fluid passes inside the drill stem to a down-the-hole percussion bit and returns
to the surface outside the drill stem carrying the drill chip
samples.


Roasting -to heat a
refractory ore to drive off volatile substances or oxidize the ore. The
oxidation of the ore liberates the gold.


Sericite -a fine-grained
potassium mica found in various metamorphic rocks.


Shear Zone -a zone in which
shearing has occurred on a large scale so that the rock is crushed and
brecciated.


Showing -surface occurrence
of mineral.


Shrinkage Stoping -any mining
method in which broken ore is temporarily retained in the stope to provide a
working platform and/or to offer temporary support to the stope walls during
active mining.


Silification -the insitu
alteration of a rock, which involves an increase in the proportion of silica
minerals.


Sill -an intrusive sheet of
igneous rock of roughly uniform thickness that has been forced between the
bedding planes of existing rock; the initial horizontal drift along the strike
of the ore vein.


Specific Gravity -the ratio
between the weight of a unit volume of a substance and that of
water.


Splay -one of a series of
divergent small faults or fractures at the extremities of a major
fault.


STB -stock tank barrels
equals 34.972 Imperial gallons or 42 U.S. gallons.


Stope -an underground
excavation from which ore has been extracted, either above or below a level.
Access to stopes is usually by way of adjacent raises.


Stratigraphy -the sequence of
bedded rocks in a particular area.


Supergene Effects -the near
surface effect of the water/solutions percolating down from the earth’s surface
(weathering); these solutions can dissolve minerals at the surface and then
reconcentrate at depth.


Synform -a fold whose limbs
close downward in strata for which the stratigraphic sequence is
unknown.


Tailings Pond -a low-lying
depression used to confine tailings, the prime function of which is to allow
enough time for heavy metals to settle out or for cyanide to be destroyed before
water is discharged into the local watershed.


Tonne -a metric ton or 2,204
pounds.


Tourmaline -a complex,
crystalized silicate containing boron.


Trenching -the process of
exploration by which till is removed from a trench cut from the earth’s
surface.


Undeveloped Acreage -in
reference to oil and natural gas reserves, means land to which no proven or
probable reserves have been assigned.


Unitized -the consolidation
of several producing leases into one operating unit; is usually undertaken to
enable greater recovery of natural gas, crude oil and liquids because it allows
for more economical operations.


Claude
      Resources Inc. - 2007 Annual Information Form
                10
 
  Vein -a thin, sheet-like,
cross-cutting body of hydrothermal mineralization, principally
quartz.


Volcanics -those originally
molten rocks, generally fine grained, that have reached or nearly reached the
Earth’s surface before solidifying.


Waste -barren rock in a mine,
or mineralized material that is too low in grade to be mined and milled at a
profit.


Waterflood -a method of
secondary recovery in which water is injected into an oil reservoir to force
additional oil out of the reservoir rock and into the well bore of producing
wells.


Weighted Average Exercise Price -the average price calculated when the grant price of each stock option is
multiplied by the number of options for each option grant price. The result is
summed and the total divided by the sum of the options
granted.


Weighted Average Remaining Life -the average remaining life of stock options outstanding calculated when
the remaining life of each stock option is multiplied by the number of options
for each grant price. The result is summed and the total divided by the sum of
the options granted.


Working interest or WI -in
reference to oil and natural gas reserves, means the interest held by Claude in
land or wells. This interest normally bears its proportionate share of capital
and operating costs as well as royalties or other production burdens. The
working interest percentage is expressed before royalty
interests.


Working Interest Reserves -in
reference to oil and natural gas reserves, means the remaining reserves of the
property multiplied by the Company’s percentage working interest.


Claude
      Resources Inc. - 2007 Annual Information Form
                11
 
  Item 1 Corporate
Structure


1.1           Name,
Address and Incorporation


Claude
Resources Inc. (“Claude” or the “Company”) was incorporated as a private
corporation under the CanadaBusiness Corporations
Act(the “CBCA”) on March 26, 1980 and was converted to a public company
by Articles of Amendment dated September 16, 1980. The Articles of Claude were
restated by Restated Articles of Incorporation dated November 14, 1988. Articles
of Reorganization dated November 8, 1993 were filed by Claude pursuant to the
CBCA, which resulted in all then issued and outstanding 7.5% Convertible
Redeemable First Preferred Shares, Series I in the capital of the Company being
changed into Common Shares. By Articles of Amendment dated October 23, 1996, the
Company’s Articles were amended to give the directors the ability to appoint
additional directors to the board, not to exceed one-third of the number of
directors elected at the previous annual meeting of
shareholders.


During
1998, the Company acquired 100% of the issued and outstanding common shares of
Madsen Gold Corp. pursuant to a take-over bid offer made by Claude on March 13,
1998 (the "Take-over Offer"), and all of the outstanding shares of 3377474
Canada Inc., owner of the mineral property, mill and equipment related to the
Tartan Lake gold mine.


Claude
amalgamated, effective January 1, 2000, with its subsidiaries Madsen Gold Corp.
and 3377474 Canada Inc. The amalgamated Company carries on business under the
name Claude Resources Inc. Prior to the amalgamation, Claude dissolved three of
its remaining subsidiaries. The subsidiaries dissolved were Centaur Mining
Contractors Corp., Jael Explorations Limited (“Jael”) and RSGM Exploration
Limited (“RSGM”). Both Jael and RSGM were wholly-owned subsidiaries of Madsen
Gold Corp. Following dissolution, the remaining assets of these subsidiaries
were transferred to Claude. The amalgamation and dissolutions were intended to
reduce the administrative and corporate governance requirements and expense
associated with maintaining a number of different
corporations.


The
registered office of the Company is located at 1500, 410 - 22nd Street
East, Saskatoon, Saskatchewan, S7K 5T6. Its principal executive office is
located at 200, 224 - 4th Avenue
South, Saskatoon, Saskatchewan, S7K 5M5, Telephone: (306) 668-7505; Facsimile:
(306) 668-7500, email: clauderesources@clauderesources.com.


1.2 
Subsidiary Corporations


Claude
has three wholly-owned subsidiary corporations: 574095 Alberta Ltd., an Alberta
corporation, and 4158849 Canada Ltd., and 4357523 Canada Ltd. both Canada
federal corporations.


Item 2 General Development
of the Business


2.1
Recent History


Recent
developments in the Company’s business over the last three completed fiscal
years were as follows:


2007:
Dewatering of the Madsen mine shaft was initiated in July of 2007. Access to the
16th
level as a platform for resource drilling and deep exploration drilling of the
high grade number 8 zone, among other zones, is planned for the first quarter of
2009. As well, the Company’s 2007 surface drill program included 90 holes
totaling 32,800 metres which targeted the Treasure Box, Russett South and Fork
zones. The programs resulted in the discovery of significant gold
mineralization, primarily at the Russett and Fork zones. The 2008 drill program
plans to test three advanced exploration targets and seven regional and/or
conceptual targets.


After
a six month bulk sampling program, Santoy 7 initiated commercial mining in the
fourth quarter of 2007. It has an expected life into the first half of 2010,
delivering 100-150 tonnes per day to the Seabee mill. The successful transition
from exploration through bulk sampling to commercial production of Santoy 7 is
one step towards the development of four satellite deposits located within
trucking distance of the expanded Seabee mill.


Claude
      Resources Inc. - 2007 Annual Information Form
                12
 
  Delineation
drilling continued on the Santoy 8 zone featuring 147 holes totaling 31,700
metres. The purpose of the drill program was to upgrade the resource to the
indicated category to allow for the completion of a feasibility report. The
Company anticipates the submission of Environmental Impact Study and, subject to
regulatory approvals, the initiation of mining in 2009.


During
the first quarter of the year the expansion of the Seabee mill was completed.
The increase in capacity satellite will allow for greater flexibility in mine
planning as well as ensure available capacity for tonnage from potential gold
projects such as the Santoy 8 zone and Porky Lake project.
  2006:
Claude regained 100% control of its Madsen exploration project in Red Lake,
Ontario from Goldcorp Canada Ltd., formerly Placer Dome (CLA) Limited,
(“Goldcorp”) effective September 1, 2006. The project was under an option
agreement with Goldcorp. Claude’s objective is to fully assess the potential for
high grade gold mineralization on the Madsen property with the initial focus on
de-watering the Madsen shaft to provide underground access for drilling
extensions of the historic high grade number 8 zone plus other zones. As well, a
surface drill program to pursue historic targets, including those developed by
Goldcorp, was underway by the end of the fourth quarter.


Claude
continued delineation drilling at the Santoy 7 and Santoy 8 zones. The Santoy
property, with access by permanent road completed in 2006, is approximately 11
kilometres east of the Seabee mine (see “Seabee Area - Property Description and
Access”). The permanent road to Santoy 7 allowed for the collection and
transport of a bulk sample from Santoy 7 to the Seabee mill. This process will
provide a more complete understanding of the preferred mine process to be used
as well as the gold content of the rock. The Company completed this sampling
process during the first half of 2007. Approval to conduct bulk sampling of the
Porky West zone (see “Seabee Area - Property Description and Access) was granted
during 2005 and an underground bulk sampling program was carried out during the
last quarter of 2006 to confirm grade, continuity and metallurgy of the gold
mineralization. Results of this bulk test and concurrent metallurgical work were
reported together with the results from the Santoy chip and muck samples in the
first quarter of 2007.


2005:
In June 2005, a permit was received to conduct a bulk sample of the Porky West
zone. (see “Claude Asset Locations - Seabee Mine - Currie Rose Property”).
Approximately 880 metres of decline was driven to the 130 metre level, from
which a 5,000 tonne sample was extracted. In October 2005, the Company received
a permit to conduct a bulk sample of the Santoy 7 zone (see “Claude Asset
Locations - Santoy Lake Property”). The Company began the decline in the first
quarter of 2006 and completed the bulk sample extraction during the first half
of 2007. The Seabee mill expansion to 1,100 tonnes per day from 550 tonnes per
day was fully underway in 2005. The expanded mill will accommodate processing of
ore expected from satellite deposits within trucking distance of the Seabee
mill. (see “Claude Asset Location - Seabee Mine”).


During
2005, Goldcorp delivered its final 2004 exploration report for the Madsen
property located near Red Lake, Ontario (see March 30, 2005 press release “New
High Grade Zones Discovered at Madsen” at www.clauderesources.com).
The property is located at Madsen, Ontario in the prolific Red Lake gold camp.
Goldcorp did not conduct any field exploration on the Madsen property in 2005.
By the end of 2004, Goldcorp had spent a total of $8.6 million on the property,
$400,000 more than required by the option agreement with
Claude.


Item 3 Description of the
Company’s Business


3.1
General


The
Company is engaged in the acquisition, exploration, and development of precious
metal properties, the acquisition and development of oil and natural gas
properties, the production and marketing of minerals and the production of oil,
ngls and natural gas. The majority of Claude's mineral properties are in
northern Saskatchewan, northwestern Ontario and northern Manitoba. The majority
of Claude’s oil and natural gas properties are in Alberta, with some property
interests in southeastern Saskatchewan.


The
Company is the sole owner and operator of the Seabee project, accessed by air
and located 125 kilometres northeast of LaRonge, Saskatchewan. This operation
has been in production since December 1991, producing nearly 795,000 ounces of
gold to December 31, 2007.





Claude
      Resources Inc. - 2007 Annual Information Form
                13
 
  In
2007, gold sales were 40,200 ounces. In 2006, gold sales from the mine were
47,400 ounces compared to 42,200 ounces in 2005.
  A
detailed description of the Seabee mine and area and the Company’s other
mineral properties is found under “3.3 Mineral Properties”.


The
Company, through its wholly-owned subsidiary, 574095 Alberta Ltd. (“574095”),
owns and administers its oil, ngls & natural gas property interests in
Alberta. These property interests in Alberta are operated by others and combined
with oil interests operated by the Company in southeastern Saskatchewan produced
64,600 barrels of oil and NGLs (2006 - 66,600 barrels; 2005 - 83,000 barrels)
and 588,000 MCF of natural gas (2006 - 616,000 MCF; 2005 - 669,000 MCF) in
2007.


A
detailed description of the Company’s oil and natural gas properties is found
under “3.4  Statement of Reserves Data and Other Oil and Natural Gas
Information”.


For
the three fiscal years ended December 31, 2007, 2006 and 2005 respectively, gold
sales accounted for 77%, 79%, and 67% of the Company’s revenues while oil, ngls
and natural gas sales accounted for 23%, 21% and 33% of the Company’s
revenues.


Operations,
although affected by weather, are not seasonal as both gold and oil &
natural gas are produced year round. The Company’s products are commodities for
which there is an active market and are not differentiated from the products of
competitors. Therefore, the Company conducts no special marketing for its
products and its revenue is largely determined by prevailing market prices. The
Company’s oil and natural gas interests in Alberta are operated by others. The
Company has no active management in the marketing of the oil and natural gas
produced from either the Alberta or Saskatchewan
properties.


The
Company is not dependent upon any patents, licenses or new manufacturing
processes, nor is it dependent upon any financial contracts other than those
entered into in the ordinary course of its business.


A
statement regarding the Company’s competitive position is disclosed in “3.2 Risk
Factors”, under “Industry Competition may Hinder Corporate
Growth”.


3.2 
Risk Factors


An
investment in the common shares of the Company must be considered speculative
due to the nature of the Company’s business and the present stage of exploration
and development of its mineral deposit properties. In addition to the other
information contained in the Company’s 2007 annual report, the following risk
factors should be considered in evaluating the Company.


The
Company is Involved in the Resource Industry which has Certain Inherent
Exploration and Operating Risks


The
level of profitability of the Company in future years will depend mainly on gold
prices, the cost of production at the Seabee mine and whether any of the
Company’s exploration stage properties can be brought into production. The
exploration for and development of mineral deposits involves significant risks,
which even a combination of careful evaluation, experience and knowledge may not
eliminate. It is impossible to ensure that the current and future exploration
programs on the Company’s mineral properties will establish reserves. Whether an
ore body will continue to be commercially viable depends on a number of factors,
some of which are the particular attributes of the deposit, such as size, grade
and proximity to infrastructure, as well as metal prices, which cannot be
predicted and which have been highly volatile in the past, mining costs, and
government regulations, including regulations relating to prices, taxes,
royalties, land tenure, land use, importing and exporting of minerals,
environmental protection and reclamation and closure obligations. The effect of
these factors cannot be accurately predicted, but the combination of these
factors may cause a mineral deposit that has been mined profitably in the past,
such as the Seabee mine, to become unprofitable. The Company is subject to the
risks normally encountered in the mining industry, such as unusual or unexpected
geological formations, cave-ins or flooding. The Company may become subject to
liability for pollution, cave-ins or other hazards against which it cannot
insure or against which it may elect not to insure.


Claude
      Resources Inc. - 2007 Annual Information Form
                14
 
  The
development of gold and other mineral properties is affected by many factors,
including the cost of operations, variations in the grade of ore, fluctuations
in commodity markets, costs of processing equipment and other factors such as
government regulations, including regulations relating to royalties,
fluctuations in the U.S. dollar versus Canadian dollar exchange rate, allowable
production, importing and exporting of minerals and environmental
protection.


Non-Operator
Status of Alberta Oil and Natural Gas Properties


All
of Claude’s oil and natural gas properties in Alberta are operated by others. As
such, the Company has little or no control over the operation of these assets.
The Company relies on the operators to ensure they are following best industry
practices and thereby mitigating potential risks. The risk factors found in the
Company’s oil and natural gas operations are similar to those found in its gold
operations. These include but are not limited to, inherent exploration and
operating risks, volatility of crude oil and natural gas prices, fluctuations in
the U.S. dollar versus Canadian dollar exchange rate, environmental regulation
and risk, uncertainty of reserve and resource estimates, governmental
regulations, competition and insurance risks.


Persistent
Low Gold Prices Could Cause Mine Operations to be Suspended or Shutdown and
Negatively Affect the Company’s Profitability


The
economics of developing gold and other metal properties are affected by many
factors including the cost of operations, variations in the grade of ore mined
and the price of gold or other metals. Depending on the price of gold, the
Company may determine that it is impractical to commence or continue commercial
production. The price of gold has fluctuated in recent years. During the year
ended December 31, 2007, the market price per ounce for gold ranged from a low
of U.S. $608 to a high of U.S. $841 with an average price of U.S.
$695.


Any
significant drop in the price of gold adversely impacts the Company’s revenues,
profitability and cash flows. Also, sustained low gold prices
can:


1.
              Reduce
      production revenues as a result of cutbacks caused by the cessation of
      mining operations involving deposits or portions of deposits that have
      become uneconomic at the prevailing price of gold;2.
              Cause
      the cessation or deferral of new mining projects;3.
              Decrease
      the amount of capital available for exploration activities;4.
              Reduce
      existing reserves by removing ore from reserves that cannot be
      economically mined at prevailing prices; or,5.
              Cause
      the write-off of an asset whose value is impaired by the low price of
      gold.





Gold
prices may fluctuate widely and are affected by numerous industry factors, such
as demand for precious metals, forward selling by producers and central bank
sales and purchases of gold. Moreover, gold prices are also affected by
macro-economic factors such as expectations for inflation, interest rates,
currency exchange rates and global or regional political and economic
situations. The current demand for and supply of gold affects gold prices, but
not necessarily in the same manner as current demand and supply affects the
price of other commodities. The potential supply of gold consists of new mine
production plus existing stocks of bullion and fabricated gold held by
governments, financial institutions, industrial organizations and individuals.
If gold prices remain at low market levels for a sustained period, the Company
could determine that it is not economically feasible to continue mining
operations or exploration activities.


There
can be no assurance that the price of gold will remain stable or that such price
will be at a level that will prove feasible to continue the Company’s
exploration activities, or if applicable, begin development of its properties,
or commence or, if commenced, continue commercial
production.


Claude
      Resources Inc. - 2007 Annual Information Form
                15
 
  Fluctuations
in the U.S. Dollar vs Canadian Dollar Exchange Rate Could Negatively Impact
Operating Results


The
price of gold and oil & natural gas is denominated in U.S. dollars and,
accordingly, the Company’s proceeds from operations from the Seabee mine and its
oil and natural gas properties will be denominated and received in U.S. dollars.
As a result, fluctuations in the U.S. dollar against the Canadian dollar could
result in unanticipated fluctuations in the Company’s financial results, which
are reported in Canadian dollars. During the year ended December 31, 2007, the
CDN$/US$ exchange rate ranged from a low of $0.9215 to a high of $1.1855 with an
average of $1.0750.


Inability
to Raise Required Funding Could Cause Deferral of Projects and/or Dilution of
Property Interests


The
Company’s ability to continue its exploration and development activities depends
in part on its ability to generate revenues from its operations or to obtain
financing through joint ventures, debt financing, equity financing, and
production sharing arrangements or other means.


The
failure of the Company to meet its ongoing obligations on a timely basis could
result in the loss or substantial dilution of its interest (as existing or as
proposed to be acquired) in its properties. In addition, management estimates
that $10.0 million is the minimum annual expenditure required to fulfill the
Company’s intended exploration programs in 2008 - primarily at its Madsen
project.


To
fund the balance of the 2008 exploration program at the Madsen property
(including the dewatering of the Madsen shaft) and to address ongoing equipment
and infrastructure upgrades at the Seabee properties, the Company has,
subsequent to December 31, 2007 and subject to regulatory approval,
announced plans to proceed with a debenture offering for up to $20 million.
Subsequent to 2008, Management believes operating cash flows will not be
sufficient to fund the continued exploration at Madsen and ongoing capital
improvements at the Seabee mine and area. The Company intends to divest of non
core assets, the proceeds of which will decrease the need for additional capital
to be raised through the issuance of new equity.


Unfavorable
Government Regulatory Changes may Cause Cessation of Mining Operations and
Exploration Activities


The
Company’s exploration operations are affected to varying degrees by government
regulations relating to mining operations, the acquisition of land, pollution
control and environmental protection, safety, production and expropriation of
property. Changes in these regulations or in their application are beyond the
control of the Company and may adversely affect its operations, business and
results of operations. Failure to comply with the conditions set out in any
permit or failure to comply with the applicable statutes and regulations may
result in orders to cease or curtail operations or to install additional
equipment. The Company may be required to compensate those suffering loss or
damage by reason of its operating or exploration
activities.


Currently,
all of the Company’s properties are subject to the federal laws of Canada and,
depending upon the location of the Company’s properties, may be subject to the
provincial laws of Manitoba, Saskatchewan, Alberta or Ontario as well as local
municipal laws. Mineral exploration and mining may be affected in varying
degrees by government regulations relating to the mining industry. Any changes
in regulations or shifts in political conditions are beyond the control of the
Company and may adversely affect its business.


Operations
may be affected in varying degrees by government regulations with respect to
restrictions on production, price controls, export controls, foreign exchange
controls, income taxes, expropriation of property, environmental and mine safety
legislation.


Stricter
Government Environmental Policies may Materially Affect Operating Results and/or
Delay Projects


In
connection with its operations and properties, the Company is subject to
extensive and changing environmental legislation, regulation and actions. The
Company cannot predict what environmental legislation, regulation or policy will
be enacted or adopted in the future or how future laws and regulations will be
administered or interpreted. The recent trend in environmental legislation and
regulation generally is toward stricter standards and this trend is likely to
continue in the future. The recent trend includes, without limitation, laws and
regulations relating to air and water quality, mine reclamation, waste handling
and disposal, the protection of certain species and the
preservation of certain lands. These regulations may require obtaining permits
or other authorizations for certain activities. These laws and regulations may
also limit or prohibit activities on certain lands lying within wetland areas -
areas providing for habitat for certain species and other protected areas.
Compliance with more stringent laws and regulations or stricter interpretation
of existing laws, may necessitate significant capital outlays, may materially
affect the Company’s results of operations and business, or may cause material
changes or delays in the Company’s intended activities.


Claude
      Resources Inc. - 2007 Annual Information Form
                16
 
  To
the best of the Company’s knowledge, the Company is operating in compliance with
all applicable environmental laws and regulations.


Imprecise
Ore Reserves and Ore Grade Estimates may Negatively Impact Gold Production and
Operating Profitability


Although
the Company has assessed the Mineral Reserve and Mineral Resource estimates
contained in this document and believes that the methods used to estimate such
Mineral Reserves and Mineral Resources are appropriate, such figures are
estimates. As well, estimates of Mineral Reserves and Mineral Resources are
inherently imprecise and depend to some extent on statistical inferences drawn
from limited drilling, which may prove unreliable. Furthermore, the indicated
level of recovery of gold may not be realized. Market price fluctuations of gold
may render reserves and deposits containing relatively lower grades of
mineralization uneconomic. Moreover, short-term operating factors relating to
the Mineral Reserves, such as the need for orderly development of the deposits
or the processing of new or different grades, may cause mining operations to be
unprofitable in any particular period.


Personnel
Risk


Many
of the projects undertaken by the Company rely on the availability of skilled
labour and the capital outlays required to employ such labour. The Company
employs full and part time employees, contractors and consultants to assist in
executing operations and providing technical guidance. In the event of a skilled
labour shortage, various projects of the Company may not become operational due
to increased capital outlays associated with labour. Further, a skilled labour
shortage could result in operational issues such as production shortfalls and
higher mining costs.


Potential
Shareholder Dilution Could Impact Share Price and New Equity
Issues


As
of December 31, 2007, there were directors, officers, key employees and
consultant stock options outstanding to purchase an aggregate of 3,661,667
common shares. These common shares issuable under these options, if fully
exercised, would constitute approximately 3.6% of the Company’s resulting share
capital. The exercise of such options and the subsequent resale of such shares
in the public market could adversely affect the prevailing share market price
and the Company’s ability to raise equity capital in the future at a time and
price which it deems appropriate. The Company may also enter into commitments in
the future which would require the issuance of additional common shares and the
Company may grant additional share purchase warrants and stock options. Any
share issuances from the Company’s treasury could result in immediate dilution
to existing shareholders.


Industry
Competition may Hinder Corporate Growth


The
Company’s business is intensely competitive, and the Company competes with other
mining and oil & natural gas companies, some of which have greater resources
and experience. Competition in the precious metals mining industry is primarily
for mineral rich properties which can be developed and produced economically;
the technical expertise to find, develop, and produce such properties; the
labour to operate the properties; and, the capital for the purpose of financing
development of such properties. Many competitors not only explore for and mine
precious metals, but also conduct refining and marketing operations on a
worldwide basis and some of these companies have much greater financial and
technical resources than the Company. Such competition may result in the Company
being unable to acquire desired properties, to recruit or retain qualified
employees or to acquire the capital necessary to fund its operations and develop
its properties. The Company’s inability to compete with other mining companies
could have a material adverse effect on the Company’s results of operations and
its business.


Claude
      Resources Inc. - 2007 Annual Information Form
                17
 
  Extreme
and Persistent Weather Conditions could cause Operating and Exploration
Difficulties


The
Seabee mine, certain of the Company’s oil and natural gas properties and the
Company’s exploration properties are all located in the northern portions of
Saskatchewan, Ontario, Manitoba or Alberta. Access to these properties and the
ability to conduct work on them can be affected by adverse weather conditions.
Adverse weather conditions can also increase the costs of both access and work
on the Company’s properties.


Title
to Company Properties could be Challenged with Potential Loss of
Ownership


Acquisition
of title to mineral properties is a very detailed and time-consuming process.
The Company believes it has investigated title to all of its mineral claims and
has obtained title opinions with respect to its most significant properties and,
to the best of its knowledge, titles to all properties are in good standing. For
the Madsen properties, the Company has searched title records for any and all
encumbrances. For the Seabee property, the Company has examined disposition
search abstracts from the Saskatchewan Ministry of Energy and Resources, made
inquiries to the Saskatchewan Ministry of Energy and Resources, reviewed lease
files at the Saskatchewan Ministry of Energy and Resources and received
confirmation from the Saskatchewan Ministry of
Environment.


The
title to the Company’s properties could be challenged or impugned. The
properties may have been acquired in error from parties who did not possess
transferable title, may be subject to prior unregistered agreements or transfers
and title may be affected by undetected defects.


Uninsured
Risks could Negatively Impact Profitability


In
the course of exploration, development and production of mineral properties,
certain risks, and in particular, unexpected or unusual geological operating
conditions including rock bursts, cave-ins, fire and flooding and earthquakes
may occur. It is not always possible to fully insure against such risks and the
Company may decide not to take out insurance against such risks as a result of
high premiums or other reasons. Should such liabilities arise, they could reduce
or eliminate any future profitability and result in increased costs and a
decline in the value of the securities of the Company.


Issuance
of Flow-Through Securities and the Potential Liabilities Associated with the
Failure to Incur Defined Exploration Expenditures within a Certain Time
Frame


Flow-through
securities are securities of the Company which meet certain criteria and qualify
for flow-through tax treatment for the purposes of the Canada Income Tax Act
("ITA"). Qualification as a “flow-through share” enables the Company to renounce
certain eligible resource expenditures incurred by the Company for the benefit
of any investor who is a Canadian taxpayer. Once issued, the shares are common
shares of the Company and are not differentiated from shares which were not
flow-through shares.


The
Company has financed certain mining exploration activities primarily through the
issuance of equity, including flow-through shares. As a result of flow-through
share agreements entered into during 2007, the Company is required to expend
$7.0 million in qualifying Canadian Exploration Expenses, as defined by the ITA,
prior to December 31, 2008. At December 31, 2007, $6.0 million remains to be
expended.


Under
the ITA, companies are permitted to issue flow-through shares pursuant to a
written agreement under which the issuer agrees to incur certain eligible
Canadian exploration expenses within the time frame specified in the agreement
(generally, 12 to 24 months) and to flow-through or “renounce” the related tax
deduction to the investor. The proceeds from the issuance of flow-through shares
must be expended on “qualifying expenditures,” which are related to mineral
exploration in Canada.


In
the event that the Company is unable to make the renunciation or fails to expend
the funds on qualifying exploration expenditures, the investor may be subject to
reassessment for any related tax deduction taken by the investor and the Company
could be liable to the investor for damages in an action for breach of contract.
However, there is no right of rescission of the subscription contract that would
result in a reversal of the share issuance. The investor may be entitled to
damages (based on a breach of contract claim), which may include amounts related
to the increased tax liability that the shareholder experienced resulting from
the failure of the Company to renounce the contracted
qualifying expenditures. In addition, the Company could be required to pay a
penalty and interest to the Government of Canada for failure to make and
renounce such qualifying expenditures, within prescribed time
limits.


Claude
      Resources Inc. - 2007 Annual Information Form
                18
 
  Although
the Company believes it will make the qualifying expenditures and renounce the
related tax deduction for the benefit of the purchasers of its flow-through
shares, there can be no assurance that the Company will be able to make the
qualifying expenditures or renounce such deductions in a timely manner. The
failure to make the qualifying expenditures or to renounce such deductions in a
timely manner could have a material adverse effect on the Company’s business or
its ability to raise additional financing through the issuance of flow-through
shares.


Due
to the Company’s Canadian Jurisdiction, Investors may be Deterred from Trading
Company Stock as it may be Difficult for U.S. Investors to Effect Service of
Process Against the Company


The
Company is incorporated under the laws of Canada. All of the Company’s directors
and officers are residents of Canada and all of the Company’s assets and its
subsidiaries are located outside of the United States. Consequently, it may be
difficult for United States investors to affect service of process in the United
States upon the Company’s directors or officers or to realize in the United
States upon judgments of United States courts predicated upon civil liabilities
under the United States Securities Exchange Act of 1934, as amended. A judgment
of a U.S. court predicated solely upon such civil liabilities may be enforceable
in Canada by a Canadian court if the U.S. court in which the judgment was
obtained had jurisdiction, as determined by the Canadian court, in the matter.
There is substantial doubt whether an original action could be brought
successfully in Canada against any of such persons or the Company predicated
solely upon such civil liabilities.


Conflicts
of Interest


Certain
of the directors of the Company are also directors and officers of other
companies engaged in mineral exploration and development and mineral property
acquisitions. As such, situations may arise where such directors are in a
conflict of interest with the Company. The Company will resolve any actual
conflicts of interest if and when the same arise in accordance with governing
legislation regarding conflicts of interest.


3.3 
Mineral Properties


The
Company’s mineral property portfolio includes Seabee, a producing gold mine, and
a portfolio of exploration properties in Canada, most of which are located in
the Provinces of Saskatchewan, Manitoba and Ontario. The Company has assembled
the majority of its property portfolio around three areas - the Seabee mine
(including the Santory 7 producing property and the Santory 8 and Porky Lake
advanced stage exploration projects) in Saskatchewan, the formerly producing
Madsen mine in Ontario and the formerly producing Tartan Lake mine in Manitoba.
At each of the three sites, Claude owns a mill and equipment that could
potentially be used to process ore from any economic ore body found within the
portfolio of properties located around it either by relocating the mill and
equipment to the economic ore body or by transporting the ore to the current
mill site. At the present time, only the Seabee mine and Santory mine contain an
economic body of ore and is producing gold. The other two properties are at the
exploration stage and the mills and equipment are presently shutdown and not in
operation.


Claude
      Resources Inc. - 2007 Annual Information Form
                19
 
  CLAUDE
ASSET LOCATIONS


Except
for the Seabee and Santory 7 mines, all of the Company’s mining properties are
at the exploration stage and do not contain any proven ore bodies. Among the
Company’s exploration projects, those within trucking distance of the Seabee
mill and the Madsen property will receive the majority of the Company’s
exploration budget and focus for the foreseeable future.


Seabee
Mine


The
Seabee mine is located at Laonil Lake, Saskatchewan, approximately 125
kilometres northeast of the town of La Ronge. Claude commenced commercial
production at the mine in December, 1991. Since start-up, the mine has produced
nearly 795,000 ounces of gold including 44,323 ounces produced in
2007.


SEABEE
PROPERTY


Claude
      Resources Inc. - 2007 Annual Information Form
                20
 
  SEABEE
AREA


Property
Description and Access


The
Seabee mine produces gold from two different but contiguous properties. The
original ten quartz claims covering the mine site were consolidated into a
single mineral lease (ML 5519) of approximately 201 hectares granted by the
Crown on November 25, 1999. In November 1994, the Company entered into an option
agreement to acquire a 100% working interest, subject to a 30% Net Profits
Interest, in the surrounding Currie Rose property. After fulfilling the
conditions in the option agreement and obtaining a 100% interest in the
property, a portion of the claims were converted to a mineral lease (ML 5520) on
January 1, 1999. The leases were renegotiated in June of 2002 and expire in
2025.







The
mine is located in the La Ronge Mining District at the north end of Laonil Lake
approximately 125 kilometres northeast of the town of La Ronge, Saskatchewan and
about 150 kilometres northwest of Flin Flon, Manitoba.


Topography
of the region is characterized by low rocky ridges interspersed with lakes and
muskeg. Temperature in the region typically ranges from -13 degrees Fahrenheit
(-25 degrees Celsius) in January to 62 degrees Fahrenheit (17 degrees Celsius)
in July. Mean annual precipitation is approximately 20 inches per year which
includes snowfall from late October to mid-April.


Access
to the minesite is by fixed wing aircraft from La Ronge or Flin Flon to a 1,460
metre airstrip located on the property. Equipment and bulky or heavier supplies
are trucked to the site via a 60 kilometre winter road from Brabant Lake on
Highway 102. The winter road is typically in use from January through
March.


The
Seabee operation directly supports a workforce of 240 employees with permanent
camp facilities. Electrical power is provided by a transmission line to the mine
by the provincial power authority, Saskatchewan Power
Corporation.


Property
Royalties


The
Company has a 100% interest in both the Seabee and Currie Rose properties.
However, production from the Currie Rose property is subject to a 30% Net
Profits Interest (NPI) in favor of Currie Rose Resources Inc. (“Currie Rose
Resources”) for the first $1,000,000 of profits received by Claude from the
property in a fiscal year, which is reduced to a 25% NPI for any additional
profits received by Claude during that fiscal year. Prior to Currie Rose Resources
receiving any of the NPI, Claude is entitled to first recover from the NPI the
Currie Rose Resources portion of capital, development and operating costs
related to the production of that ore. Claude is also entitled to subtract the
interest on Currie Rose Resources’ operating costs which is charged at prime
plus 1.5% based upon the previous month’s outstanding balance. As at December
31, 2007, the cumulative deficiency of Currie Rose Resources’ share of these
capital and operating costs totaled approximately $13.5 million (2006 - $12.2
million). Since commencing commercial gold production, a total of 606,329 tonnes
of ore have been processed from the Currie Rose property, from which a total of
124,092 ounces of gold have been recovered.


Claude
      Resources Inc. - 2007 Annual Information Form
                21
 
  From
2004 through 2007 the Company sold production royalties for proceeds of $7.1
million, $14.0 million, $35.0 million and $25.6 million, respectively. Certain
disclosure of these transactions has been taken from the 2007 Notes to the
Consolidated Financial Statements and is provided below:


a)  In December
2007, the Company entered into a Royalty Agreement (“2007 Agreement”) with Red
Mile Resources
No. 11 Limited Partnership (“Red Mile No. 11”) whereby the Company sold a
“Royalty” on a portion of the
gold production at its Seabee operations; this agreement lasts the shorter of 10
years or the life of the Seabee operations. The
Company received cash of $28,955,250 which included royalty income of
$25,624,000, indemnity fees of $1,355,382
and interest income of $1,975,868.


Under
the terms of the 2007 Agreement, the Company is required to make Royalty
payments at fixed amounts per ounce of gold produced; these amounts can vary
between CDN $35.17 to $147.05 per ounce over the term of the 2007 Agreement. In
addition, the Company granted Red Mile No. 11 a Net Profits Interest (NPI) of
3.50%, 3.70% or 3.90% in years 2013 through 2017, payable only if each day's
price of gold in any of those calendar years is equal to or greater than CDN
$1,250, $1,500 or $1,675 per ounce, respectively.


$25,625,000
of the cash received was placed with a financial institution; in return, the
Company received a restricted promissory note. The restricted promissory note
earns interest at 7%, payable annually, and matures on February 15, 2017.
Interest and principal from the restricted promissory note will be sufficient to
fund the expected basic royalty payments and any interest
expense.


Under
certain circumstances the Company has the right, by way of a call option, to
acquire the partnership units of Red Mile No. 11, effectively terminating the
2007 Agreement, for the lower of market value or for the outstanding amount of
the restricted promissory note at the end of the tenth year of the 2007
Agreement.


On
the balance sheet, the Royalty payment received from Red Mile No. 11 is included
in "Royalty Obligations". These amounts are treated as debt and bear interest
which is included in interest expense. The indemnity fee and interest income of
$1,355,382 and $1,975,868 received by the Company are included in "Deferred
Revenue" on the balance sheet and recognized in income as earned over the life
of the 2007 Agreement.


b)  In December
2006, the Company entered into a Royalty Agreement (“2006 Agreement”) with Red
Mile Resources
No. 8 Limited Partnership (“Red Mile No. 8”) whereby the Company sold a
“Royalty” on a portion of the gold
production at its Seabee operations; this agreement lasts the shorter of 10
years or the life of the Seabee operations. The Company
received cash of $39,200,000 which included royalty income of $35,000,000,
indemnity fees of $436,000 and
interest income of $3,764,000.


Under
the terms of the 2006 Agreement, the Company is required to make Royalty
payments at fixed amounts per ounce of gold produced; these amounts can vary
between CDN $40.82 to $254.66 per ounce over the term of the agreement. In
addition, the Company granted Red Mile No. 8 a Net Profits Interest (NPI) of
3.75%, 4.00% or 4.25% in years 2012 through 2016, payable only if each day’s
price of gold in any of those calendar years is greater than CDN $975, $1,175 or
$1,375 per ounce, respectively.


$35,000,000
of the cash received was placed with a financial institution; in return, the
Company received a restricted promissory note. The restricted promissory note
earns interest at 7%, payable annually, and matures on February 16, 2016.
Interest and principal from the restricted promissory note will be sufficient to
fund the expected basic royalty payments and any interest
expense.


Claude
      Resources Inc. - 2007 Annual Information Form
                22
 
  Under
certain circumstances the Company has the right, by way of a call option, to
acquire the partnership units of Red Mile No. 8, effectively terminating the
2006 Agreement, for the lower of market value or for the outstanding amount of
the restricted promissory note at the end of the tenth year of the 2006
Agreement.


On
the balance sheet, the Royalty payment received from Red Mile No. 8 is included
in “Royalty Obligations”. These amounts are treated as debt and bear interest
which is included in interest expense. The indemnity fee and interest income
received of $436,000 and $3,764,000, respectively was deferred and is included
in “Deferred Revenue” on the balance sheet and is being recognized in income as
earned over the life of the 2006 Agreement.


c)  In December
2005, the Company entered into a Royalty Agreement (“2005 Agreement”) with Red
Mile Resources
No. 7 Limited Partnership (“Red Mile No. 7”) whereby the Company sold a
“Royalty” on a portion of the go ld
production at its Seabee operations; this agreement lasts the shorter of 10
years or the life of the Seabee operations. The Company
received cash of $15,680,000 which included royalty income of $14,000,000,
indemnity fees of $907,000 and
prepaid interest of $773,000.


Under
the terms of the 2005 Agreement, the Company is required to make Royalty
payments at fixed amounts per ounce of gold produced; these amounts can vary
between CDN $3.00 to $112.45 per ounce over the term of the 2005 Agreement. In
addition, the Company granted Red Mile No. 7 a Net Profits Interest (NPI) of
1.00%, 2.00% or 3.00% in years 2011 through 2015, payable only if each day’s
price of gold in any of those calendar years is greater than CDN $875, $1,075 or
$1,275 per ounce, respectively.


$14,000,000
of the cash received was placed with a financial institution; in return, the
Company received a restricted promissory note. The restricted promissory note
earns interest at 6%, payable annually, and matures on February 15, 2015.
Interest and principal from the restricted promissory note will be sufficient to
fund the expected basic royalty payments and any interest
expense.


Under
certain circumstances the Company has the right, by way of a call option, to
acquire the partnership units of Red Mile No. 7, effectively terminating the
2005 Agreement, for the lower of market value or for the outstanding amount of
the restricted promissory note at the end of the tenth year of the 2005
Agreement.


On
the balance sheet, the Royalty payment received from Red Mile No. 7 is included
in “Royalty Obligations”. These amounts are treated as debt and bear interest
which is included in interest expense. Of the indemnity fees received, $907,000
was deferred and is included in “Deferred Revenue” on the balance sheet and
recognized in income as earned over the life of the 2005 agreement. The prepaid
interest received, $773,000, was deferred and recorded as income in
2006.


d)  In December
2004, the Company entered into a Royalty Agreement (“2004 Agreement”) with Red
Mile Resources
No. 3 Limited Partnership (“Red Mile No. 3”) whereby the Company sold a
“Royalty” on a portion of the gold
production at its Seabee operations; this agreement lasts the shorter of 10
years or the life of the Seabee operations. The Company
received cash of $8,018,000 which included royalty income of $7,112,000,
indemnity fees of $625,000 and
prepaid interest of $281,000.


Under
the terms of the 2004 Agreement, the Company is required to make Royalty
payments at fixed amounts per ounce of gold produced; these amounts can vary
between CDN $1.00 to $24.53 per ounce over the term of the 2004 Agreement. In
addition, the Company granted Red Mile No. 3 a Net Profits Interest (NPI) of
2.50%, 3.00% or 4.00% in years 2010 through 2014, payable only if each day’s
price of gold in any of those calendar years is greater than CDN $800, $900 or
$1,200 per ounce, respectively.


$6,982,000
of the cash received was placed with a financial institution; in return, the
Company received a restricted promissory note. The restricted promissory note
earns interest at 6%, payable annually, and matures on December 10, 2014.
Interest and principal from the restricted promissory note will be sufficient to
fund the expected basic royalty payments and any interest
expense.


Under
certain circumstances the Company has the right, by way of a call option, to
acquire the partnership units of Red Mile No. 3, effectively terminating the
2004 Agreement, for the lower of market value or for the outstanding amount of
the restricted promissory note at the end of the tenth year of the 2004
Agreement.


Claude
      Resources Inc. - 2007 Annual Information Form
                23
 
  On
the balance sheet, the Royalty payment received from Red Mile No. 3 is included
in “Royalty Obligations”. These amounts are treated as debt and bear interest
which is included in interest expense. Of the indemnity fees received, $625,000
was deferred and is included in “Deferred Revenue” on the balance sheet and
recognized in income as earned over the life of the 2004 agreement. The prepaid
interest received, $281,000, was deferred and recorded as income in
2005.


The
following supplemental schedules present the effects of the Red Mile Agreements
on the Restricted Promissory Notes, Royalty Obligations, and Deferred Revenue
balances presented on the Company’s balance sheet:


Restricted
Promissory Note Schedule




2007
            
            
            2006Balance,
      beginning of year
            
            $
            55,982
            
            
            $
            20,982Net
      additions
            
            
            25,624
            
            
            
            35,000Balance,
      end of year
            
            $
            81,606
            
            
            $
            55,982


Royalty
Obligation Schedule




2007
            
            
            2006Balance,
      beginning of year
            
            $
            56,496
            
            
            $
            21,112Net
      additions
            
            
            26,283
            
            
            
            35,384Balance,
      end of year
            
            $
            82,779
            
            
            $
            56,496


History


Gold
was first discovered around Laonil Lake in 1947 by prospectors acting on behalf
of Cominco Inc. (“Cominco”). Between 1947 and 1950, Cominco conducted an
extensive program of prospecting, trenching, geological mapping and diamond
drilling. The latter activity involved 79 holes totaling 4,414 metres and
identified four gold-bearing structures or zones on the
property.


The
property remained dormant until 1974, although in 1958 Cominco applied for and
was granted 10 Quartz mining leases covering the property. In 1961, Cominco
drilled 2 shallow holes of 41 metres as part of an overall review of the known
property data. This review allowed Cominco to estimate the property contained a
small gold resource. Cominco resumed exploration in 1974 and drilled 16 holes
totaling 458 metres to test additional vein structures. In 1982-83, Cominco
resumed work and drilled 3,776 metres in 20 holes, but they did not complete the
entire program as Cominco sold the property to BEC International Corporation who
subsequently reached an agreement with Claude which became the
owner.


Claude
      Resources Inc. - 2007 Annual Information Form
                24
 
  After
the return of the property, Claude initiated geological compilation and
analytical studies designed to correlate and substantiate the work done by
Placer. The Company engaged Cominco Engineering Services Limited (“Cominco
Engineering”) to conduct bulk sampling and drilling as part of a feasibility
study. A.C.A. Howe International Limited (“A.C.A. Howe”) completed a reserve
estimate for the property in December 1988 and Cominco Engineering submitted a
positive Feasibility Study in August 1989 and subsequently revised the study in
May 1990. At that time, Claude made the decision to put the deposit into
production and construction of the mine began in the summer of 1990. Mining
commenced at Seabee in December 1991.


Regional
and Property Geology


Northern
Saskatchewan forms part of the Churchill Province of the Canadian Shield. It has
been subdivided into a series of lithostructural crystal units and the section
containing the Seabee mine has been termed the Glennie Lake domain. This domain
includes both sediment-and volcanic-derived rocks. The mine is located within
the eastern contact area of the Laonil Lake Intrusive Complex, a roughly
triangular shaped metagabbroic intrusive body. All rocks are deformed and have
been regionally metamorphosed at conditions of middle amphibolite
facies.


The
Seabee property is underlain by the Laonil Lake metagabbro. Numerous
quartz-tourmaline bearing mineralized shear structures traverse the complex
forming a complicated shear system. The vein structures dip steeply, generally
strike at 70 degrees and exhibit extreme splay structures. Although the
predominant trend is around 70 degrees, sub-parallel to the Laonil Lake Shear
Zone, northwesterly structures have also been encountered. Vein mineralogy is
dominantly quartz with pyrite, pyrrhotite and chalcopyrite with accessory
tourmaline and carbonate. Silicification is the most common alteration type.
Gold mainly occurs in the free form as flakes and films replacing pyrite or at
sulphide boundaries. The higher grade gold values are often associated with
sections rich in sulphides or at vein junctions.


Mine
Details


Construction
of the Seabee mine began in 1990. The mill was completed in late 1991 with gold
production commencing in December of that year. The mine hosts permanent
facilities to support all mining operations and personnel. The Seabee mine,
including Santoy 7, currently employs approximately 240 workers of whom
approximately 120 are on site at any given time, subject to seasonal
adjustments. Approximately 110 persons are employed in the mill, maintenance,
electrical, catering, surface, diamond drilling and technical services areas, on
a two week-in and two week-out rotation. The remaining 130 people are employed
in the underground operations. Camp facilities on site are capable of
accommodating 145 people and are supported by a full complement of dining and
recreation facilities.


Claude
received regulatory approval in 1991 to deposit mill effluent and tailings into
the dewatered East Lake. The East Lake Tailings Management Facility (“TMF”) was
near capacity by the end of 2004; therefore, a new TMF was
proposed.


Claude
selected Triangle Lake as the preferred site for the construction of a new TMF.
Conditional regulatory approval to deposit tailings in Triangle Lake was
obtained in 2004.


The
proposed TMF at Triangle Lake included two containment dams, North Dam and South
Dam, at the north and south ends of the Triangle Lake basin, respectively. The
North Dam was to provide tailings containment between Triangle
and Pine Lakes, while the South Dam was to divert surface runoff from the
lowlands south of the Triangle Lake and provide tailings containment. Regulatory
approval was granted in August 2004 to construct the North Dam. A preliminary
design for the South Dam was completed in August 2005 and the dam itself was
completed in 2006.


In
2007, the Company raised the height of the Triangle Lake Dam to 454.0 metres,
recommissioned the water treatment plant and installed evaporators at its TMF.
Engineering studies are ongoing to address Seabee and area capacity requirements
beyond October 2009. The addition to the TMF is critical and are key to the
Company’s Santoy 8 project being approved in a timely manner.
 The
Company utilizes shrinkage stope, cut and fill and long-hole mining methods to
extract its ore bodies at the Seabee and Santoy 7 mines. Shrinkage or shrinkage
stoping refers to any mining method in which broken ore is temporarily retained
in the stope to provide a working platform and/or to offer temporary support to
the stope walls during active mining. Since ore “swells” when broken (blasted
ore increases its occupied volume by approximately 30%), it is necessary to
shrink the muck pile a corresponding amount by drawing some of the broken ore
out as the stope is advanced upward.As required by regulatory authorities, the
Company has provided letters of credit as security for reclamation related to
the Seabee properties in the amount of $1.6 million. As security for these
letters of credit, the Company has provided investment certificates in the same
amount.
 Claude
      Resources Inc. - 2007 Annual Information Form
                25


The
illustration below describes the general approach to shrinkage
stoping:







The
long-hole mining method is employed in steeply dipping narrow orebodies. Avoca
long hole aims to maximize the known resource and extract the orebody from the
bottom up. Ore is blasted at one end of an open stope while dry waste rock fill
is added to the other end to limit the length of the exposed wall in order to
control wall failure. Conventional longhole limits the strike length of stopes
to control dilution with resulting lower recoveries left in “rib”
pillars.


Claude
      Resources Inc. - 2007 Annual Information Form
                26


Seabee Mine Future Work
Progress
  Mineralization is known to
extend below the current lowest working levels at both Seabee and Currie Rose,
in addition to known veins not yet mined. The development of the 2B zone to the
980 metre level and additional delineation drilling proved successful in
replacing reserves mined out during the year with a modest decrease in proven
reserve grade. Claude is planning in excess of 30,000 metres of underground
drilling at Seabee to replace 2008 production and expand reserves and resources.
Drilling will be focused on the 2B and 2C veins laterally to the west. As well,
an 800 metre level diamond drill chamber will be driven during the first quarter
to test the down dip plunge of the 2B and 2C veins to the 1,200 metre level
(more than 400 metres below the existing workings).
  The
following table details the operations data of the Seabee mine for the last 5
years:


Seabee
Mine Operating Data




2007
            
            
            2006
            
            
            2005
            
            
            2004
            
            
            2003Ore
      Milled (tonnes)(1)
            
            
            227,700
            
            
            
            253,600
            
            
            
            236,400
            
            
            
            186,900
            
            
            
            208,900Grade
      processed (grams per tonne)
            
            
            6.35
            
            
            
            6.16
            
            
            
            6.32
            
            
            
            7.15
            
            
            
            7.95Mill
      Recoveries (%)
            
            
            95.4
            
            
            
            93.6
            
            
            
            92.9
            
            
            
            95.2
            
            
            
            94.7Gold
      Produced (ounces)(1)
            
            
            44,300
            
            
            
            47,000
            
            
            
            44,600
            
            
            
            40,900
            
            
            
            50,600Gold
      Sold (ounces)(2)
            
            
            40,200
            
            
            
            47,400
            
            
            
            42,200
            
            
            
            41,200
            
            
            
            50,800Cash
      Cost (US$/ounce of gold sold)(3)
            
            $
            586
            
            
            $
            396
            
            
            $
            358
            
            
            $
            297
            
            
            $
            253


(1)Includes amounts from
the Santoy and Porky bulk samples
 (2)Excludes amounts from
the Santoy and Porky Lake bulk samples.


(3)The Company reports its
operating costs on a per-ounce basis based on uniform standards developed by the
Gold Institute. Management uses this measure to analyze the profitability
(compared to average realized gold prices) of the Seabee mine, before
depreciation, depletion and accretion. When evaluating this profitability
measure, investors should be aware that no provision has been made for
exploration or development costs. A reconciliation of the cash costs in the
above table is provided below:


Consolidated
Total Cash Costs (US Dollar) Per Gold Ounce Sold


Years
ended December 31




2007
            
            
            2006
            
            
            2005
            
            
            2004
            
            
            2003Direct
      mining cost
            
            $
            586
            
            
            $
            396
            
            
            $
            358
            
            
            $
            297
            
            
            $
            253Other
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Cash
      operating costs
            
            $
            586
            
            
            $
            396
            
            
            $
            358
            
            
            $
            297
            
            
            $
            253Less:
      Royalties
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Total
      cash costs
            
            $
            586
            
            
            $
            396
            
            
            $
            358
            
            
            $
            297
            
            
            $
            253Gold
      ounces sold
            
            
            40,200
            
            
            
            47,400
            
            
            
            42,200
            
            
            
            41,200
            
            
            
            50,800Mine
      operating costs(US
      $ millions)
            
            $
            23.6
            
            
            $
            18.8
            
            
            $
            15.1
            
            
            $
            12.2
            
            
            $
            12.8(CDN
      $ millions)
            
            $
            25.3
            
            
            $
            21.3
            
            
            $
            18.3
            
            
            $
            15.9
            
            
            $
            18.0


Readers
are cautioned that the above measures may not be comparable to other similarly
titled measures of other companies should these companies not follow Gold
Institute standards.


Since
commencement of production in 1991, the mill has processed more than 3.4 million
tonnes of ore at an average head grade of 7.80 grams per tonne producing nearly
795,000 ounces of gold to December 31, 2007.
  Seabee mine - Currie
Rose
 Claude's
11,000 acre (4,500 hectare) Currie Rose property surrounds the Seabee property
with most of the ground under disposition lying to the west, north and east. In
1994, Claude entered into an option agreement with Currie Rose Resources, a
non-affiliated public company traded on the TSX Venture Exchange. The Company
has earned a 100% interest in the Currie Rose property subject to a 30% Net
Profits Interest (NPI) in favour of Currie Rose Resources. See “Property
Royalties” on page 21, for further detail.


Claude
      Resources Inc. - 2007 Annual Information Form
                27
 
  Geology


The
geology of the Currie Rose property is similar to that observed in the
previously described Seabee mine, as the Laonil Lake Intrusive Complex underlies
much of the property. Outside the core of the property, the Laonil Lake
Intrusive Complex is flanked by a volcanic-sedimentary rock sequence. Limited
drilling in these rock types has returned anomalous gold values. As reported
above, gold-bearing shears traverse this sequence. The West Porky discovery
indicated that gold does occur in concentrations sufficient to warrant
follow-up. See “History” below, for further detail.


History


The
Currie Rose property was originally staked by prospector David Partridge in 1980
to cover gold occurrences discovered by his father, Eric Partridge, during the
mid 1960s and early 1970s. They were optioned in 1980 and purchased outright in
1983 by Currie Rose Resources. Currie Rose Resources conducted exploration on
the property from 1980 to 1984 before optioning the property to Placer. Placer
was the exploration operator from 1984 to 1990. Approximately $2.6 million was
spent on various exploration activities on the property during this
period.


Placer’s
option on the property expired in 1991 with Currie Rose Resources regaining a
100% interest. No exploration work was conducted until 1994 when Claude entered
into an option agreement and carried out a prospecting program. This program
identified at least nine gold bearing structures that warranted drill testing.
In 1995, Claude conducted a drill program of 3,458 metres in 27 holes to test
the structures identified during the prior year. In 1996, Claude drilled a total
of 2,566 metres in 23 holes to define the 10 zone which was adjacent to the
western boundary of the Seabee property claims.


In
1997, Claude drilled a total of 1,395 metres in six holes, including one that
straddled the Seabee property’s western boundary. The holes encountered veins
that were interpreted as extensions of the Seabee’s 10 and 2c structures. Work
programs in 1999 involved 60 holes totaling 7,346 metres of diamond drilling.
This program targeted showings discovered by prospecting in the two preceding
years and focused on an area of the Currie Rose property to the south and west
of the mine trend. It produced some remarkable intersections on a structure (R
and S Vein intersection) that appears to have a limited strike length.
Additional structures returned encouraging intersections that require follow-up
drilling.


The
work program in 2000 included the winter drilling of 23 surface holes totaling
5,397 metres. As a follow-up to the preceding year’s program, most of the holes
were collared to the west of the Mineral Lease 5520 in the Bird Lake area,
exploring for mineralized structures parallel to the 2 Vein. Other targets in
the Porky Lake and Pine Lake areas were also tested. Drilling was successful in
confirming the existence of strong shear structures with encouraging gold
values.


In
2001, Claude explored six more remote target areas with a program that involved
42 holes that totaled 5,037 metres of diamond drilling. Testing splays and
parallel structures, this drilling encountered anomalous gold values within
variably sheared host rocks. Target areas included Scoop, Porky, Herb, Pine,
East and West Bird Lakes.


In
2002, Claude focused its attention on a laterally extensive geochemical soil
anomaly on the west shore of Porky Lake and on a series of quartz-bearing shear
structures north and east of the No. 5 ramp access. Porky Lake lies three
kilometres north of the Seabee mine. The Porky Main and West zones are located
in or close to the hinge area of the regional Porky Lake anticline.
Mineralization is hosted by shear zones near the contact between mafic
metavolcanic rocks and underlying feldspathic arenite. Both lithologies are
extensively altered and quartz flooded. Eighteen holes totaling 3,355 metres
targeted the former and 31 holes totaling 6,743 metres targeted the latter. The
Porky Lake drilling resulted in the discovery of the Porky West zone, a
‘calc-silicate’ second order shear structure that returned gold grades in the
3-15 grams per tonne range over widths from one to three metres. Additional
drilling east of the No. 5 mine access produced isolated high gold values over
narrow widths.


Claude
      Resources Inc. - 2007 Annual Information Form
                28


Drilling
in 2003 on the Porky West zone had as its goal, the delineation of this
mineralized structure to depth and along strike. The program consisted of 28
holes totaling 5,775 metres on 50-metre centres on the main zone. An additional
13 holes totaling 2,913 metres tested the structure’s potential along strike to
the west. This drilling resulted in the discovery of an arenite-hosted
high-grade lens named the west zone. Follow-up induced polarization geophysical
surveys suggest the Porky Lake mineralized system is more pervasive than
previously thought with greater continuity of the associated sulfide
phases.


Drilling
in 2004 in the Porky Main zone consisted of 22 in-fill holes totaling 3,047
metres. The holes were collared on a grid of approximately 25 by 25 metres.
Based on these and previously drilled holes, a resource estimation has
identified 160,000 tonnes grading 7.50 grams per tonne in the Indicated Mineral
Resource category with an additional 70,000 tonnes grading 10.43 grams per tonne
in the Inferred Mineral Resource category. This resource estimation was done
using the sectional method, with a 3.0 grams per tonne cut-off grade and a 42.5
grams per tonne cutting factor.


The
Porky West zone is located approximately 1.5 kilometres northwest of the Porky
Main zone, in the northwest limb of the Porky Lake anticline. Mineralization in
this structure is similar to that in the Main zone, but is mainly hosted in the
feldspathic arenite. Thirty-one delineation holes totaling 5,027 metres were
drilled in 2004 on the West zone, also on a grid of approximately 25 by 25
metres. The zone is open along strike further to the northwest as indicated by
surface exploration that has returned high-grade grab
samples.


A
6.8 kilometre all-weather road has been constructed between the Porky West zone
and the Seabee mill.


In
addition to the delineation drills in the Main and West zones, 25 exploratory
holes totaling 5,710 metres were drilled on the eastern limb of the Porky Lake
anticline, also targeting the contact between the mafic metavolcanic rocks and
feldspathic arenite. This phase of the drill program identified a wide
mineralized corridor (10 to 20 metres) that routinely returned assays of 1 to 2
grams per tonne. Within this corridor and associated with carbonate and
chloritic alteration, drilling returned multiple high-grade sulfide-quartz vein
intercepts, up to 31.87 grams per tonne over 6.3 metres.


The
core from this program was logged and split at the Company's core logging
facility at the Seabee mill. Assaying has been done by TSL Laboratories of
Saskatoon which include random checks of pulps and rejects. All core intervals
have been fire assayed with a gravimetric finish, with samples that assayed
greater than 10 grams per tonne checked by a total metallics
assay.


Claude
continued to aggressively explore the Porky Lake area for gold deposits in 2005.
Permission to conduct bulk sampling of the Porky West zone was granted in early
June. Physical work began at the site with the collaring of the portal and
driving about 125 metres of a 3.5 metre high by 4.0 metre wide decline ramp down
to the 65 metre level. A 7,657 tonne bulk sample grading 3.69 grams per tonne
was extracted in 2006 above the previously defined Mineral Resource. To date,
the West zone has an estimated Indicated Mineral Resource of 90,000 tonnes
grading 7.33 grams per tonne and an estimated Inferred Mineral Resource of
130,000 tonnes grading 5.00 grams per tonne.





Seabee/Currie
Rose Future Work Programs


During
2008, the Company plans to review previous data and undertake a limited
exploration program.


Claude
      Resources Inc. - 2007 Annual Information Form
                29
 
  Seabee Mine - Santoy
Lake


The
Santoy Lake property is an 11,400 acre (4,566 hectares) claim group located
adjacent to the Claude/Currie Rose property, approximately 11.5 kilometres east
of the Company’s operating Seabee mine. Claude holds a 100% interest in the
property subject to a 5% NPI. There are no underlying royalties. An all-weather
road providing access from the Seabee mine was completed in 2006 and continues
to be upgraded.


Geology


Mineralization
in the zones is hosted in siliceous shear zones with sulfide-chlorite-quartz
veins and in silicified granitoid sills. It has been confirmed that the Santoy 8
shear zone is at least 380 metres long and up to 350 metres wide. The zone is
open at depth. Mineralized sections of this zone range in thickness from 1.5 to
30 metres. It is likely that the 8 zone and the adjacent 150 metre long, 100
metre wide 8 East zone are interconnected.


The
Santoy 7 zone and the 8 and 8 East zone deposits are hosted in a four kilometre
long, northwest trending and northeast dipping sheared and mineralized corridor
in mafic volcaniclastic rocks and granitoid sills. The Santoy 7 is an isolated
deposit about 400 metres long and 40 to 60 metres wide, situated at the north
end of the trend. The 8 and 8 East zones start about 2.5 kilometres south of the
Santoy 7, and extend for at least 2,000 metres further south. Gold
mineralization occurs in gold-sulfide-chlorite-quartz veins in the shear zones,
near or in the granodiorite and granite sills. Gold-bearing chlorite quartz
veins 1 to 7 metres thick were routinely intercepted in the holes drilled in the
7 and 8 zones. In addition, a number of holes drilled between the 7 and 8 zones
also intercepted sporadic high-grade gold values.


History


In
1998, work crews conducted basic prospecting and mapping and discovered several
new veins. In the first quarter of 2002, these targets were drill-tested with
encouraging results. The Santoy area became the subject of an ongoing
exploration program with two significant deposits (Santoy 7 and Santoy 8 & 8
East) outlined in 2004/2005.


The
2004 and 2005 drilling programs concentrated on Santoy 6, 7 and 8 zones. Seven
gold zones had been discovered on the Santoy property during the Company’s
previous prospecting programs, with the 7 and 8 zones looking the most
promising.


In
2004, there were 5 holes drilled in Santoy 6 (598 metres), 48 holes in Santoy 7
(6,164 metres) and 21 holes (2,797 metres) drilled in Santoy
8.


The
2005 program in the Santoy area was devoted to the 8 and 8 East zones.
Sixty-eight diamond drill holes totaling approximately 15,296 metres were
drilled. This drilling was carried out to test the north-northwest plunge and
dip extensions of the mineralized shear structures outlined in previous drill
campaigns.


Permit
applications for an all-weather access road and bulk sampling were submitted to
the government in 2005. Permitting was granted to bulk sample the 7 zone in the
third quarter of 2005, with physical work starting in February of
2006.


During
2007, concurrent with the processing of Santoy 7 bulk sample tonnes in the first
half, infill drilling continued on Santoy 7 and Santoy 8 to provide more
accurate information for proposed mine plans. This drilling is also expected to
add to the resource base. The Santoy area, as a whole, contains a number of high
grade gold showings, some of which were drill-tested in previous years. A
structural review of the surface geology and existing drill sections will be
carried out and is expected to result in further drill targets in the
area.


Claude
      Resources Inc. - 2007 Annual Information Form
                30
 
  Recent
Exploration Results


In
2007, bulk sampling of the Santoy 7 deposit was initiated during the first
quarter and continued through to October when commercial production was
attained. Mining is currently active on three levels at a production rate of
approximately 200 tonnes per day.


At
Santoy 8, Claude carried out a drill program of 147 diamond drill holes totaling
31,670 metres in Santoy 8 (23,430 metres in 103 holes) and Santoy 8E (8,240
metres in 44 holes). The program provided 25-metre infill data to a depth of 250
metres on the deposits as well as testing strike and plunge extensions. Gold
mineralization at Santoy 8 has been extended to a strike length of 600 metres, a
width of 350 metres and remains open along strike and down plunge to the
north.


Santoy
Lake Property Future Work Programs


The
Company is in the process of producing a revised National Instrument 43-101 -
Standards of Disclosure for Mineral Projects (“NI 43-101”) resource calculation
and completing environmental studies in preparation for planned commercial
mining in 2009 of the Santoy 8 and 8E properties.


Seabee Area Reserves and
Resources


Claude
originally commissioned Cominco Engineering to provide a feasibility study on
the Seabee mine in 1989. A positive feasibility study was prepared and presented
to the Company in August 1989, and a revised study was presented in May 1990.
The reserve estimates for the property were reviewed by A.C.A. Howe. From
1988-2006, A.C.A. Howe visited the mine annually and received all technical,
developmental and production reports concerning the mine. Using this
information, A.C.A. Howe then reviewed the reserve estimates developed by the
Company’s own mining staff.


Beginning
in 2007, the Company’s Qualified Person, Philip Ng, B.ENG, M.ENG, P.ENG, VP of
Mining Operations, began reporting on the Company’s Mineral Reserves and Mineral
Resources in accordance with NI 43-101.


The
methodology for estimating Mineral Reserves and Mineral Resources is an
interpolation and extrapolation between sill sampling and diamond drill holes.
Resource blocks are measured from planned stope dimensions, excluding any
pillars that will not be extracted within a 12 month period. High-grade gold
assays are routinely cut to 50 grams per tonne prior to grade estimates. This
cutting factor has been established from statistics and is supported by
experience during the life of the mine.


Proven
Mineral Reserves are sampled in two dimensions by a sill and a raise, or are
sampled by horizontal sill mining and projected to no more than one mine level
to diamond drill holes on the same structure. Probable Mineral Reserves include
blocks that have either been sampled by sill mining and projected beyond diamond
drilling to a maximum one mine level, or have been sampled by closely spaced
diamond drill holes of usually less than 25 metres laterally and up to 50 metres
down dip on structures with a previous production history, or have been mapped
and sampled at surface.


The
major portion of the Proven and Probable Mineral Reserves occur within the
well-defined shoots currently being mined. The following mining and economic
factors are well-established and have been applied to those Mineral Resources
thereby resulting in their conversion to Mineral Reserves.


A
block cut off grade averaging 4.25 grams per tonne is applied to reserves.
This is the current operating break-even grade following the application of
dilution, mining losses and mill recovery. It may be necessary on occasion to
mine and haul lower grade ore to access reserves, but if this lower grade
material averages greater than 4.25 grams per tonne, it
is stockpiled for blending. Similarly, ore grading lower than 4.25 grams per
tonne that is already broken will be hauled and processed if economically
feasible.


The
walls and back of shrinkage stopes at the mine are supported by rock bolts to
minimize external dilution, which is currently estimated to average 10% to 35%
at zero to 0.5 grams per tonne at zero grade.
 Claude
      Resources Inc. - 2007 Annual Information Form
                31


A
remotely-operated scooptram is used to retrieve the residual in-stope ore that
is trapped between the drawpoints, keeping mining losses to an estimated
3%.


Based
upon regular test work at the mine, a Specific Gravity of 2.8 is utilized in
tonnage estimates on the less sulphide-rich zones; the 2d structure has a
measured density of 2.9.


All
samples at the Seabee mine are assayed on site in a fire assay gold laboratory.
Sample size is 30 grams (one assay tonne). Surface and underground drill core is
assayed in-house. Underground drill and chip samples are assayed on a daily
basis and checked by internal standards, though currently there are no external
checks. The accuracy of the assaying at the mine is confirmed by bullion
production.


As
reported by the Company’s Qualified Person, Philip Ng, B.ENG, M.ENG, P.ENG, VP
of Mining Operations, the December 31, 2007 Mineral Reserves and Mineral
Resources are as follows:


Mineral
Reserves and Mineral Resources at December 31, 2007


Claude Resources Inc. - 2007 Mineral Reserves and ResourcesProven and Probable ReservesDecember 31,
      2007
              December
      31, 2006Projects
              Tonnes
              Grade (g/t)
              Ozs
              Tonnes
              Grade
      (g/t)
              OzsSeabee
              934,098
              6.69
              201,039
              692,500
              6.59
              146,638Santoy
    7
              114,322
              6.74
              24,766
              -
              -
              -Totals
              1,048,420
              6.70
              225,805
              692,500
              6.59
              146,638Measured and Indicated Mineral ResourcesSantoy
    7
              -
              -
              -
              190,000
              8.42
              51,400Porky
      Main
              160,000
              7.50
              38,600
              160,000
              7.50
              38,600Porky West
      (GAS)
              90,000
              7.33
              21,200
              90,000
              7.33
              21,200Totals
              250,000
              7.44
              59,800
              440,000
              7.86
              111,200Inferred Mineral ResourcesSeabee
              1,020,000
              8.09
              265,244
              1,293,300
              8.96
              372,600Santoy
    7
              10,000
              10.00
              3,200
              10,000
              10.00
              3,200Santoy
    8
              910,000
              6.10
              178,500
              910,000
              6.10
              178,500Porky
      Main
              70,000
              10.43
              23,500
              70,000
              10.43
              23,500Porky West
      (GAS)
              130,000
              5.00
              20,900
              130,000
              5.00
              20,900Totals
              2,140,000
              7.14
              491,344
              2,413,300
              7.72
              598,700




For
the above table of reserves, the following mining and economic factors have been
applied:


(a)
              A
      block cut-off grade averaging 4.25 grams per tonne is applied to
      Mineral Reserves. This is the operating break­even grade at a gold
      price of CDN $800;


(b)           External
dilution is estimated to range from 10%-35% at zero to 0.5 grams per tonne
grade;


(c)           Historic
mining recovery is 97%;


(d)           A
Specific Gravity of 2.8 to 2.9 is utilized in tonnage
estimates;


(e)           Mineral
Resources do not have a demonstrated economic viability.


Madsen
Properties


The
Madsen properties comprise six contiguous claim blocks totaling approximately
10,000 acres (4,000 hectares) located in the Red Lake Mining District of
northwestern Ontario. The properties are the Buffalo, Starratt-Olsen,
Aiken-Russett, Redaurum, Hagar Option, and the Madsen
property.


Claude
      Resources Inc. - 2007 Annual Information Form
                32


Claude
and Goldcorp signed an option agreement (the “Option Agreement”) on the Madsen
properties dated December 15, 2000. The option allowed Goldcorp to earn a 55%
working interest in the Madsen property, Starratt-Olsen property, Aiken-Russet
property and Hager Option property by spending $8.2 million on exploration and
delivering a bankable feasibility study prior to the fifth anniversary of the
Option Agreement. The Option Agreement was amended effective January 1, 2002
whereby Goldcorp then had until December 15, 2006 to earn the 55% working
interest in the Madsen property under the same terms and conditions as described
above.


With
Goldcorp unable to meet the terms of the Option Agreement, Claude regained
control of the exploration project effective September 1, 2006. The Company
immediately began to prepare for dewatering of the shaft to facilitate
underground drilling - with the initial focus on drilling extensions of the
historic high grade No. 8 zone plus other zones. Preparation also began on a
surface drill program that will pursue historic targets including those
developed by Goldcorp.


The
Company considers the Madsen properties to be an advanced exploration stage
project. Although the Madsen mine is a former gold producer, the Company has not
to date conducted enough exploration or prepared a feasibility study to
determine if the Madsen properties contain any economic ore reserves. Therefore,
the current operations on the properties consist of an exploratory search for
mineable deposits of ore.


Location
and Access


The
Madsen properties are located in the Red Lake Mining District of northwestern
Ontario approximately ten kilometres southwest of the town of Red Lake. Access
to the property is via Ontario Highway 618 to a number of both paved and gravel
roads. An all-weather road from Highway 618 leads directly to the headframe of
the Madsen mine.


MADSEN
PROPERTIES


Claude
      Resources Inc. - 2007 Annual Information Form
                33
 
  Madsen Mines
  How
Acquired


Claude
acquired the Madsen mine and the other properties comprising the Madsen
properties through the takeover of Madsen Gold Corp., then a publicly traded
company, in 1998. The Company’s ownership of each property is listed in the
table below:




Property
            Claude’s
      Ownership PercentageMadsen
      mine
            100%Starratt-Olsen
            100%Aiken-Russett
            100%The
      property is subject to a 2% Net Smelter Return Royalty, to a maximum
      of$2.0
      million, held by previous property holders United Reef Limited
      andCanhorn
      Mining Corporation.Hagar
      Option
            100%Redaurum
            25%The
      property is subject to a 0.4% NSR Royalty in favour of
      RedaurumLimited.Buffalo
            100%.


Regional
and Property Geology


The
Red Lake District is situated at the western end of the Archean Uchi Subprovince
which comprises a series of metasedimentary and metavolcanic rocks essentially
surrounded by granitic and gneissose rocks. Several volcanic cycles have been
distinguished in the area, evolving from ultramafic, through mafic and
intermediate phases to a felsic cycle with abundant clastic and chemical
metasediments. The rocks trend northeast and are affected by regional and local
scale folding accompanied by restricted zones of intense
shearing.


Claude
      Resources Inc. - 2007 Annual Information Form
                34
 
  The
Madsen mine, when operational, worked a series of stacked, en echelon ore lenses
consisting of gold-bearing pyritic shoots with subordinate pyrrhotite and
arsenopyrite. The mineralization is hosted within two parallel micaceous units
termed the Austin and McVeigh "tuffs". These tuffs are interpreted to be an
alteration/deformation corridor within basalts, with pillowed through
volcaniclastic facies. The alteration corridor occurs at the contact of the
underlying Balmer assemblage with the much younger Confederation assemblage. The
host rocks dip to the southeast. The McVeigh horizon lies approximately 90
metres to the north of the Austin tuff. The latter was the most prolific
producer in the past. Workings extended to a depth of 1,275 metres and the
mineralized zone has been traced for 2,308 metres along
strike.


The
McVeigh tuff contains variably altered, auriferous pyrite-bearing lenses that
occur within the Flat Lake-Howey Bay deformation zone hosted by massive and
pillowed basalts overlain by a thin mafic to ultramafic sill, highly altered
mafic volcanic and volcaniclastic rocks (the Austin tuff) and a quartz feldspar
porphyry that marks the base of the Confederation assemblage. The mineralization
is semi-conformable to stratigraphy and dips at a slightly steeper angle than
the host formations.


High-grade
gold pods were also historically worked at depth in a zone of highly altered
ultramafic rocks, in the footwall of the main mine workings. Some of this
high-grade mineralization (No. 8 zone) occurs in blue quartz veins near the
contact of an altered basalt with an ultramafic unit. This mineralized contact
is located stratigraphically below the main sulfide replacement mineralized
zones on the north side of the shaft, approximately 600 metres in the
footwall.


History
and Previous Work


The
Madsen property was originally owned by Madsen Red Lake Gold Mines Ltd. ("Madsen
Red Lake"). Madsen Red Lake commenced production from the mine in 1938 at 272
tonnes per day and increased production to 726 tonnes per day in 1949. From 1966
to 1974, production gradually decreased as the last five years of Madsen Red
Lake’s ownership averaged production of 363 tonnes per day at a grade of 8.38
grams per tonne. Gold production fell from 44,497 ounces in 1971 to 29,163
ounces in 1973. Total production by Madsen Red Lake from 1938 to 1974 totaled
7.25 million tonnes at an average grade of 9.93 grams per tonne, or over 2.6
million ounces of gold.


In
1974, the mine was acquired by Bulora Corporation Ltd. (“Bulora”). Bulora
continued production until June 1976 when the mine was closed due to a lack of
new development and millfeed. The operation was petitioned into bankruptcy and
was purchased from Bulora’s trustee by Madsen-Rowland Mines Ltd.
(“Madsen-Rowland”). Noranda Exploration Limited (“Noranda”) optioned the
property from Madsen-Rowland. Noranda re-estimated the now flooded mine’s
reserves and conducted a limited surface drill program before allowing their
option to expire.


In
1988, Madsen Gold Corp. acquired the Madsen property from Madsen-Rowland. Madsen
acquired the adjacent Buffalo property in the prior year. Subsequent to these
acquisitions, Madsen acquired interests in the other Madsen properties referred
to previously.


Madsen
initiated a nine hole surface drill program totaling approximately 1,200 metres
to test identified lenses of gold mineralization above the 2nd level in the 2-30
area near the 2-30 raise. A second surface drill program totaling 1,310 metres
was carried out in 1990. That program discovered further gold mineralization in
the McVeigh zone that the previous operators had largely
ignored.


In
January 1993, Madsen engaged Watts, Griffis and McOuat, consulting geologists
and engineers ("WGM") to check the ore reserves at the Madsen mine. A subsequent
review was carried out in December 1996 by Micon International Inc.
("Micon").


Madsen
reopened the mine and carried out limited mining operations before placing the
mine on a care and maintenance basis in November 1997. Before the suspension of
mining operations, Madsen processed 46,000 tonnes of ore at an average grade of
3.63 grams per tonne. The overall mill grade was substantially below Madsen’s
expectations. Production came from stoping and development on various ore
lenses, including 12,800 tonnes grading 3.95 grams per tonne from the Austin
Tuff. The Austin Tuff material was of a lower grade than predicted due to
excessive internal dilution and geological problems. Highly diluted development
muck from the McVeigh tuff
was included in the total production figures that contributed to the lower
overall grade. Study of development face assays demonstrated that continuous,
high grade lenses actually occurred as predicted from detailed drilling;
however, the development muck passed to the mill included 50% or more
dilution.


Claude
      Resources Inc. - 2007 Annual Information Form
                35
 
  Claude
resumed exploration at the mine following its acquisition of Madsen in 1998.
Claude conducted surface and underground exploration drilling in order to verify
extensions of known gold zones which remained open at depth and along strike as
well as to identify new sources of higher grade ore. Claude also conducted a
small exploratory drill program at the Buffalo property. The Madsen mine was
dewatered and shaft refurbishment was completed through the 12th level.
Air, water and electrical services were installed to the seventh level and
mining in the old workings was restarted in June of 1998. The mill was started
in July of 1998, but low gold prices and small, marginal grade stopes did not
provide economic feedstock at 500 tonnes per day and the Madsen mine was not
brought back into commercial production. The Madsen mine processed 209,357
tonnes of ore at a mill feed grade of 4.15 grams per tonne from July of 1998 to
September of 1999 to produce 25,208 ounces of gold. Mining and mill operations
were suspended on October 31, 1999 to enable Claude to undertake further
exploration programs in an attempt to define economically mineable reserves at
the Madsen mine.


In
order to provide additional mill feed, Claude had commenced a surface
exploration program on a largely untested section of the parallel McVeigh
structure and based on encouraging drill results, established a portal and ramp
to access the McVeigh mineralized system in October of 1998. While Claude was
successful in discovering and developing mineralized shoots in the upper two
levels of the McVeigh zone, it was not enough to provide economic feedstock for
the mill at that time.


Claude
retained A.C.A. Howe in early 2000 to undertake a review of the property’s
Mineral Resource estimates. Working with mine personnel, A.C.A. Howe completed a
Mineral Reserve/Resource review for the Madsen mine. However, in the absence of
additional exploration and data, the mine estimates are not considered to be
reserves and will require additional exploration work in order to determine the
economic potential of the mine.


After
optioning the properties from Claude, Goldcorp initiated an exploration program
at the mine in 2001. They drilled 8 holes totaling 8,568 metres to establish the
mafic-ultramafic stratigraphy north of the Madsen mine and to test a segment of
the up-plunge projection of the high grade No. 8 zone as hosted by the
mafic-ultramafic rock suite. The 2001 program encountered predictable
stratigraphy, strong alteration and four zones containing elevated gold
values.


In
2002, Goldcorp’s exploration emphasis shifted to the mafic-ultramafic complex
approximately three kilometres north of the Madsen mine. Goldcorp geologists
identified a very strong alteration zone with coincident geochemical and
geophysical anomalies aligned on crosscutting structures as determined by
digital terrain modeling. Goldcorp interprets this group of targets to the north
of the Madsen mine as lateral or stratigraphic equivalents of the high grade No.
8 zone. Seventeen drill holes totaling 10,643 metres tested the three
northernmost targets at a reconnaissance scale (250-metre centers). As reported
in a March, 2003 press release, Goldcorp intersected high grade gold values over
narrow widths with this drilling.


In
2003, Goldcorp drilled 49 holes totaling 29,047 metres on six targets in the
Madsen area. Most of the drilling targeted a high-grade, quartz-tourmaline vein
swarm known as the ‘Treasure Box’. Most of the veinlets encountered had visible
gold present and returned assays from one to 116 grams per tonne over widths
generally less than 0.30 metres. Infill drilled on 50-metre centers, the vein
swarm showed good continuity.


During
the first half of 2004, Goldcorp concentrated its efforts in the Russet North
area, drilling 27 holes for a total of 5,012 metres. Key activities included
infill drilling of the “Treasure Box” and reconnaissance drilling of a similar
structure 1,000 metres to the southwest called “Anomaly 2”. Both of these
targets appear associated with mafic/ultramafic contacts occurring as swarms of
high-grade, narrow quartz-tourmaline veinlets. Concurrent with this drilling,
Goldcorp geologists continued to develop the Datamine 3D model for the Madsen
property. This modelling identified 19 separate targets requiring
follow-up.


During
the second half of 2004, Goldcorp drilled 14 holes totalling 5,315 metres. The
primary target was the “Fork” area, approximately one kilometre southwest of the
Madsen mine. Drilling of this target resulted in the discovery of three
new mineralized zones that appear visually similar to the No. 8 zone.
Intersected at shallow depths, these zones are interpreted to be the upper
portions of a high-grade mineralized system.


Claude
      Resources Inc. - 2007 Annual Information Form
                36
 
  By
year-end of 2004, Goldcorp has met its exploration expenditure requirement of
$8.2 million for the Madsen property. Goldcorp’s remaining obligation to vest in
the Madsen Joint Venture was to deliver a bankable feasibility study by year-end
2006. As the exploration results to that date were not sufficient to provide the
support necessary for this feasibility study, Goldcorp ceased exploring on the
property in 2005. Claude regained control of the Madsen property in September
2006.


Recent
Exploration Results


In
early 2007, a detailed drill program was initiated at the Treasure Box, 2.4
kilometres north of the Madsen mine complex. Previous drilling by Placer Dome
had outlined a moderately steep, north-dipping, quartz-tourmaline sheeted vein
system that hosts significant visible gold. Of the 27 holes, 21 returned 80
intercepts grading from 2.0 to 116.0 grams per tonne, typically over 0.3 metre
widths. In 2007, Claude completed 51 holes totaling 13,300 metres, testing the
system to depths in excess of 350 metres. Results included composite intervals
of 16.66 grams per tonne over 1.80 metres, 12.08 grams per tonne over 6.05
metres and 9.06 grams per tonne over 3.55 metres. The mineralized vein system
was intercepted over a strike length of 165 metres, although high-grade
intercepts appear to have relatively limited continuity. Further drilling to
test the depth potential of the system is planned for
2008.


Subsequent
to the Treasure Box program, drilling prioritized testing the contacts of the
main ultramafic body for the up-plunge expression of high grade Zone 8
mineralization. This zone was discovered and mined in the 1970’s on the 22nd to
27th
level. It is characterized by quartz veining and flooding associated with
tremolite-talc altered mafic/ultramafic rocks and has many similarities to other
high grade deposits in the Red Lake area, notably at Goldcorp’s Red Lake Mine
Complex.


In
the Russett South area, a 22 hole drill program tested 600 metres of the
mafic/ultramafic contact. The program resulted in the discovery of significant
gold mineralization, 29.08 grams per tonne over 2.0 metres, that is open at
depth and along strike to the south. Six hundred metres south of the Russett
South area, the Company drilled 19 holes for 10,600 metres testing the Fork Zone
target area. The program expanded the strike length of mineralization to 270
metres, intercepting mineralization ranging from 2 to 13 grams per tonne over
1.0 metre to 2.0 metre widths. The results were consistent with those reported
by Goldcorp in 2003. Drilling during the first quarter of 2008 continues to
expand the strike length of the system and has intercepted significantly higher
grades over expanded widths. Gold mineralization within the Fork Zone comprises
sulphidized quartz-veins variably associated with actinolite-biotite-garnet
altered basalt in proximity to the ultramafic contact. Mineralization remains
open along strike in both directions and down plunge.


Madsen
Property Future Work Programs


In
2008, the Company will continue the dewatering of the Madsen mine to provide
underground access for drilling extensions of the historic high grade No. 8 zone
plus other zones. Access to the 16th level,
as a platform for resource drilling and deep exploration drilling, is planned
for the first quarter of 2009. At December 31, 2007 the water level was
approximately 60 feet below the 8th level.
The 2008 drill program, totaling an expected 55,000 metres, plans to test three
advanced exploration targets and seven regional and or conceptual
targets.


Mine
Details


Madsen
purchased the 750 tonne per day Dona Lake mill, including the semi-autogenous
grinding and carbon-in-pulp circuits, from Placer Dome in 1994. In 1996, Madsen
transported the various modules to Red Lake and erected the mill on a new site
immediately south of the Madsen headframe.


The
mill consists of a single stage crushing circuit and a two stage grinding
circuit, which is then followed by cyanide leaching. The leached gold is
collected in a carbon-in-pulp circuit which is subsequently stripped using mild
caustic and collected on stainless steel mesh cathodes by electrowinning. The
product from electrowinning is refined into dore bars in an induction furnace.
Ontario Hydro supplies power via overhead lines at 44KV to a step-down
transformer on the Madsen property.


Claude
      Resources Inc. - 2007 Annual Information Form
                37
 
  As
required by regulatory authorities, the Company has provided letters of credit
as security for reclamation related to the Seabee properties in the amount of
$0.7 million. As security for these letters of credit, the Company has provided
investment certificates in the same amount.


Tartan Lake
Property


Tartan
Lake is a 6,675 acre property located in northwestern Manitoba about 12
kilometres northeast of Flin Flon. The property consists of 20 claims, three
quarry leases and contains the Tartan Lake mine, a former gold operation that
produced 48,000 ounces of gold before production was suspended in
1989.


The
property also contains a mill and tailings pond. Although the mill and equipment
are currently mothballed, the tailings pond is fully permitted. Since the
property is located in close proximity to Claude’s Amisk-Laural Lake properties,
the present mill could be refurbished and used to process ore transported from
Amisk Lake or other properties nearby.


How
Acquired


In
1998, Claude acquired the property, mill and equipment at Tartan Lake from Vista
Gold Corp, an arms-length public company, in exchange for 999,444 common shares
of Claude. The acquisition included a 440 tonne per day mill, mining equipment
and related parts, all related mine operating infrastructure, a permitted
tailings pond and 6,675 acres of mineral and land leases in the area. Claude
owns 100% of the property and there are no underlying
royalties.


Location
and Access


Access
to the property is via road from Flin Flon, approximately 12 kilometres
southwest of the property.


TARTAN
LAKE PROPERTY LOCATION


Claude
      Resources Inc. - 2007 Annual Information Form
                38
 
  Regional
and Property Geology


The
Tartan Lake deposit is a mesothermal lode gold deposit of Aphebian age. The
region is underlain by the Tartan Lake Gabbroic Complex. The mineralization on
the property occurs within quartz-tourmaline veins hosted by a gabbroic complex
in contact with intermediate to mafic volcanic rocks of the Amisk group. The
mineralizing system is dominated by early quartz-tourmaline veins that have been
reactivated by a subsequent shearing event with attendant offset and quartz
flooding. Mineralization in these zones is associated with shear zones
transecting the Tartan Lake Gabbroic Complex and all have some outcrop exposure.
Gold appears to be focused near the intersection of crosscutting vein
sets.


Exploration
History


Gold
was first discovered in the Tartan Lake area in 1931. Between 1931 and 1947,
previous operators completed several trenches and drill holes on what are now
referred to as the South, West Baseline, East Baseline and Ruby Lake
zones/showings. The Main zone, which is the largest deposit discovered on the
property to date, was discovered by Granges Inc. in 1984 by drilling a VLF
conductor.


The
deposit was brought into production by Granges Inc. in 1987. A decline was
driven to the 315 metre level between the Main zone and the South zone,
providing access to both. A drift was started to access the Southeast zone but
was stopped 75 metres from the zone due to the suspension of mining. Ore was
mined using undercut-and-fill and cut-and-fill methods, and hauled to surface by
trucks and stockpiled for milling with equipment on site.


The
mine produced 48,000 ounces of gold during its 2.5 years of operation. All
underground workings such as ventilation, electrical and pumping systems were
removed and the workings were allowed to flood in 1993, but sporadic exploration
continued from surface in an attempt to define additional mineable reserves. The
Southeast zone was discovered under Tartan Lake and, in 1995, drill testing
discovered the West zone.


In
July of 1998, an exploration crew employed by Claude visited the Tartan Lake
minesite and remapped the host structures observed on surface. This program
focused on the structural setting and style of mineralization. In 2002, field
crews selectively mapped and explored for lode structures near the minesite. In
2003, mapping crews traced a strong shear system west of the mine workings for
over one kilometre of strike length. Follow-up diamond drilling confirmed the
presence of strong shearing to the west and produced an encouraging intersection
from the West zone. In 2004, permitting was granted to dewater the mine to the
280-metre level at which a diamond drill station will be established. From this
location, the Company began a 4,500-metre drill program to evaluate the West
zone. This program has been halted pending further
review.


Two
holes were drilled in 2005 for a total of about 860 metres of core, to test the
western extension of the main, west, and south zones. A 2.70 metre wide
intersection with 11.30 grams per tonne of gold was encountered in a weakly
sheared and silicified zone in the first hole, and weak
tourmaline-quartz-carbonate altered andesite with elevated gold values were
intersected from the second hole.


In
2006 the Tartan property was put on care and maintenance. Claude continues to
review various alternatives with respect to this
property.


Amisk-Laural Lake
Property


The
Amisk-Laural Lake property, totaling 12,100 hectares, is a gold exploration
property located in the province of Saskatchewan 20 kilometres southwest of Flin
Flon, Manitoba. The property consists of 85 mineral dispositions in the Amisk
Lake area. Through an option agreement with property owners Husky Energy Inc.
(“Husky”) and Cameco Corporation (“Cameco”), Claude has earned a 35%
participatory interest in the property and can earn up to a 70% interest in the
property. Some of the mineral dispositions have immaterial Net Profits Interest
royalties.


The
property is at the exploration stage and is currently without economic ore
reserves. Therefore, the current operations on the properties consist of an
exploratory search for mineable deposits of ore.


Claude
      Resources Inc. - 2007 Annual Information Form
                39
 
  Location
and Access


The
property lies within Saskatchewan near the border with Manitoba. The nearest
town is Flin Flon, Manitoba, which is approximately 20 kilometres to the
northeast. Access is via bush plane from La Ronge or by road from La Ronge or
Flin Flon through a series of paved and gravel roads.


AMISK/TARTAN
LOCATION







How
Acquired


Husky
and a predecessor company of Cameco entered into an agreement effective November
1, 1987 whereby a joint venture (the "Amisk Joint Venture") was established to
prospect for and locate minerals within the Amisk-Laural property. Each of Husky
and Cameco had a 50% participating interest in the Amisk Joint
Venture.


In
October of 1995, Claude entered into an option agreement (the "Amisk Lake Option
Agreement") with Husky and Cameco, whereby it may earn and acquire a 35%
participating interest in the Amisk Joint Venture by spending an aggregate of
$2.5 million on the property by October, 1999 and an additional 35%
participating interest by spending a further $14.0 million by October, 2005, or
by bringing the property into commercial production within three months after
October, 2005. At any time after Claude has earned its initial 35% participating
interest, it may present a feasibility study to Cameco and Husky that will
become an "Approved Development Program" upon its approval by Cameco and Husky.
Upon such approval, each of Cameco and Husky must elect to participate in the
project and repurchase a 5% interest in the property at a predetermined price of
$2,357,500 or sell its 15% interest to Claude for
$800,000.


To
date, Claude has spent approximately $3.4 million on this property and thereby
has qualified to receive an initial 35% participating interest under the Amisk
Lake Option Agreement. Further expenditures on this project are contingent upon
successful renegotiation of the aforementioned option agreement with Cameco and
Husky.


Regional
and Property Geology


The
Amisk-Laural Lake property area lies within the Laural Lake Rhyolite Complex
within the Flin Flon-Snow Lake Greenstone Belt. The known mineralization on the
property is confined to the complex where deformation has influenced its present
distribution and orientation.





Claude
      Resources Inc. - 2007 Annual Information Form
                40
 Precious metal
mineralization is part of a synergistic hydrothermal event. The observed vein
mineralogy consists of pyrite and quartz, along with copper, lead, zinc, and
antimony sulphides, small quantities of bismuth and antimony tellurides
with quartz and carbonate minerals. Sericite-muscovite alteration occurs in the
wallrock, forming an envelope about the sulphide dominant mineralization. Quartz
veins on the property have been observed to be deformed, boudinaged and folded,
which is consistent with the overall deformation
style.
  Previous
Exploration History


Free
gold was discovered in quartz veins on the northwest shore of Amisk Lake in
1913. Since then, many claims have been staked at different times covering
various parts of the area. Exploration activity in the area remained somewhat
sporadic and geophysically-oriented for base metals until Saskatchewan Mining
Development Corporation (a predecessor of Cameco) began assembling a land
package through staking and options in the late 1970s. Cameco continued with
geophysical and geochemical programs which resulted in the discovery of gold on
the Laural Lake property and on a number of other significant gold showings in
the area prior to the programs being suspended in 1989.


In
the first three years of its option, Claude completed four phases of diamond
drilling totaling 18,000 metres in 57 holes as well as geological mapping during
the summers of 1997 through 1999. In 2000, Claude conducted mapping and
prospecting of those claims to fulfill assessment obligations. This field
program resulted in the discovery of a gold-bearing shear system on Lookout
Island that requires follow-up.
  In
2001, work programs on the Amisk-Laural property focused on meeting assessment
requirements as part of the option agreement obligations. In 2002, field crews
mapped and resampled the margins of the Laural Lake rhyolite dome. The work
confirmed the existence of elevated gold values as discontinuous stockwork
fractures proximal to the rhyolite’s margins. The program also included further
stripping/sampling of the Lookout Island gold-bearing shear system and two
silicified/pyritized corridors south of the Laural Lake zone on Hyslin
Bay.
 Late
in 2002, the Company initiated discussions with Cameco on the status and future
direction of the Amisk/Laural Lake project. The narrow discontinuous nature of
the stockwork veins recorded during the summer of 2002 effectively undermined
the Company’s confidence in the deposit’s mineral resource. Similar continuity
problems were reported during Cameco’s bulk sampling program in 1989. With the
integrity of the underlying resources in question, Claude’s management deems it
prudent to revisit the earn-in schedule of the option agreement. The Company’s
options include triggering the joint venture and/or renegotiating the option
under terms that more accurately reflect the property
value.


Recent
Exploration Results


There
has been no field work done since 2003. Claude is presently reviewing various
alternatives with respect to this property.


Other Mineral
Properties


The
Company currently holds interests in other exploration properties located in
northern Saskatchewan. The majority of these properties are in close proximity
to the Company’s core property, the Seabee mine. The Company considers these
properties to be secondary to those described above and has planned little or no
expenditures on these properties in the foreseeable future. None of these
properties contain any known economic body of ore. As the properties remain in
good standing, Management intends to retain their interest and will re-evaluate
their exploration plans for them as market conditions warrant and as funds
become available.


Sampling
and Analysis of Exploration Drill Holes


As
a detailed description of each hole is logged, including detailed documentation
of rock quality and core recovery, any zones of potential mineralization are
marked off for sampling, together with three to five samples in both the hanging
and foot walls. Samples are of one metre width, although 0.3 metre widths are
taken in places for geological interpretation purposes.





Claude
      Resources Inc. - 2007 Annual Information Form
                41
 
  Samples
are chosen based on geology. Lode gold mineralization in the greenstone belts
currently explored by Claude have shown through numerous exploration programs
carried out by the Company to have the economic concentrations
of gold located within the visually identifiable quartz-carbonate-sulphide
bearing dilation or shear zones within the host rocks. However, field geologists
are also trained to sample any other interval in the core that may have
mineralization associated with it, such as simple increases in sulphide mineral
content or quartz veining not associated with a known zone.
  Once
the drill hole has been logged and marked for assay, the core is transferred to
the core splitting facility and the selected sections are split by an electric
pneumatic splitter (in rare cases a saw is used), bagged and sealed using strict
cleanliness guidelines. These sealed and labeled bags are then put into large
tubs or sacks that are then sealed with security tags for transport to the
approved laboratory offsite.


The
Quality Assurance program put in place this year by Claude’s exploration
division provides the Company with the degree of certainty required to use the
resulting data as the basis for further exploration and development. It involves
the routine placement of control samples to monitor the performance of the
laboratories used by Claude, all of which are ISO approved. Every batch of
samples that goes into a laboratory’s furnace has at least one known powder from
a suite of standards purchased from recognized laboratories, resulting in a
frequency of 1 in 20, or 5 percent. A “blank” sample of a coarse-grained
quartz-rich rock is inserted after every sample containing the occurrence of
visible gold. During any “definition drilling” program for the calculation of a
mineral resource, then a frequency of one control sample in every 10 samples is
used, with a blank following any occurrence of visible gold. Pulp duplicates are
run every tenth sample by the laboratory.


The
Quality Control program reviews results from the above control samples and makes
the required decisions to either accept the data from each individual batch or
to reject the data and request a re-run of a batch. A batch is rejected if the
result for the standard exceeds the tolerance of the 95% confidence level stated
on the certificates that accompany each standard. Regarding the coarse-grained
“blanks”, a batch is rejected if the result is more than 3 times the detection
limit of the laboratory. Regarding the pulp duplicates, the failure trigger is
not as clear-cut due to the lode-gold nature of the mineralization. However
batches will start to be considered for re-run where the duplicates are greater
than ±10 relativepercent. Decisions will be balanced with the industry rule of thumb is
that roughly 10 percent of duplicate pairs will fail.


Security
of Samples


Drill
core is monitored from the moment it is taken out of the ground until it is
split and the samples delivered to the laboratory door. Unauthorized personnel
are not permitted access to the drill machines or the core logging and splitting
facilities. Samples split for assay are double-bagged within the splitting
facility with coded security tags and the laboratory receiving the samples
report any tags that are broken or any sample bags that appear to have been
tampered with.


3.4 
Statement of Reserves Data and Other Oil and Natural Gas
Information


The
statement of reserves data and other oil and gas information presented below
(the “Statement”) is dated December 31, 2007. The effective date of the
Statement is December 31, 2007, with a preparation date of March 4, 2008. In
accordance with the requirements of NI 51-101, the Report on Reserves by
Independent Qualified Reserves Evaluator in Form 51-101F2 and the Report of
Management and Directors on Reserves Data and Other Information in Form 51-101F3
are attached as Schedules A and B hereto, respectively.


Reserves
Data


The
Annual Economic Evaluation Reports of Claude’s oil and natural gas interests in
Alberta and Saskatchewan set forth below have been prepared by Sproule
Associates Limited, Calgary, Alberta with an effective date of December 31,
2007. The reserves data summarized in these evaluations summarizes the Company’s
oil, liquids and natural gas reserves and the net present values of future net
revenue for these reserves using constant prices and costs and forecast prices
and costs. Disclosure presented below conforms to the criteria defined in
National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities
(“NI 51-101”). The Company engages Sproule Associates Limited to provide an
evaluation of 100% of our proved and proved plus probable
reserves.





Claude
      Resources Inc. - 2007 Annual Information Form
                42
 All of the
Company’s reserves are located in Canada; specifically, in the provinces of
Alberta and Saskatchewan.
  Data
presented in the following tables contains estimates of future net revenue; it
should not be assumed that such estimates represent the fair market value of the
reserves. There is no assurance that the constant and forecast price and cost
assumptions will be attained and variances could be material. There is no
guarantee that the estimated reserves presented herein will be recovered. Actual
oil, natural gas and natural gas liquid reserves may be greater or less than
their estimates provided below. Additional information as to risks involved is
presented within the “Risk Factor” section.


SUMMARY
OF OIL AND GAS RESERVES


AND
NET PRESENT VALUES OF FUTURE NET REVENUE


AS
OF DECEMBER 31, 2007


CONSTANT
PRICES AND COSTS





Light and MediumOil
              Heavy Oil
              Natural Gas
      (non-associated &
      associated)
              Natural Gas(solution)
              Natural GasLiquidsReserve
      Category
              Gross
      (Mbbl)
              Net(Mbbl)
              Gross(Mbbl)
              Net(Mbbl)
              Gross
      (MMcf)
              Net(MMcf)
              Gross(MMcf)
              Net(MMcf)
              Gross(Mbbl)
              Net(Mbbl)Proved Developed
      Producing
              628.6
              501.2
              0
              0
              5,599
              3,475
              388
              197
              159.9
              74.8Proved Developed Non-Producing
              0.0
              0
              0
              0
              0
              0
              0
              0
              0
              0Proved
      Undeveloped
              0.0
              0
              0
              0
              0
              0
              0
              0
              0
              0Total
      Proved
              628.6
              501.2
              0
              0
              5,599
              3,475
              388
              197
              159.9
              74.8Probable
              243.3
              208.9
              0
              0
              1,321
              1,091
              79
              57
              35.3
              22.3Total Proved Plus
      Probable
              871.9
              710.1
              0
              0
              6,920
              4,566
              467
              254
              195.2
              97.1




The
following tables provide the net present value of the future net revenue of the
above proved and probable reserves, estimated using constant prices and costs,
before and after deducting future income tax expense, estimated without discount
and using a discount rate of 5%, 10%, 15% and 20%:




Net
      Present Value of Future Net RevenueBefore
      Income Taxes Discounted at (%
      / year)0%
            
            
            
            5%
            
            
            
            10%
            
            
            
            15%
            
            
            
            20%Reserves
      Category
            
            
            ($000)
            
            
            
            ($000)
            
            
            
            ($000)
            
            
            
            ($000)
            
            
            
            ($000)Proved
      Producing
            
            
            42,277
            
            
            
            25,973
            
            
            
            17,662
            
            
            
            12,864
            
            
            
            9,842Proved
      Non-Producing
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0Proved
      Undeveloped
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0Total
      Proved
            
            
            42,277
            
            
            
            25,973
            
            
            
            17,662
            
            
            
            12,864
            
            
            
            9,842Total
      Probable
            
            
            16,578
            
            
            
            7,949
            
            
            
            4,816
            
            
            
            3,332
            
            
            
            2,498Total
      Proved Plus Probable
            
            
            58,855
            
            
            
            33,922
            
            
            
            22,478
            
            
            
            16,196
            
            
            
            12,340






Claude
      Resources Inc. - 2007 Annual Information Form
                43






Net
      Present Value of Future Net RevenueAfter
      Income Taxes Discounted at (%
      / year)0%
            
            
            
            5%
            
            
            
            10%
            
            
            
            15%
            
            
            
            20%Reserves
      Category
            
            
            ($000)
            
            
            
            ($000)
            
            
            
            ($000)
            
            
            
            ($000)
            
            
            
            ($000)Proved
      Producing
            
            
            29,710
            
            
            
            18,227
            
            
            
            12,368
            
            
            
            8,986
            
            
            
            6,857Proved
      Non-Producing
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0Proved
      Undeveloped
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0Total
      Proved
            
            
            29,710
            
            
            
            18,227
            
            
            
            12,368
            
            
            
            8,986
            
            
            
            6,857Total
      Probable
            
            
            11,669
            
            
            
            5,587
            
            
            
            3,374
            
            
            
            2,325
            
            
            
            1,734Total
      Proved Plus Probable
            
            
            41,379
            
            
            
            23,814
            
            
            
            15,742
            
            
            
            11,311
            
            
            
            8,591


TOTAL
FUTURE NET REVENUE


(UNDISCOUNTED)


AS
OF DECEMBER 31, 2007


CONSTANT
PRICES AND COSTS






Revenue
                  ($
    000)
              
              
              Royalties
                  ($
    000)
              
              
              Operating
                Costs
                ($
    000)
              
              
              Development
                Costs
                ($
    000)
              
              
              Well
                Abandonment
                Costs
                ($
    000)
              
              
              Future
      net
                revenue
      before
                Income
      taxes
                ($
    000)
              
              
              Income
                Taxes
                ($
    000)
              
              
              Future
      net
                revenue
      after
                Income
      taxes
                ($
    000)Proved
      Reserves
              
              
              109,232
              
              
              
              31,819
              
              
              
              33,786
              
              
              
              934
              
              
              
              416
              
              
              
              42,277
              
              
              
              12,567
              
              
              
              29,710Proved Plus
      Probable
              
              
              143,590
              
              
              
              37,324
              
              
              
              45,750
              
              
              
              1,217
              
              
              
              445
              
              
              
              58,854
              
              
              
              17,475
              
              
              
              41,379


FUTURE
NET REVENUE


BY
PRODUCTION GROUP


AS
OF DECEMBER 31, 2007


CONSTANT
PRICES AND COSTS







Reserves
      Category
            Production
      Group
            Future
      Net
              Revenue
              Before
              Income
              Taxes
              (Discounted
              at
              10%/Year)
              (M$)
            Unit
      Value Before Income Taxes
              (Discounted
      at
              10%/Year)
      ($/boe)Proved
            Light
      and Medium Crude Oil (including solution gas and associated
      by-products)
            9,543
            16.90Heavy
      Oil (including solution gas and associated
    by-products)
            0
            0Natural
      Gas (including associated by-products)
            8,119
            13.03Proved
      Plus
            Light
      and Medium Crude Oil (including solution gas and associated
      by-products)
            12,840
            16.23ProbableHeavy
      Oil (including solution gas and associated
    by-products)
            0
            0Natural
      Gas (including associated by-products)
            9,638
            11.77


Claude
      Resources Inc. - 2007 Annual Information Form
                44
 
  SUMMARY
OF OIL AND GAS RESERVES


AND
NET PRESENT VALUES OF FUTURE NET REVENUE


AS
OF DECEMBER 31, 2007


FORECAST
PRICES AND COSTS







Light
      and Medium Oil
            
            
            Heavy
      Oil
            
            
            Natural
      Gas (non-ssociated
      & associated)
            
            
            Natural
      Gas (solution)
            
            
            Natural
      Gas LiquidsReserve
      Category
            
            Gross
      (Mbbl)
            
            
            Net
      (Mbbl)
            
            
            Gross
      (Mbbl)
            
            
            Net
      (Mbbl)
            
            
            Gross
      (MMcf)
            
            
            Net
      (MMcf)
            
            
            Gross
      (MMcf)
            
            
            Net
      (MMcf)
            
            
            Gross
      (Mbbl)
            
            
            Net
      (Mbbl)Proved
      Developed Producing
            
            
            599.4
            
            
            
            472.5
            
            
            
            0
            
            
            
            0
            
            
            
            5,643
            
            
            
            3,515
            
            
            
            371
            
            
            
            186
            
            
            
            157.8
            
            
            
            73.9Proved
      Developed Non-Producing
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0Proved
      Undeveloped
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0Total
      Proved
            
            
            599.4
            
            
            
            472.5
            
            
            
            0
            
            
            
            0
            
            
            
            5,643
            
            
            
            3,515
            
            
            
            371
            
            
            
            186
            
            
            
            157.8
            
            
            
            73.9Probable
            
            
            225.9
            
            
            
            191.7
            
            
            
            0
            
            
            
            0
            
            
            
            1,352
            
            
            
            1,119
            
            
            
            68
            
            
            
            50
            
            
            
            34.1
            
            
            
            21.6Total
      Proved Plus Probable
            
            
            825.3
            
            
            
            664.2
            
            
            
            0
            
            
            
            0
            
            
            
            6,995
            
            
            
            4,634
            
            
            
            439
            
            
            
            236
            
            
            
            191.9
            
            
            
            95.4


The
following tables provide the net present value of the future net revenue of the
above proved and probable reserves, estimated using forecast prices and costs,
before and after deducting future income tax expense, estimated without discount
and using a discount rate of 5%, 10%, 15% and 20%:




Net
      Present Value of Future Net RevenueBefore
      Income Taxes Discounted at (%
      / year)0%
            
            
            
            5%
            
            
            
            10%
            
            
            
            15%
            
            
            
            20%Reserves
      Category
            
            
            ($000)
            
            
            
            ($000)
            
            
            
            ($000)
            
            
            
            ($000)
            
            
            
            ($000)Proved
      Producing
            
            
            41,554
            
            
            
            25,400
            
            
            
            17,062
            
            
            
            12,268
            
            
            
            9,277Proved
      Non-Producing
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0Proved
      Undeveloped
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0Total
      Proved
            
            
            41,554
            
            
            
            25,400
            
            
            
            17,062
            
            
            
            12,268
            
            
            
            9,277Total
      Probable
            
            
            18,481
            
            
            
            8,440
            
            
            
            4,815
            
            
            
            3,184
            
            
            
            2,315Total
      Proved Plus Probable
            
            
            60,035
            
            
            
            33,840
            
            
            
            21,877
            
            
            
            15,452
            
            
            
            11,592







Net
      Present Value of Future Net RevenueAfter
      Income Taxes Discounted at (%
      / year)0%
            
            
            
            5%
            
            
            
            10%
            
            
            
            15%
            
            
            
            20%Reserves
      Category
            
            
            ($000)
            
            
            
            ($000)
            
            
            
            ($000)
            
            
            
            ($000)
            
            
            
            ($000)Proved
      Producing
            
            
            30,951
            
            
            
            18,866
            
            
            
            12,621
            
            
            
            9,033
            
            
            
            6,797Proved
      Non-Producing
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0Proved
      Undeveloped
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0
            
            
            
            0Total
      Proved
            
            
            30,951
            
            
            
            18,866
            
            
            
            12,621
            
            
            
            9,033
            
            
            
            6,797Total
      Probable
            
            
            13,801
            
            
            
            6,277
            
            
            
            3,557
            
            
            
            2,334
            
            
            
            1,682Total
      Proved Plus Probable
            
            
            44,752
            
            
            
            25,143
            
            
            
            16,178
            
            
            
            11,367
            
            
            
            8,479


Claude
      Resources Inc. - 2007 Annual Information Form
                45
 
  TOTAL
FUTURE NET REVENUE


(UNDISCOUNTED)


AS
OF DECEMBER 31, 2007


FORECAST
PRICES AND COSTS







Revenue
      ($ 000)
            
            
            Royalties
      ($ 000)
            
            
            Operating
                Costs
                ($
      000)
            
            
            Development
                Costs
                ($
      000)
            
            
            Well
                Abandonment
                Costs
                ($
      000)
            
            
            Future
      Net
              Revenue
      Before
              Income
      Taxes
              ($ 000)
            
            
            Income
              Taxes
              ($ 000)
            
            
            Future
      Net
              Revenue
      After
              Income
      Taxes
              ($
      000)Proved
      Reserves
            
            
            118,229
            
            
            
            33,344
            
            
            
            41,709
            
            
            
            1,003
            
            
            
            618
            
            
            
            41,554
            
            
            
            10,603
            
            
            
            30,951Proved Plus
      Probable
            
            
            163,099
            
            
            
            40,033
            
            
            
            60,997
            
            
            
            1,286
            
            
            
            746
            
            
            
            60,035
            
            
            
            15,283
            
            
            
            44,753


FUTURE
NET REVENUE


BY
PRODUCTION GROUP


AS
OF DECEMBER 31, 2007


FORECAST
PRICES AND COSTS




Reserves
      Category
            Production
      Group
            Future
      Net
              Revenue
              Before
              Income
      Taxes
              (Discounted
              at
      10%/Year)
              (M$)
            Unit
      Value
              Before
              Income
      Taxes
              (Discounted
              at
      10%/Year)
              ($/boe)Proved
            Light
      and Medium Crude Oil (including solution gas and associated
      by-products)
            7,722
            14.5Heavy
      Oil (including solution gas and associated
    by-products)
            0
            0Natural
      Gas (including associated by-products)
            9,340
            14.81Proved
      Plus Probable
            Light
      and Medium Crude Oil (including solution gas and associated
      by-products)
            10,646
            14.39Heavy
      Oil (including solution gas and associated
    by-products)
            0
            0Natural
      Gas (including associated by-products)
            11,231
            13.51


Claude
      Resources Inc. - 2007 Annual Information Form
                46
 
  Pricing
Assumptions


Constant
prices and costs are defined in NI 51-101 as the Company’s prices and costs as
at the evaluation effective date. The Company’s prices and costs are defined as
the posted price for oil and the spot price for gas, after historical
adjustments for transportation, gravity and other factors.


The
preceding evaluations of reserves data utilizing constant pricing and costs used
the following constant price forecasts as at December 31,
2007:


SUMMARY
OF PRICING AND INFLATION ASSUMPTIONS


AS
OF DECEMBER 31, 2007


CONSTANT
PRICES AND COSTS







Oil
            
            
            Natural
      Gas
            
            
            LiquidsYear
            
            WTI
              Cushing
              Oklahoma
              ($US/bbl)
            
            
            Edmonton
              Par
      price
              400
      API
              ($Cdn/bbl)
            
            
            Cromer
              Medium
      29.30
              API
              ($Cdn/bbl)
            
            
            Alberta
              AECO-C
              Spot
              ($Cdn/MMBTU)
            
            
            Pentanes
              FOB
              Fieldgate
              (CDN$/bbl)
            
            
            Butanes
              FOB
      Fieldgate
              (CDN$/bbl)
            
            
            Exchange
              Rate
              (US$/CDN$)2007
            
            
            96.00
            
            
            
            93.44
            
            
            
            72.58
            
            
            
            6.52
            
            
            
            95.59
            
            
            
            81.79
            
            
            
            1.009


The
preceding evaluation of reserves data utilizing forecast prices utilized the
following sets for the benchmark reference prices, as at December 31, 2007
reflected in the reserves data. These assumptions of price were provided to
Claude by Sproule Associates Limited.


SUMMARY
OF PRICING AND INFLATION ASSUMPTIONS


AS
OF DECEMBER 31, 2007


FORECAST
PRICES AND COSTS





OIL
              
              Natural
      Gas
              
              LiquidsEdmonton
              Cromer
              
              Alberta
              
              Pentanes
              ButanesWTI
      Cushlng
              Par
    price
              Medium
              
              AECO-C
              
              FOB
              FOB
      Fieldgate
              
              ExchangeOklahoma
              400API
              29.30API
              
              Spot
              
              Fieldgate
              (CDN$/bbl)
              Inflation
              RateYear
              ($US/bbl)
              ($Cdn/bbl)
              ($Cdn/bbl)
              
              ($Cdn /
      MMBTU)
              
              (CDN$ /
      bbl)
              
              Rate
              (US$/
      CDN$)2008(1)
              89.61
              88.17
              75.83
              
              6.51
              
              90.30
              65.72
              2.0
              1.0002009
              86.01
              84.54
              72.71
              
              7.22
              
              86.58
              63.01
              2.0
              1.0002010
              84.65
              83.16
              71.52
              
              7.69
              
              85.17
              61.98
              2.0
              1.0002011
              82.77
              81.26
              69.89
              
              7.70
              
              83.23
              60.57
              2.0
              1.0002012
              82.26
              80.73
              69.43
              
              7.61
              
              82.68
              60.17
              2.0
              1.000
 Thereafter
              
              
              
              Various Escalation
      Rates




(1)Pricing assumptions for
2008 and thereafter provided by Sproule Associates Limited, an independent
qualified reserves evaluator.


Weighted
average historical prices realized by the Company for its petroleum and natural
gas for the year ended December 31, 2007, were $71.41/Bbl for Oil and NGLs and
$6.41/Mcf for Natural Gas.


Claude
      Resources Inc. - 2007 Annual Information Form
                47
 
  Reconciliation
of Changes in Net Reserves


The
following table summarizes the changes in the Company’s working interest
reserves, estimated using forecast prices and costs, from January 1, 2007 to
December 31, 2007:







LIGHT
      AND MEDIUM OIL (m mbl)
            
            
            NATURAL
      GAS
      LIQUIDS
      (mmbl)
            
            
            NATURAL
      GAS ( MMcf)Net
            
            
            
            
            
            
            
            
            Net
            
            
            
            
            
            
            
            
            NetProved
            
            
            
            
            
            
            
            
            Proved
            
            
            
            
            
            
            
            
            ProvedNet
            
            
            Net
            
            
            Plus
            
            
            Net
            
            
            Net
            
            
            Plus
            
            
            Net
            
            
            Net
            
            
            PlusFACTORS
            
            Proved
            
            
            Probable
            
            
            Probable
            
            
            Proved
            
            
            Probable
            
            
            Probable
            
            
            Proved
            
            
            Probable
            
            
            ProbableJanuary
      1, 2007
            
            
            439.4
            
            
            
            234.9
            
            
            
            674.4
            
            
            
            156.8
            
            
            
            43.1
            
            
            
            199.9
            
            
            
            6,402.0
            
            
            
            1,587.0
            
            
            
            7,989.0Extensions
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Improved
      Recovery
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Technical
      Revisions
            
            
            109.9
            
            
            
            58.7
            
            
            
            168.6
            
            
            
            (2.4
            )
            
            
            (0.6
            )
            
            
            (3.0
            )
            
            
            (25.0
            )
            
            
            2.0
            
            
            
            (23.0
            )Discoveries
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Acquisitions
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Dispositions
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Economic
      Factors
            
            
            100.2
            
            
            
            (67.7
            )
            
            
            32.4
            
            
            
            17.8
            
            
            
            (8.4
            )
            
            
            9.4
            
            
            
            227.0
            
            
            
            (169.0
            )
            
            
            59.0Production
            
            
            (50.1
            )
            
            
            -
            
            
            
            (50.1
            )
            
            
            (14.4
            )
            
            
            -
            
            
            
            (14.4
            )
            
            
            (590.0
            )
            
            
            -
            
            
            
            (590.0
            )December
      31, 2007
            
            
            599.4
            
            
            
            225.9
            
            
            
            825.3
            
            
            
            157.8
            
            
            
            34.1
            
            
            
            191.9
            
            
            
            6,014.0
            
            
            
            1,420.0
            
            
            
            7,435.0


The
following table summarizes the changes in net present value of future net
revenue, estimated using constant prices and costs and calculated using a
discount rate of 10 percent, attributable to proved reserves:


Additional
Information Relating to Reserves Data


Proved
reserves are those reserves that can be estimated with a high degree of
certainty to be recoverable. It is likely that the actual remaining quantities
recovered will exceed the estimated proved reserves.


Probable
reserves are those additional reserves that are less certain to be recovered
than proved reserves. It is equally likely that the actual remaining quantities
recovered will be greater or less than the sum of the estimated proved plus
probable reserves.


Developed
reserves are those reserves that are expected to be recovered from existing
wells and installed facilities or, if facilities have not been installed, that
would involve a low expenditure (e.g., when compared to the cost of drilling a
well) to put the reserves into production. The developed category may be
subdivided into producing and non-producing.


Undeveloped
Reserves


Proven Undeveloped
Reserves


Proven
undeveloped reserves are generally those reserves expected to be recovered from
known accumulations where a significant expenditure (e.g., when compared to the
cost of drilling a well) is required to render them capable of production. They
must fully meet the requirements of the reserves classification to which they
are assigned. The majority of these reserves are planned to and or forecasted to
be on stream within a two-year time frame.


Claude
      Resources Inc. - 2007 Annual Information Form
                48
 
  Probable Undeveloped
Reserves


Probable
undeveloped reserves are generally those reserves tested or indicated by analogy
to be productive. Again, the majority of these reserves are planned to and or
forecasted to be on stream within a two-year time frame.


Significant
Factors or Uncertainties


The
process of evaluating reserves is inherently complex. It requires significant
judgments and decisions based on current geological and engineering knowledge,
techniques and computer software. Estimates are subject to change as ongoing
development makes available additional data. The Company’s reserves have been
estimated by Sproule Associates Limited, an independent qualified reserves
evaluator.


The
qualitative certainty levels contained in the proved, probable and possible
definitions are applicable to individual reserves entities, which refers to the
lowest level at which reserves estimates are made, and to reported reserves,
which refers to the highest level sum of individual entity estimates for which
reserve estimates are made.


Reported
total reserves estimated by deterministic or probabilistic methods, whether
comprised of a single reserves entity or an aggregate estimate for multiple
entities, should target the following levels of certainty under a specific set
of economic conditions:


There
is a 90% probability that at least the estimated proved reserves will be
recovered.


There
is a 50% probability that the sum of the estimated proved reserves plus probable
reserves will be recovered.


There
is a 10% probability that at least the sum of the estimated proved reserves plus
probable reserves plus possible reserves will be recovered.


A
quantitative measure of the probability associated with a reserves estimate is
generated only when a probabilistic estimate is conducted. The majority of
reserves estimated will be performed using deterministic methods that do not
provide a quantitative measure of probability. In principle, there should be no
difference between estimates prepared using probabilistic or deterministic
methods.


Additional
clarification of certainty levels associated with reserves estimates and the
effect of aggregation is provided in Section 5.5.3 of the Canadian Oil & Gas
Evaluation Handbook (“COFEH”). Whether deterministic or probabilistic methods
are used, evaluators are expressing their professional judgment as to what are
reasonable estimates.


Operating
costs can dramatically affect netback and the amount of capital available for
reinvestment in drilling opportunities. Higher operating costs especially affect
netback during periods of low commodity prices.


All
of the Company’s Alberta oil and natural gas properties are operated by others;
as such, the Company has little or no control over the operation and future
development of these assets. The Company relies on the operators to ensure they
are following best industry practices and thereby mitigating potential
risks.


Claude
      Resources Inc. - 2007 Annual Information Form
                49
 
  Future
Development Costs


The
following table sets forth the development costs deducted in the estimation of
the future net revenue for the Company’s assets attributable to the reserve
categories noted below:


Forecast
      Prices and Costs
            
            
            Constant
      Prices and CostsYear
            
            Proved
      Reserves ($ 000)
            
            
            Proved
      Plus Probable
              Reserves
              ($
      000)
            
            
            Proved
      Reserves($
      000)2008
            
            
            102
            
            
            
            385
            
            
            
            1022009
            
            
            166
            
            
            
            166
            
            
            
            1622010
            
            
            144
            
            
            
            144
            
            
            
            1382011
            
            
            125
            
            
            
            125
            
            
            
            1172012
            
            
            108
            
            
            
            108
            
            
            
            1002013
            
            
            94
            
            
            
            94
            
            
            
            85Total:
      Undiscounted
            
            
            1003
            
            
            
            1286
            
            
            
            934Total:
      Discounted at 10% / year
            
            
            707
            
            
            
            980
            
            
            
            667


The
net revenues from reserves associated with our assets exceed the estimated
future development costs in all years of the economic forecasts. As such, no
other sources of revenue will be required to develop the proved and probable
reserves as the Company expects to meet the funding requirements for future
development out of cash flow.


Other
Oil and Natural Gas Information


Oil
and Natural Gas Properties


Claude
produces crude oil, NGLs, and natural gas from properties situated in Alberta
and Saskatchewan. Alberta properties represent 94% of Claude’s gross oil and
NGLs reserves (92% of net reserves) and 91% of total production. Saskatchewan
properties represent 6% of Claude’s gross oil reserves (8% of net reserves) and
9% of total production. Alberta properties represent 100% of Claude’s natural
gas reserves and production. The Company’s Alberta oil and gas properties are
operated by others.


The
following descriptions outline the most significant oil and gas properties in
which Claude has an interest. Information presented, unless otherwise stated, is
as at December 31, 2007. The
estimates of reserves for individual properties may not reflect the same
confidence level as estimates of reserves and future net revenue for all
properties, due to the effects of aggregation.


Edson,
Alberta


The
Company holds a 7.8921168% interest in the Edson Gas Unit No. 1 and a 7.1808666%
interest in the Edson Gas Plant. The unit covers about five townships 125
kilometres northwest of Calgary, Alberta.


The
production comes from the Elkton and Shunda formations at a depth of 10,000
feet. Production commenced in April, 1963 and contains 69 wells (5.45 net wells)
of which 52 (4.10 net wells) have produced in recent months. The Edson Gas Unit
No. 1 is operated by Talisman Energy Inc. The Edson Unit reserves represent
nearly 93% of the Company’s proved natural gas reserves.


Production
for the year ending December 31, 2007 averaged approximately 1,533 MCF of
natural gas per day.


Claude
      Resources Inc. - 2007 Annual Information Form
                  50
 Nipisi Gilwood Unit No. 1,
Alberta


The
Company holds a 2.73003% interest in the Nipisi Gilwood Unit No. 1 (the "Nipisi
Unit") located 110 kilometres northwest of Edmonton, Alberta. The unit is an oil
field operated by Canadian Natural Resources Limited. The Nipisi Unit reserves
represent approximately 78% of the Company’s proved oil and NGLs
reserves.


The
Nipisi Unit began oil production in 1965 and by 1967 the unit area was developed
on about 320 acres well spacing with 134 wells within the unit area. A
waterflood was implemented in January 1969. An in-fill drilling program with the
goal to reduce the well spacing from 320 acres to 160 acres with a new flood
scheme was initiated in 1983. In 1997, the operator initiated a new project to improve field efficiencies by
drilling new in-fill wells and converting certain producing wells to injection
wells. The Nipisi Unit contains 405 wells (11.06 net wells) of which 166 (4.53
net wells) have recently produced.


Production
for the year ending December 31, 2007 averaged approximately 120 barrels of
crude oil per day (including natural gas liquids). Oil is produced from the
Gilwood sandstone at an approximate depth of 5,600 feet. Production is currently
achieved by primary, secondary and tertiary methods.


Gainsborough,
Saskatchewan


Claude
has a 75% interest in six producing vertical oil wells in the Gainsborough area
of southeastern Saskatchewan (the "Gainsborough Property") and two former
producing wells that have been converted to injector wells. Oil production comes
from two zones in the Frobisher/Alida formation at a depth of 3,500
feet.


During
1996, Claude together with the other partners in the Gainsborough Property,
entered into a Farm-in Letter Agreement with Provident Energy Ltd. ("Provident")
whereby Provident was granted the right to earn a 55% interest in the
Gainsborough Property, excluding the seven vertical wells then producing. In
order to earn its interest, Provident was required to complete a horizontal test
well on the Gainsborough Property. Provident fulfilled its obligations and
earned a 55% interest in the Gainsborough Property, excluding the seven vertical
wells then producing. Subsequently, Provident drilled an additional four
horizontal (three are currently producing) wells in which Claude owns a 33.75
percent working interest. A fourth horizontal well was successfully drilled
towards the end of 2004. There has been no further drilling activity since that
time.


Oil
and Natural Gas Wells


The
following table outlines the number and status of wells in which Claude has a
working interest as at December 31, 2007:




Oil
      Wells
            
            
            Natural
      Gas WellsProducing
            
            
            Non-Producing
            
            
            Producing
            
            
            Non-ProducingGross
            
            
            Net
            
            
            Gross
            
            
            Net
            
            
            Gross
            
            
            Net
            
            
            Gross
            
            
            NetAlberta
            
            
            169
            
            
            
            4.81
            
            
            
            240
            
            
            
            6.62
            
            
            
            54
            
            
            
            4.35
            
            
            
            18
            
            
            
            1.47Saskatchewan
            
            
            10
            
            
            
            5.85
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Total
            
            
            179
            
            
            
            10.66
            
            
            
            240
            
            
            
            6.62
            
            
            
            54
            
            
            
            4.35
            
            
            
            18
            
            
            
            1.47


Properties
with No Attributed Reserves


As
at December 31, 2007, the Company does not have any interest in unproved
properties nor does it have work commitments on undeveloped land holdings. The
Company does not expect to explore, develop or exploit any unproved property
within one year.


Forward
Contracts


As
at December 31, 2007, the Company did not have any commitments related to its
future oil and natural gas sales.


Claude
      Resources Inc. - 2007 Annual Information Form
                  51
   Abandonment
and Reclamation Costs




Abandonment
and reclamation costs were estimated and included in our report at the
individual entity level for all wells that were assigned reserves. These costs
included well abandonment and surface lease reclamation. No allowance for
salvage value was included. No abandonment costs have been estimated for
suspended wells, gathering systems, batteries, plants or processing facilities.
The Company has estimated gross reclamation costs per well of $30,000 - based on
industry standards. The Company expects to incur its share of these costs on 233
gross producing wells.




Abandonment
      and Reclamation
              Costs
      Escalated at 2%
              Undiscounted
              ($
      000)
            
            Abandonment
      and Reclamation
              Costs
      Escalated at 2%
              Discounted
      at 10%
              ($
      000)Total
      as at December 31, 2007
            $613,000
            
            $31,000Anticipated
      to be paid in 2008
            -
            
            -Anticipated
      to be paid in 2009
            -
            
            -Anticipated
      to be paid in 2010
            -
            
            -


The
total amount of such costs expected to be incurred, calculated without discount
and using a discount of 10% is $613,000 and $31,000, respectively. The Company
does not expect to pay any reclamation costs in the next three financial
years.


The
Company estimates that the future environmental and reclamation obligations net
of salvage value in respect of our assets will aggregate to approximately $0.6
million, escalated at 2 percent per year. All of this amount is reflected in the
disclosed reserve data.


Tax
Horizon


The
Company did not pay income taxes for its most recently completed financial year
and does not believe income taxes will be payable for the foreseeable
future.


Costs
Incurred


Capital
expenditures related to the Company’s oil and natural gas properties for the
year ended December 31, 2007 and the year ended December 31, 2006 are summarized
in the following table:




Year
      ended
              December
      31, 2007
              ($
      000)
            
            Year
      ended
              December
      31, 2006
              ($
      000)Property
      acquisition costs - Unproved properties
            -
            
            -Property
      acquisition costs - Proved properties
            -
            
            -Exploration
      costs
            -
            
            -Development
      costs
            $103.3
            
            $762.2


Exploration
and Development Activities


For
the year ended December 31, 2007, the Company did not complete any gross or net
exploratory or development oil, natural gas or service wells.


For
details on the Company’s most important current and likely exploration and
development activities, see “Statement of Reserves Data and Other
Oil and Natural Gas Information - Other Oil and Natural Gas Information -Oil and
Natural Gas Properties” in this Annual Information
Form.


Claude
      Resources Inc. - 2007 Annual Information Form
                  52
    Production
Estimates


The
following tables set out the production volume for our oil and natural gas
properties estimated for 2008 which is reflected in the estimate of future net
revenue disclosed in the tables contained under “Disclosure of Reserves Data and
Other Oil and Natural Gas Information”.


SUMMARY
OF PRODUCTION VOLUME ESTIMATED FOR 2008







Light
      and
              Medium
      Oil
            
            
            Heavy
      Oil
            
            
            Natural
      Gas (non-associated
      & associated)
            
            
            Natural
      Gas (solution)
            
            
            Natural
      Gas LiquidsReserve
      Category
            
            Gross
      (bbls/d)
            
            
            Net
      (bbls/d)
            
            
            Gross
      (bbls/d)
            
            
            Net
      (bbls/d)
            
            
            Gross
      (Mcf/d)
            
            
            Net
      (Mcf/d)
            
            
            Gross
      (Mcf/d)
            
            
            Net
      (Mcf/d)
            
            
            Gross
      (bbls/d)
            
            
            Net
      (bbls/d)Proved
      Producing
            
            
            126.2
            
            
            
            42.9
            
            
            
            -
            
            
            
            -
            
            
            
            1,510.9
            
            
            
            303.3
            
            
            
            76.5
            
            
            
            5.5
            
            
            
            38.8
            
            
            
            3.8Total
      Proved
            
            
            126.2
            
            
            
            42.9
            
            
            
            -
            
            
            
            -
            
            
            
            1,510.9
            
            
            
            303.3
            
            
            
            76.5
            
            
            
            5.5
            
            
            
            38.8
            
            
            
            3.8Total
      Proved Plus Probable
            
            
            142.9
            
            
            
            55.2
            
            
            
            -
            
            
            
            -
            
            
            
            1,516.4
            
            
            
            303.3
            
            
            
            79.2
            
            
            
            10.9
            
            
            
            38.8
            
            
            
            3.8


The
Company’s Edson field accounts for 95% of total natural gas production. The
Nipisi field accounts for 68% of total production of oil and NGLs. The following
tables set out the production volume for our assets within these fields
estimated for 2008, which is reflected in the estimate of future net revenue
disclosed in the tables contained under “Disclosure of Reserves Data and
Other Oil and Natural Gas Information”.


SUMMARY
OF PRODUCTION VOLUME ESTIMATED FOR 2008 (EDSON)





Light
      and
                Medium
      Oil
            
            
            HeavyOil
            
            
            Natural
      Gas (non-associated
      & associated)
            
            
            Natural
      Gas (solution)
            
            
            Natural
      Gas LiquidsGross
      (bbls/d)
            
            
            Net
      (bbls/d)
            
            
            Gross
      (bbls/d)
            
            
            Net
      (bbls/d)
            
            
            Gross
      (Mcf/d)
            
            
            Net
      (Mcf/d)
            
            
            Gross
      (Mcf/d)
            
            
            Net
      (Mcf/d)
            
            
            Gross
      (bbls/d)
            
            
            Net
      (bbls/d)Proved
      Producing
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            1,494.5
            
            
            
            300.5
            
            
            
            -
            
            
            
            -
            
            
            
            27.6
            
            
            
            3.0Total
      Proved
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            1,494.5
            
            
            
            300.5
            
            
            
            -
            
            
            
            -
            
            
            
            27.6
            
            
            
            3.0Total
      Proved Plus Probable
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            1,500.0
            
            
            
            300.5
            
            
            
            -
            
            
            
            -
            
            
            
            27.6
            
            
            
            3.0




SUMMARY
OF PRODUCTION VOLUME ESTIMATED FOR 2008 (NIPISI)




Light
      and
              Medium
      Oil
            
            
            HeavyOil
            
            
            Natural
      Gas (non-associated
      & associated)
            
            
            Natural
      Gas (solution)
            
            
            Natural
      Gas LiquidsReserve
      Category
            
            Gross
      (bbls/d)
            
            
            Net
      (bbls/d)
            
            
            Gross
      (bbls/d)
            
            
            Net
      (bbls/d)
            
            
            Gross
      (Mcf/d)
            
            
            Net
      (Mcf/d)
            
            
            Gross
      (Mcf/d)
            
            
            Net
      (Mcf/d)
            
            
            Gross
      (bbls/d)
            
            
            Net
      (bbls/d)Proved
      Producing
            
            
            102.7
            
            
            
            27.9
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            68.3
            
            
            
            5.5
            
            
            
            10.9
            
            
            
            0.8Total
      Proved
            
            
            102.7
            
            
            
            27.9
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            68.3
            
            
            
            5.5
            
            
            
            10.9
            
            
            
            0.8Total
      Proved Plus Probable
            
            
            102.7
            
            
            
            27.9
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            68.3
            
            
            
            5.5
            
            
            
            10.9
            
            
            
            0.8


Claude
      Resources Inc. - 2007 Annual Information Form
                53
 
  Production
History


The
following tables set forth the Company’s average daily production volume for our
assets before deduction of royalties payable to others, crude oil prices and net
oil and natural gas capital expenditures incurred for the periods indicated.
Also shown are average annual netbacks received by product
category.







Year
      EndedDecember
      31, 2007
            
            
            Dec.
      31
            
            
            Sept.
      30
            
            
            June
      30
            
            
            Mar.
      31Average
      Daily Production(1)Light
      Oil (bbls/d)
            
            
            136.6
            
            
            
            134.1
            
            
            
            140.0
            
            
            
            134.9
            
            
            
            137.4Heavy
      Oil (bbls/d)
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -NGLs
      (bbls/d)
            
            
            40.3
            
            
            
            41.5
            
            
            
            36.3
            
            
            
            44.1
            
            
            
            39.4Natural
      Gas (Mcf/d)
            
            
            1,611.4
            
            
            
            1,595.6
            
            
            
            1,534.7
            
            
            
            1,639.0
            
            
            
            1,677.9Oil
      and NGL Netback ($/bbl) (3)
      (4)Revenue
            
            
            71.41
            
            
            
            80.04
            
            
            
            74.90
            
            
            
            66.45
            
            
            
            64.16Royalties
            
            
            15.39
            
            
            
            17.18
            
            
            
            15.86
            
            
            
            14.49
            
            
            
            14.03Operating
      Expenses (2)
            
            
            28.87
            
            
            
            28.82
            
            
            
            33.45
            
            
            
            28.19
            
            
            
            24.95Transportation
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Operating
      Netback (4)
            
            
            27.15
            
            
            
            34.04
            
            
            
            25.59
            
            
            
            23.77
            
            
            
            25.18Natural
      Gas Netback ($/Mcf) (1)
      (3)
      (4)Revenue
            
            
            6.41
            
            
            
            6.00
            
            
            
            5.15
            
            
            
            6.96
            
            
            
            7.44Royalties
            
            
            1.59
            
            
            
            1.58
            
            
            
            1.36
            
            
            
            1.36
            
            
            
            2.06Operating
      Expenses (2)
            
            
            2.15
            
            
            
            2.10
            
            
            
            1.64
            
            
            
            2.64
            
            
            
            2.21Transportation
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Operating
      Netbacks (4)
            
            
            2.67
            
            
            
            2.32
            
            
            
            2.15
            
            
            
            2.96
            
            
            
            3.17


Notes:


(1)before
deduction of royalties


(2)Operating
expenses are allocated to the primary product. This allocation involves several
assumptions. (3)Operating
recoveries associated with operated properties were excluded from operating
costs and accounted for as a reduction to general and administration
costs.





(4)Netbacks are
calculated by subtracting royalties, operating expenses and transportation from
revenue.


The
following table indicates the average daily production from the important fields
for the year ended December 31, 2007:




Light
      Crude Oil, and NGLs
            
            
            Heavy
      Oil
            
            
            Natural
      Gas
            
            
            Boe(bbls
      / d)
            
            
            (bbls
      / d)
            
            
            (Mcf
      / d)
            
            
            (boe
      / d)Edson
            
            
            27.1
            
            
            
            -
            
            
            
            1,533.2
            
            
            
            282.6Nipisi
            
            
            120.1
            
            
            
            -
            
            
            
            66.9
            
            
            
            131.3Other
      Alberta
            
            
            13.4
            
            
            
            -
            
            
            
            11.3
            
            
            
            15.3Total
      Alberta
            
            
            160.6
            
            
            
            -
            
            
            
            1,611.4
            
            
            
            429.2Total
      Saskatchewan
            
            
            16.4
            
            
            
            -
            
            
            
            -
            
            
            
            16.4Total
            
            
            177.0
            
            
            
            -
            
            
            
            1,611.4
            
            
            
            445.6


Production
from the Company’s assets for the year ended December 31, 2007 was 40% crude oil
and NGLs with the remaining 60% derived from natural gas.


Claude
      Resources Inc. - 2007 Annual Information Form
                54
 
  Definitions
and Other Notes


1.           “Gross”means:


(a)
              in
      relation to our interest in production and reserves, our interest
      (operating and non-operating) before deduction of royalties and without
      including any of our royalty interests;(b)
              in
      relation to wells, the total number of wells in which we have an interest;
      and(c)
              in
      relation to properties, the total area of properties in which we have an
      interest.





2.           “Net”means:


(a)
              in
      relation to our interest in production and reserves, our interest
      (operating and non-operating) after deduction of royalties obligations,
      plus our royalty interest in production or
  reserves;


(b)
              in
      relation to wells, the number of wells obtained by aggregating our working
      interest in each of our gross wells;
and


(c)
              in
      relation to our interest in a property, the total area in which we have an
      interest multiplied by the working interest we
  own


3.           Definitions
used for reserve categories are as follows:


The
following definitions apply to both estimates of individual reserves entities
and the aggregate of reserves for multiple entities.


Reserve
Categories


Reserves
are the estimated remaining quantities of oil and natural gas and related
substances anticipated to be recoverable from known accumulations, from a given
date forward, based on:


(a)           analysis
of drilling, geological, geophysical and engineering data;


(b)           use
of established technology; and


(c)           specified
economic conditions


Reserves
are classified according to the degree of certainty associated with the
estimates.


(a)
              Proved
      reserves are those reserves that can be estimated with a high degree of
      certainty to be recoverable. It is likely that the actual remaining
      quantities recovered will exceed the estimated proved
      reserves.


(b)
              Probable
      reserves are those additional reserves that are less certain to be
      recovered than proved reserves. It is equally likely that the actual
      remaining quantities recovered will be greater or less than the sum of the
      estimated proved plus probable
reserves.


“Economic
Assumptions” will be the prices and costs used in the estimate,
namely:


(a)           constant
prices and costs as at the last day of our financial year;
and


(b)           forecast
prices and costs


Development
and Production Status


Each
of the reserve categories (proved and probable) may be divided into developed
and undeveloped categories:


(a)
              Developed
      reserves are those reserves that are expected to be recovered from
      existing wells and installed facilities or, if facilities have not been
      installed, that would involve a low expenditure (for example, when
      compared to the cost to drill a well) to put the reserves into production.
      The developed category may be subdivided into producing and
      non-producing.
  Claude
      Resources Inc. - 2007 Annual Information Form
                55


(i)
              Developed
      producing reserves are those reserves that are expected to be recovered
      from completion intervals open at the time of the estimate. These reserves
      may be currently producing or, if shut-in, must have previously been in
      production, and the date of resumption of production must be known with
      reasonable certainty.


(ii)
              Developednon-producing reserves are those reserves that either have not been
      in production, or have previously been in production, but are shut-in, and
      the date of resumption of production is
unknown.


(b)
              Undeveloped
      reserves are those reserves expected to be recovered from known
      accumulations where a significant expenditure (for example, when compared
      to the cost of drilling a well) is required to render them capable of
      production. They must fully meet the requirements of the reserves
      classification (proved, probable) to which they are
    assigned.


4.           Forecast
prices and costs


Future
prices and costs that are:


(a)           generally
acceptable as being a reasonable outlook of the future; and


(b)
              if
      and only to the extent that, there are fixed or presently determinable
      future prices or costs to which we are legally bound by a contractual or
      other obligation to supply a physical product, including those for an
      extension period of a contract that is likely to be extended, those prices
      or costs rather than the prices and costs referred to in paragraph
      (a).


The
forecast summary table under “Pricing Assumptions”identifies benchmark reference pricing that applies to
us.


5.           Constant
prices and costs


Prices
and costs used in an estimate that are:


(a)
              our
      prices and costs as at the effective date of the estimate, held constant
      throughout the estimated lives of the properties to which the estimate
      applies; and


(b)
              if,
      and only to the extent that, there are fixed or presently determinable
      future prices or costs to which we are legally bound by a contractual or
      other obligation to supply a physical product, including those for an
      extension period of a contract that is likely to be extended, those prices
      or costs rather than the prices and costs referred to in paragraph
      (a)


For
the purposes of paragraph (a), our prices are the posted price for oil and the
spot price for natural gas, after historical adjustments for transportation,
gravity and other factors.


6.           “Development well”means a
well drilled inside the established limits of an oil and gas reservoir, or in
close proximity to the edge of the reservoir, to the depth of a stratigraphic
horizon known to be productive.


7.           “Development costs”means
costs incurred to obtain access to reserves and to provide facilities for
extracting, treating, gathering and storing the oil and natural gas from
reserves. More specifically, development costs, including applicable operating
costs of support equipment and facilities and other costs of development
activities, are costs incurred to:




(a)
              gain
      access to and prepare well locations for drilling, including surveying
      well locations for the purpose of determining specific development
      drilling sites, clearing, ground draining, road building, and relocating
      public roads, gas lines and power lines, pumping equipment and wellhead
      assembly;


(b)
              drill
      and equip development wells, development type stratigraphic test wells and
      service wells, including the costs of platforms and of well equipment such
      as casing, tubing, pumping equipment and wellhead
  assembly;


(c)
              acquire,
      construct and install production facilities such as flow lines,
      separators, treaters, heaters, manifolds, measuring devices and production
      storage tanks, natural gas cycling and processing plants, and central
      utility and waste disposal systems;
and
  Claude
      Resources Inc. - 2007 Annual Information Form
                56





(d)          
provide improved recovery systems.


8.           “Exploration well”means a
well that is not a development well, a service well or a stratigraphic test
well.


9.           “Exploration costs”means
costs incurred in identifying areas that may warrant examination and in
examining specific areas that are considered to have prospects that may contain
oil and gas reserves, including costs of drilling exploratory wells and
exploratory type stratigraphic test wells. Exploration costs may be incurred
both before and after acquiring a property. Exploration costs, which include
applicable operating costs of support equipment and facilities and other costs
of exploration activities, are:




(a)
              costs
      of topographical, geochemical, geological and geophysical studies, rights
      of access to properties to conduct those studies, and salaries and other
      expenses of geologists, geophysical crews and others conducting those
      studies;


(b)
              costs
      of carrying and retaining unproved properties, such as delay rentals,
      taxes (other than income and capital taxes) on properties, legal costs for
      title defense, and the maintenance of land and lease
    records;


(c)           dry
hole contributions and bottom hole contribution;


(d)           costs
of drilling and equipping exploratory wells; and


(e)           costs
of drilling exploratory type stratigraphic test wells.


11.
“Service well”means a
well drilled or completed for the purpose of supporting production in an
existing field. Wells in this class are drilled for the following specific
purposes: gas injection (natural gas, propane, butane or flue gas), water
injection, steam injection, air injection, salt water disposal, water supply for
injection, observation or injection for combustion.


Item 4
Dividends


4.1
Dividends


The
Company has not paid dividends on its common shares in the past and does not
expect to pay dividends in the near future. The present policy of the Company is
to retain any future earnings for use in its operations and expansion of its
business.


Item 5 Description of
Capital Structure


5.1
General Description of Capital Structure


As
of December 31, 2007, the authorized capital of the Company consisted of
unlimited number of common shares without par value and an unlimited number of
first and second preferred shares, each issuable in series. There were
96,997,397 common shares issued and outstanding as of December 31, 2007, the end
of the Company’s most recent fiscal year. No first or second preferred shares
were issued and outstanding as of that date.


The
first preferred shares are issuable in series and rank ahead of the second
preferred shares and the common shares in respect of dividend payment,
dissolution or any other distribution of assets. The other rights, privileges,
restrictions and conditions attached to each series of the first preferred
shares are fixed by the Board of Directors at the time of creation of such
series.


The
second preferred shares are issuable in series and rank ahead of the common
shares in respect of dividend payment, dissolution or any other distribution of
assets. The other rights, privileges, restrictions and conditions attached to
each series of the second preferred shares are fixed by the Board of Directors
at the time of creation of such series.


The
common shares of the Company are entitled to vote at meetings of the
shareholders and, upon dissolution or any other distribution of assets, to
receive such assets of the Company as are distributable to the holders of the
common shares.


Claude
      Resources Inc. - 2007 Annual Information Form
                57
 
  Item 6 Market for
Securities


6.1
Trading Price and Volume


The
Company’s common shares are publicly traded on the Toronto Stock Exchange
(“TSX”) under the trading symbol “CRJ” and on the American Stock Exchange
(“Amex”) under the trading symbol “CGR”. The following table sets forth the
reported high and low closing bid prices and aggregate volume of trading of the
Company’s common shares on the TSX for the twelve months ending December 31,
2007:


Toronto
Stock Exchange Common Share Trading Activity




Canadian
      Dollars2007
            
            High
            
            
            Low
            
            
            Total
      VolumeDecember
            
            $
            1.45
            
            
            $
            1.18
            
            
            
            1,974,500November
            
            $
            1.60
            
            
            $
            1.30
            
            
            
            3,709.600October
            
            $
            1.65
            
            
            $
            1.37
            
            
            
            5,394,900September
            
            $
            1.49
            
            
            $
            1.24
            
            
            
            3,598,600August
            
            $
            1.56
            
            
            $
            1.08
            
            
            
            5,549,100July
            
            $
            1.63
            
            
            $
            1.35
            
            
            
            2,957,700June
            
            $
            1.56
            
            
            $
            1.31
            
            
            
            6,056,000May
            
            $
            1.80
            
            
            $
            1.39
            
            
            
            4,778,300April
            
            $
            1.94
            
            
            $
            1.57
            
            
            
            8,624,500March
            
            $
            2.05
            
            
            $
            1.57
            
            
            
            4,384,900February
            
            $
            2.25
            
            
            $
            1.60
            
            
            
            4,033,600January
            
            $
            1.75
            
            
            $
            1.50
            
            
            
            2,079,300


The
following table sets forth the reported high and low closing bid prices and
aggregate volume of trading of the Company’s common shares on the AMEX for the
twelve months ending December 31, 2007:


American
Stock Exchange Common Shares Trading Activity




US
      Dollars2007
            
            High
            
            
            Low
            
            
            Total
      VolumeDecember
            
            $
            1.45
            
            
            $
            1.19
            
            
            
            2,354,800November
            
            $
            1.75
            
            
            $
            1.31
            
            
            
            5,558,600October
            
            $
            1.68
            
            
            $
            1.32
            
            
            
            6,629,800September
            
            $
            1.50
            
            
            $
            1.17
            
            
            
            4,582,400August
            
            $
            1.50
            
            
            $
            1.01
            
            
            
            6,131,200July
            
            $
            1.56
            
            
            $
            1.24
            
            
            
            4,300,500June
            
            $
            1.47
            
            
            $
            1.24
            
            
            
            5,645,700May
            
            $
            1.64
            
            
            $
            1.30
            
            
            
            6,809,300April
            
            $
            1.71
            
            
            $
            1.35
            
            
            
            8,543,200March
            
            $
            1.77
            
            
            $
            1.35
            
            
            
            7,381,900February
            
            $
            1.95
            
            
            $
            1.34
            
            
            
            7,833,400January
            
            $
            1.46
            
            
            $
            1.26
            
            
            
            2,575,300


Claude
      Resources Inc. - 2007 Annual Information Form
                58
 
 Item 7 Directors and
Officers


7.1
Name, Occupation and Security Holdings


The
names, municipality of residence, positions with the Company, principal business
activities outside the Company, common shares owned and percentage owned of all
directors and executive officers are set forth below:




Name
      and Municipality
            Positions
      Held
            Director/Officer
            Principal
      Occupationof
      Residence
            
            SinceJosef
      Spross (3)(4)(5)Saskatoon, SK
            Director,
      Chairman of the Board
            2006
            BusinesspersonA.
      Neil McMillan Saskatoon, SK
            Director,
      President and CEO
            1996
            President
      and CEO of ClaudeRonald
      J.
              Hicks,
      CA(1)(2)(3)
              Saskatoon,
      SK
            Director
            2006
            Chartered
      AccountantTed
      Nieman(1)(2)(3)(4)
              Saskatoon,
      SK
            Director
            2007
            Senior
      Vice President, Canpotex LimitedJ.
      Robert
              Kowalishin,
      P.Eng(1)(4)(5)
              Saskatoon,
      SK
            Director
            2007
            BusinesspersonR.
      McKay(2)(3)(5)
              La
      Ronge, SK
            Director
            2007
            BusinesspersonRick
      Johnson, CA Saskatoon, SK
            Chief
      Financial Officer
            2004
            Chief
      Financial Officer of ClaudePhilip
      Ng Saskatoon, SK
            Vice
      President, Operations
            2007
            Vice
      President, Operations of
Claude


Note:
 (1)           Member
of the Audit Committee.


(2)           Member
of the Human Resources & Compensation Committee.


(3)           Member
of the Nominating & Corporate Governance Committee.


(4)           Member
of the Safety, Health & Environmental (SHE) Committee.


(5)           Member
of the Reserves Committee.


All
of the directors and officers of Claude have been engaged for more than five
years in their present principal occupations, office or executive positions
except for: Mr. Spross, who was appointed to the Board August 3, 2006 and became
Chairman December 31, 2006; Mr. Hicks, who was appointed to the Board on May 9,
2006; Mr. Nieman, who was appointed to the Board on January 8, 2007; Mr.
Kowalishin, who was appointed to the Board March 29, 2007; Mr. McKay, who was
appointed to the Board on May 8, 2007; Mr. McMillan, who from April 1996 to
March 2004, was President of the Company; Mr. Johnson, who from January 1998 to
March 2004, was Controller of the Company; and, Mr. Ng, who from August 2002 to
November 2006 was the Chief Mine Engineer at the Coleman Mine in Sudbury,
Ontario.


The
directors of the Company are elected annually and hold office until the next
annual general meeting of the shareholders of the Company or until their
successors in office are duly elected or appointed.


Claude
      Resources Inc. - 2007 Annual Information Form
                59
 
  Certain
of the directors serve as directors of other public companies and if a conflict
of interest arises at a meeting of the Board of Directors, any director in
conflict will declare his interest and abstain from voting on such
matter.


Executive
officers are recommended by the Chief Executive Officer and approved by the
Board of Directors to serve until terminated by the Board of Directors or until
their successors are appointed.


Directors
and officers of the Company, as a group, beneficially own, directly or
indirectly, or exercise control or direction over 390,500 common shares or .4 %
of the common shares outstanding at December 31, 2007, being less than 1% of the
issued and outstanding common shares of the Company.


Item 8 Transfer Agent and
Registrar


8.1   Transfer
Agent and Registrar


The
Company’s transfer agent and registrar is Valiant Trust Company, located at 310,
606 - 4th Street
S.W., Calgary, Alberta, T2P 1T1.


Item 9 Material
Contracts


9.1    Material
Contracts


The
Company, other than the Red Mile transactions outlined in detail under “Property
Royalties” on page 21, has no material contracts other than those entered into
in the ordinary course of business.


Item 10 Interests of
Experts


10.1 
Names of Experts


Sproule
Associates Limited, 900, North Tower, Sun Life Plaza, 140 Fourth Avenue S.W.,
Calgary, AB, T2P 3N3, has provided the Company with an independent evaluation of
the Company’s oil and gas assets effective December 31, 2007 and pursuant to the
Canadian Oil and Gas Evaluation Handbook (COGEH) and NI
51-101.


10.2   Interests
of Experts


The
Company has no knowledge of registered or beneficial interests held directly or
indirectly by the experts named in section 9.1 in any securities or other
property of the Company.


Item 11 Audit
Committee


11.1 Audit Committee
Charter


Attached
as Appendix C is the Charter of the Company’s Audit
Committee.


11.2   Composition
of the Audit Committee.


Members
of the Audit Committee are: Ronald J. Hicks (Chair), Ted Nieman, and J. Robert
Kowalishin. Each member of the Audit Committee is independent and financially
literate.


Claude
      Resources Inc. - 2007 Annual Information Form
                  60
   11.3   Relevant
Education and Experience


Name
            Principal
      Occupation and BiographyRonald
      J. Hicks, C.A. (May 2006)
            Ronald
      J. Hicks is a member of the Institute of Chartered Accountants of
      Saskatchewan (“ICAS”). He joined Deloitte & Touche LLP in 1959 and was
      admitted to partnership in 1977 until his retirement in August 2000. He is
      currently a Director, Ducks Unlimited Canada and is on the Governance
      Committee. In his career, he has served as director with Dickenson Mines
      Limited, Kam Kotia Mines Limited, Saskatchewan Government Insurance and
      Prairie Malt Limited. Mr. Hicks served as Chairman of the Saskatchewan
      Roughrider Football Club (Saskatoon Committee), Ducks Unlimited (Saskatoon
      Committee), ICAS Public Practice Review and Appraisal Committee and
      Admissions Committee. Ron became a Director of Claude in
      2006.


Ted
      Nieman, B.A., LLB (January 2007)
            Ted
      Nieman began his career with the law firm of Estey, Robertson, Muzyka,
      Beaumont, Barton & Bell in Saskatoon, Saskatchewan, Canada in 1973. He
      spent almost 20 years with that firm and its successor firm, Robertson
      Stromberg, becoming a partner in 1977. In 1993, Mr. Nieman joined Canpotex
      Limited (“Canpotex”), the world’s largest exporter of potash, as General
      Counsel and Corporate Secretary. In 1995, he was appointed Vice President
      and in 2001 he was appointed Senior Vice President. Mr. Nieman has held
      several senior positions in Canpotex including Chief Operating Officer
      (2001-2004) responsible for all Canpotex operations. He is a current
      member of the Canpotex Executive Management Group, and is a member of the
      board of directors of all Canpotex subsidiaries and affiliates. Mr. Nieman
      received his Bachelor of Arts degree in 1971 and his Bachelor of Laws
      degree in 1973, both from the University of Saskatchewan. He is a member
      of the Law Society of Saskatchewan and the Canadian Bar Association. Ted
      became a Director of Claude in 2007.J.
      Robert Kowalishin, P.Eng. (March 2007)
            J.
      Robert Kowalishin recently retired after a 42 year career with the Trane
      Company, a division of American Standard. He has held senior management
      positions in Canada and the United States, most recently District Manager
      of Trane's Ontario operations based in Toronto, Ontario. Previous to that,
      he served as Franchise Holder in Saskatoon (1972-1995), and Regional
      Manager responsible for Canada and northeastern United States. Since
      retirement, he has been a consultant and adviser to Trane's Leadership
      Development Program. Mr. Kowalishin received his Bachelor of Science
      (Mechanical Engineering) from the University of Saskatchewan in 1962 and
      is a Life Member of the American Society of Heating, Refrigeration, and
      Air Conditioning Engineers and a Life Member of the Association of
      Professional Engineers and Geoscientists of Saskatchewan. Bob became a
      Director of Claude in 2007.


11.4   Pre-Approval
Policies and Procedures.


The
Committee has implemented a policy restricting the services that may be provided
by the Company’s external auditors and the fees paid to the external
auditors.


Claude
      Resources Inc. - 2007 Annual Information Form
                  61
   11.5 External
Audit Service Fees


The
aggregate fees for professional services rendered by KPMG LLP for the 2007 and
2006 fiscal years are shown in the table below:




2007
            
            
            2006Audit
      fees
            
            $
            178,250
            
            
            $
            110,500Audit
      related fees(1)
            
            
            15,000
            
            
            
            7,000Tax
      fees(2)
            
            
            15,000
            
            
            
            14,430Total
            
            $
            208,250
            
            
            $
            131,930


(1)Audit related fees are
comprised of KPMGLLP services in respect of accounting consultations regarding
financialaccounting and reporting
standards (2007) and Sarbanes-Oxley 404 scoping project
(2006).
 (2)Tax fees are comprised
of KPMGLLP services in respect of tax compliance and tax
planning.











Item 12 Additional
Information


Additional
information, including details as to directors’ and officers’ remuneration,
indebtedness, principal holders of Claude shares, options to purchase Company
shares and interests of insiders in material transactions, if applicable, is
contained in the Management Information Circular dated March 28, 2008.
Additional financial information is provided in the Company’s consolidated
financial statements and MD & A for the year ended December 31,
2007.


Copies
of the above and other disclosure documents may also be examined and/or obtained
through the internet by accessing Claude’s website at www.clauderesources.com
or by accessing the Canadian System for Electronic Document Analysis and
Retrieval (SEDAR) website at www.sedar.com.


Claude
      Resources Inc. - 2007 Annual Information Form
                62
 
  APPENDIX
A


REPORT
ON RESERVES DATA


BY


INDEPENDENT
QUALIFIED RESERVES EVALUATOR OR AUDITOR


Form
51-101F2


To
the Board of Directors of Claude Resources Inc. (the
“Company”):


1.
              We
      have evaluated the Company’s reserves data as at December 31, 2007. The
      reserves data are estimates of proved reserves and probable reserves and
      related future net revenue as at December 31, 2007, estimated using
      forecast prices and costs.


2.
              The
      reserves data are the responsibility of the Company’s management. Our
      responsibility is to express an opinion on the reserves data based on our
      evaluation.


We
carried out our evaluation in accordance with standards set out in the Canadian
Oil and Gas Evaluation Handbook (the “COGE Handbook”), prepared jointly by the
Society of Petroleum Evaluation Engineers (Calgary Chapter) and the Canadian
Institute of Mining Metallurgy & Petroleum (Petroleum
Society).


3.
              Those
      standards require that we plan and perform an evaluation to obtain
      reasonable assurance as to whether the reserves data are free of material
      misstatement. An evaluation also includes assessing whether the reserves
      data are in accordance with principles and definitions presented in the
      COGE Handbook.


4.
              The
      following table sets forth the estimated future net revenue attributed to
      proved plus probable reserves, estimated using forecast prices and costs
      on a before tax basis and calculated using a discount rate of 10%,
      included in the reserves data of the Company evaluated by us as of
      December 31, 2007, and identifies the respective portions thereof that we
      have audited, evaluated and reviewed and reported on to the Company’s
      management and Board of
Directors:




Independent
      Qualified Reserves
              Evaluator
      or Auditor
            Description
              and
      Preparation Date of
              Evaluation
      Report
            Location
              Of
      Reserves (Country)
            Net
      Present
      Value of Future Net Revenue
              (10%
      Discount
      Rate)Audited
                (M$)
            Evaluated
                (M$)
            Reviewed
                (M$)
            Total
                (M$)Sproule
      Associates Limited
            Evaluation
      of the
              P&NG
      Reserves of
              Claude
      Resources Inc.,
              as
      of December 31,
              2007,
      prepared
              January
      to March
              2008.
            CanadaTotal
            
            
            Nil
            21,877
            Nil
            21,877


5.
              In
      our opinion, the reserves data evaluated by us have, in all material
      respects, been determined and are presented in accordance with the COGE
      Handbook.


6.
              We
      have no responsibility to update the report referred to in paragraph 4 for
      events and circumstances occurring after its preparation
    date.


7.
              Because
      the reserves data are based on judgments regarding future events, actual
      results will vary and the variation may be material. However, any
      variations should be consistent with the fact that reserves are
      categorized according to the probability of their
  recovery.


Executed
as to our report referred to above:


Sproule
Associates Limited Calgary, Alberta March 4, 2008







/s/ Douglas R.
      BatesDouglas
      R. Bates, P. Eng. Associate/s/ Michael W.
  MaughanMichael
      W. Maughan, C.P.G.,Geol. Vice President,
    Geoscience/s/ Robert N.
      JohnsonRobert
      N. Johnson, P.Eng. Vice-President,
  Engineering


APPENDIX
B


Report of Management and Directorson Reserves Data and
Other Information:


Management
of Claude Resources Inc. (the “Company”) is responsible for the preparation and
disclosure of information with respect to the Company’s oil and gas activities
in accordance with securities regulatory requirements. Such information includes
reserves data, which are estimates of provided reserves and probably reserves
and related future net revenue as at December 31, 2007, estimated using forecast
prices and costs.


An
independent qualified reserves evaluator has evaluated the Company’s reserves
data. The report of the independent qualified evaluator will be filed with the
securities regulatory authority concurrently with this
report.


The
Reserves Committee of the Board of Directors of the Company
has


(a)
              reviewed
      the Company’s procedures for providing information to the independent
      qualified evaluator;


(b)
              met
      with the independent qualified evaluator to determine whether any
      restrictions affected the ability of the independent qualified evaluator
      to report without reservation;
and


(c)     reviewed the reserves data with Management and
the independent qualified evaluator.


The
Reserves Committee of the Board of Directors has reviewed the Company’s
procedures for assembling and reporting other information associated with oil
and gas activities and has reviewed that information with management. The Board
of Directors has on the recommendation of the Reserves Committee
approved:


(a)
              the
      content and filing with securities regulatory authorities of the reserves
      data and other oil and gas
information;


(b)     the
filing of the report of the independent qualified reserves evaluator on the
reserves data; and


(c)      the
content and filing of this report.


Because
the reserves data is based on judgments regarding future events, actual results
will vary and the variations may be material. However, any variations should be
consistent with the fact that reserves are categorized according to the
probability of their recovery.




/s/
      Josef Spross
            
            /s/
      Rick JohnsonJosef
      Spross Chairman
            
            Rick
      Johnson CFO/s/
      Raymond McKay
            
            /s/
      Neil McMillanRaymond
      McKay
              Director
      - Reserves Committee
            
            Neil
      McMillan President & CEOMarch
      13, 2008


APPENDIX
C


CLAUDE
RESOURCES INC.


Charter
of the Audit Committee of the Board of Directors


I.             
Purpose


The primary purpose of the
Audit Committee is to assist the Board of Directors in fulfilling its oversight
responsibility to the shareholders as they relate
to:


•
              the
      integrity of the Company’s financial statements and the Company’s
      accounting policies, disclosure, internal controls and financial reporting
      practices;


•
              recommending
      the appointment, compensation and the monitoring of the qualifications,
      independence and performance of the Company’s external auditors;
      and


•
              maintaining,
      through regularly scheduled meetings, a line of communication between the
      Board and the Company’s financial management and external
      auditors.


II.           
Structure and Operations


Composition
and Qualifications


The
Committee shall be appointed by the Board and shall serve at the pleasure of the
Board and for such terms as the Board may determine. The Committee shall be
comprised of three or more Directors (as determined from time to time by the
Board), each of whom shall meet the independence and experience requirements of
all applicable corporate securities laws and stock exchange listing requirements
for audit committee membership.


1.
              Each
      member of the Committee will be a Director who: (a) is not otherwise
      employed by the Company, and (b) has not been so employed at any time
      during the three years prior to the time he or she is appointed to the
      Committee unless otherwise permitted by applicable U.S. and Canadian
      regulatory standards.


2.
              Each
      member of the Committee will have and maintain independence from
      management of the Company in accordance with the standards of independence
      required above.


3.
              Except
      for the undertaking of non-material specific projects unanimously approved
      by the Board, no member of the Committee may receive, directly or
      indirectly, any consulting, advisory or other compensatory fee from the
      Company other than: (a) director’s fees, which may be received in cash,
      stock options, or other in-kind consideration ordinarily available to
      Directors; (b) a pension or other deferred compensation for prior service
      that is not contingent on future service; and (c) other regular benefits
      that Directors receive in their capacity as members of the Board or its
      committees.


4.
              Each
      member of the Committee shall be financially literate (such qualifications
      interpreted by the Board in its business judgment) with at least one
      member designated as being a financial
expert.


5.
              Each
      member of the Committee shall have accounting or related financial
      management expertise (such qualifications interpreted by the Board in its
      business judgment).


6.
              No
      member of the Committee shall serve on the audit committee of more than
      four public companies (including Claude) unless the Board shall have made
      a prior determination that such simultaneous service will not impair the
      ability of the member to effectively serve on the
    Committee.





Organization,
Procedures and Powers


1.
              The
      Board shall appoint one member of the Committee as the Chair. The Chair
      (or in his or her absence, a member designated by the Chair) shall preside
      at all meetings of the Committee. The Chair shall be responsible for
      leadership of the Committee, including scheduling meetings, preparing
      agendas and making regular reports to the
Board.


2.
              The
      Committee shall have the authority to establish its own rules and
      procedures, consistent with the bylaws of the Company, for notice and
      conduct of its meetings should the Committee, in its discretion, deem it
      desirable to do so.


3.
              The
      Committee shall have the authority to engage independent counsel,
      independent accountants or other outside advisers as the Committee deems
      necessary to carry out its
duties.


III.           Meetings


The
Committee will meet at least four times annually and at such other times as it
deems necessary to fulfill its responsibilities. A majority of the members of
the Committee shall constitute a quorum.


1.
              The
      Committee may include in its meetings: (a) members of the Company’s
      management, (b) representatives of the external auditors, (c) other
      directors by invitation, or (d) any other personnel employed or retained
      by the Company.


2.
              The
      Committee may periodically meet with members of the Company’s management
      in separate executive sessions to discuss any matters that the Committee
      believes should be addressed
privately.


3.
              A
      meeting of the Committee may be convened by the Chair of the Committee, a
      quorum of the Committee members, or the external auditors. The Corporate
      Secretary shall, upon direction of any of the foregoing, arrange a meeting
      of the Committee. The Committee shall report to the Board in a timely
      manner with respect to each of its
meetings.


IV.           Responsibilities
and Duties


Financial
Statements and Published Information


1.
              Review
      with management and the external auditors any items of concern, any
      proposed changes in major accounting policies, any identified risks and
      uncertainties, and any issues requiring management judgment, to the extent
      that the foregoing may be material to financial
  reporting.


2.
              Consider
      any matter required to be communicated to the Committee by the external
      auditors under applicable generally accepted auditing standards,
      applicable law and listing standards, including the external auditors’
      report to the Committee (and management’s response thereto) on: (a) all
      critical accounting policies and practices used by the Company; (b) all
      material alternative accounting treatments of financial information within
      generally accepted accounting principles that have been discussed with
      management, including the ramifications of the use of such alternative
      treatments and disclosures and the treatment preferred by the external
      auditors; and (c) any other material written communications between the
      external auditors and
management.


3.
              Require
      the external auditors to present and discuss with the Committee their
      views about the quality, not just the acceptability, of the implementation
      of generally accepted accounting principles with particular focus on
      accounting estimates and judgments made by management and their selection
      of accounting principles.


4.
              Discuss
      with management and the external auditors (a) any accounting adjustments
      that were noted or proposed (i.e. immaterial or otherwise) by the external
      auditors but were not reflected in the financial statements
      and (b) any material correcting adjustments that were identified by the
      external auditors in accordance with generally accepted accounting
      principles or applicable
law.





5.
              Discuss
      with management and the external auditors any significant financial
      reporting issues considered during the fiscal period and the method of
      resolution. Resolve disagreements between management and the external
      auditors regarding financial
reporting.


6.
              Review
      with management and the external auditors any off-balance sheet financing
      mechanisms being used by the
Company.


7.
              Review
      with management and the external auditors and legal counsel, if necessary,
      any litigation, claim or other contingency, including tax assessments,
      that could have a material effect on the financial position or operating
      results of the Company, and the manner in which these matters have been
      disclosed or reflected in the financial
  statements.


8.
              Review
      any problems experienced by the external auditors in performing the audit,
      including any restrictions or limitations imposed by
      management.


9.
              Review
      the results of the external auditors’ audit work including findings and
      recommendations, including the post-audit management letter, and
      management’s response and any resulting changes in accounting practices or
      policies and the impact such changes may have on the financial
      statements.


10.
              Review
      the annual report, including the audited annual financial statements, in
      conjunction with the report of the external auditors, and related
      management discussion and analysis, make recommendations to the Board with
      respect to approval thereof, before being released to the public, and
      obtain an explanation from management of all significant variances between
      comparable reporting periods.


11.
              Review
      with management and recommend to the Board for approval the Corporation’s
      Proxy Form, Information Circular, Annual Information Form and Form
      40F.




12
              Confirm
      with the Chief Executive Officer and the Chief Financial Officer (and
      considering the external auditor’s comments, if any, thereon), that the
      financial statements fairly represent the Company’s financial condition,
      cash flow and results for the reporting
period.


13
              Review
      and recommend to the Board for approval all interim unauditied financial
      statements and quarterly reports, related interim management discussion
      and analysis and media releases, before being released to the
      public.




14.
              Review
      management’s internal control report and the related attestation report of
      the external auditors when required by Section 404 of the Sarbanes-Oxley
      Act of 2002.


15.           Review
and approve all related party transactions.


Appointment,
Retention and Evaluation of External Auditors


1.
                  The
      Company’s external auditors shall report directly to this Committee. This
      Committee has the direct

                      responsibility
      to compensate, oversee, and evaluate the external auditors. The Committee
      will recommend to the shareholders the appointment, and where appropriate,
      the replacement of the external auditors. In connection with its oversight
      of the external audit activities, the Committee
      will:


•    At least
annually, obtain and review a report by the external auditors
describing:


(a)         The external
audit firm’s internal quality-control procedures; and


(b)
              Any
      material issues raised by: (i) the most recent internal quality-control
      review, or peer review, of the firm, or (ii) any inquiry or investigation
      by governmental or professional authorities,
      respecting one or more independent audits carried out by the firm, and any
      steps taken to deal with any issues raised in the reviews described
      above.





•      Annually review and
evaluate:


(a)         The
experience and qualifications of the senior members of the external auditor
team; and


(b)
              The
      performance and independence of the external auditors, including the lead
      partner of the external audit
firm.


•      Review
and approve the annual audit plan prior to the annual audit being undertaken by
the external auditors, including reviewing the year-to-year co-ordination of the
audit plan and the extent of its scope. Recommend the Board approve the fees to
be paid to external auditors.


•      Periodically meet separately with the
external auditors without senior management present.


•      At
least annually, present the Committee’s conclusion with respect to its
evaluation of the external auditors to the Board. See “External Auditor Review
Guidelines”.


Independence
of External Auditors


1.
              The
      Committee shall obtain confirmation and assurance as to the external
      auditors’ independence, including ensuring that they submit on a periodic
      basis (not less than annually) to the Committee a formal written statement
      delineating all relationships between the external auditors and the
      Company. The formal submission should also disclose the amount of fees
      received by the external auditors for the audit services and for various
      types of non-audit services.


2.
              The
      Committee shall actively engage in a dialogue with the external auditors
      with respect to any disclosed relationships or services that may impact
      the objectivity and independence of the external auditors and take
      appropriate action in response to the external auditors’ report to satisfy
      itself of their independence.


3.
              The
      Committee will periodically review, and if necessary, update its policy
      with regard to the pre-approval for any permitted non-audit services,
      including a requirement that the Committee approve all non-audit
      engagements of the external auditors and shall, consistent with that
      policy, approve the retention of the external auditors to perform such
      services and the fees for such services, if required by that policy. The
      Committee may, in its discretion, delegate to the Chair of the Committee
      the authority to pre-approve any audit or non-audit services to be
      performed by the external auditors, provided that any such approvals are
      presented to the Committee at its next scheduled meeting. See
      “Pre-Approval Policy”.


4.
              Periodically
      review and, if necessary, update its guidelines for the Company’s hiring
      of employees and former employees of the external auditors who were
      previously engaged on the Company’s
account.


5.
              Discuss
      with management the timing and process for implementing the rotation of
      the lead audit partner, the concurring partner and any other active audit
      engagement team partner within the time limits and in such a manner as
      necessary to prevent the external auditor from being deemed “not
      independent of the Company”.


Internal
Controls


The
Committee will review with the external auditors and senior
management:


•              
The adequacy and effectiveness of the Company’s internal accounting and
financial controls, including computerized
information system controls and security, and consider any recommendations for
improvement of such controls.


•
              Major
      issues as to the adequacy of the Company’s internal controls and any
      special audit steps adopted in light of material control
      deficiencies.


•
              Any
      related significant findings and recommendations of the external auditors
      together with senior management’s responses
  thereto.


Risk
Management


The
Committee will meet periodically with senior management to discuss the Company’s
policies with respect to risk assessment and risk management. In doing so, the
Committee will review the Company’s major financial risk exposure and the steps
management has taken to monitor and control such exposure.


Disclosure
Controls


1.           Review
quarterly the disclosure controls and procedures, including the certification
timetable and related


process.
Confirm with the Chief Executive Officer and the Chief Financial Officer the
effectiveness of disclosure controls and procedures, and whether there are any
significant deficiencies in internal controls or any fraud related to management
or persons who have a significant role in internal controls.


Approve
the appointment and removal of Disclosure Committee Members.


Compliance


1.
              Monitor
      compliance by the Company with all payments and remittances required to be
      made in accordance with applicable law, where the failure to make such
      payments could render the directors of the corporation personally
      liable.


2.            
Review the findings of any examination by financial or corporate governance
regulatory authorities.


3.
              Establish
      procedures for receipt, retention and treatment of complaints received by
      the Committee regarding accounting, internal accounting controls, or
      auditing matters and the confidential, anonymous submission by employees
      of concerns regarding questionable accounting or auditing matters. “See
      Whistleblower Policy”.


Miscellaneous


The
Committee will:


1.
              Review
      the appointment of the Chief Financial Officer and have the Chief
      Financial Officer report to the Committee on the qualifications of new
      employees with a financial oversight role (i.e. having oversight of, or
      direct responsibility for, preparing of financial statements and related
      information).


2.
              Approve
      the expenses submitted for reimbursement by the Chief Executive Officer or
      designate the Audit Chair to do the
same.


V.        Annual
Performance Evaluation


The
Audit Committee shall perform a review and evaluation, at least annually, of the
performance of the Audit Committee and its members, including a review of
adherence of the Audit Committee to this Charter. In addition, the audit
Committee shall review and reassess, at least annually, the adequacy of this
Charter and recommend to the Nominating & Corporate Governance Committee any
improvements to this Charter that the Audit Committee considers necessary or
appropriate. The Audit Committee shall conduct such evaluation and reviews in
such manner as it deems appropriate.