|Exhibit 99.2
|------------



|CLAUDE RESOURCES INC.  
Information Circular   For the Annual General Meeting of Shareholders   to be held on May
14, 2003
|--------------------------------------------------------------------------------------------------------------------------



|SOLICITATION OF PROXIES BY
MANAGEMENT
|-------------------------------------



|This Information Circular is furnished in
connection with the solicitation of proxies by or on behalf of the management of
Claude Resources Inc. (the Corporation) for use at the Annual General
Meeting (the Meeting) of the shareholders of the Corporation. The
information contained herein is current as of April 11, 2003, unless otherwise
indicated. The Meeting will be held at the Sheraton Cavalier Hotel, Top Of The Inn,
612 Spadina Crescent East, Saskatoon, Saskatchewan, on Wednesday May 14, 2003, 10:00
a.m. (Saskatoon time) for the purposes set forth in the accompanying Notice of
Annual General Meeting of Shareholders (the Notice). It is expected
that the solicitation of proxies will be primarily by mail. Management of the
Corporation may also solicit proxies in person, by telephone, telecopier, e-mail
or other electronic or telecommunication devices. The cost of solicitation by
or on behalf of management will be borne by the Corporation.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|The Corporation has distributed copies of the
Notice, this Information  Circular  and the Form of Proxy  (collectively,  the
Documents)  to clearing  agencies,  securities  dealers,  banks  and  trust
companies  or  their  nominees  (Intermediaries),  for onward  distribution
to shareholders of the Corporation  whose  shares  are  held  by  or  in  the  custody
of  those  Intermediaries  (Non-Registered Shareholders).  The Intermediaries
are required to forward the  Documents to Non-Registered Shareholders.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|The solicitation of proxies from Non-Registered
Shareholders will be carried out  by  Intermediaries  or  by  the  Corporation  if  the
names  and  addresses  of  Non-Registered  Shareholders  are  provided by the
Intermediaries.  The cost of  solicitation will be borne by the Corporation.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Non-Registered  Shareholders  who  wish  to
file  proxies  should  follow  the  directions  of the  Intermediary  with respect to the
procedure to be followed.  Generally, Non-Registered Shareholders will either:
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a) | be
provided  with a form of proxy  executed by the  Intermediary,  but  otherwise
uncompleted.  The Non-Registered Shareholder may complete the  proxy and return it
directly to the Corporation; or
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





|(b) | be
provided with a request for voting instructions. The Intermediary is  required to send to
the Corporation an executed form of proxy completed  in accordance with any voting
instructions received by it.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





|APPOINTMENT OF PROXIES
|----------------------



|The persons named in the enclosed form of proxy
are directors and/or officers of  the Corporation.  A shareholder has the right to
appoint a person,  who need not  be a shareholder,  as nominee to attend and act for him
and on his behalf at the  Meeting,  other than the persons  designated  in the enclosed
form of proxy.  A  shareholder  desiring to appoint  some other person as a
representative  at the  Meeting  may do so either by  inserting  such  persons  name in
the blank space  provided in the form of proxy or by completing another proper form of
proxy and,  in either case, delivering the completed form of proxy to Valiant Trust
Company,  Suite 510,  550 - 6th Avenue SW,  Calgary,  Alberta,  T2P 0S2,  in the
enclosed  self-addressed envelope or to the Chairman of the Corporation at Suite 200 -
224  - 4th Avenue  South,  Saskatoon,  Saskatchewan,  S7K 5M5, not less than 24 hours
prior  to the  time of the  Meeting  or any  adjournment  thereof.  Proxies  not
delivered by the time  specified may not be treated as valid for purposes of the  Meeting.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|REVOCABILITY OF PROXIES
|-----------------------



|(a) | by
depositing  a  written  notice  of  revocation  executed  by  the  shareholder or the
shareholders attorney authorized in writing:
|--- | --------------------------------------------------------------------------------------------------------------------------------------

| | (i) | at the registered office of the Corporation
      at any time up to and including the last business day preceding the day
      of the Meeting, or any adjournment thereof; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii) | with the chairman of the Meeting on
      the day of the Meeting or any adjournment thereof; or
| | ---- | -----------------------------------------------------------------------------------------------













|(b) | in
any other manner permitted by law.
|--- | -------------------------------------





|EXERCISE OF DISCRETION WITH RESPECT TO PROXIES
|----------------------------------------------



|The persons named in the enclosed form of proxy
will vote the shares in respect of which they are appointed in accordance with the
direction of the shareholders appointing them. In the absence of such direction, such
shares will be voted FOR the matters referred to in the Notice.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|The enclosed form of proxy confers a
discretionary  authority  upon the persons  named therein to vote the shares  represented
thereby as such persons  consider  best with respect to  amendments  or  variations  to
matters  identified  in the  Notice,  and with respect to other  matters  which may
properly  come before the  Meeting.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|VOTING SECURITIES AND PRINCIPAL HOLDERS OF
VOTING SECURITIES
|------------------------------------------------------------



|On April 11, 2003,  there were 52,223,607
common shares in the capital stock of  the  Corporation  (Common  Shares)
issued and  outstanding.  Each Common Share  carries the right to one vote. No other
voting securities of the Corporation are  currently issued and outstanding.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|The  directors  have fixed April 11,  2003,  as
the record date for  determining  shareholders  entitled to receive  notice of the
Meeting.  A person  shown as a  shareholder  of record as of the close of business on
April 11,  2003,  shall be  entitled to vote the Common Shares  registered in his name on
that date,  except  to the extent that the person has transferred the ownership of any of
his shares  after  April 11, 2003 and the  transferee  of those  shares  produces a
properly  endorsed share certificate(s) or otherwise  establishes that he owns such
shares  and  demands,  not  later  than 10 days  before  the  Meeting,  that his name be
included in the list of shareholders for purposes of the Meeting, in which event  the
transferee shall be entitled to vote such shares at the Meeting.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|DIRECTORS AND OFFICERS LIABILITY INSURANCE
|--------------------------------------------



|The Corporation maintains a directors and
officers liability insurance policy.  Coverage is limited to $5 million per occurrence
and to an aggregate total of $5  million in each policy year subject to a $100,000
deductible  to be paid by the  Corporation. The annual premium is $26,500.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|The Corporation has agreed to indemnify each
director and officer against all costs, charges and expenses reasonably incurred
in respect of any action or proceeding to which any such person is made a party by
reason of being a director or officer of the Corporation, subject to the limitations
as contained in the Canada Business Corporations Act.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|ELECTION OF DIRECTORS
|---------------------





|Management of the Corporation proposes to
nominate, and the persons named in the accompanying form of proxy intend to vote in
favour of the election, as directors of the Corporation of, the persons named
below. Unless otherwise indicated, all of the nominees are now directors and have
been for the periods indicated. Each director elected will hold office until the next
annual meeting or until his successor is elected or appointed, unless his office is
vacated in accordance with the by-laws of the Corporation or the  Canada
Business Corporations Act.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Management  does not anticipate  that any of the
proposed  nominees will, at the  time of the Meeting, be unable to stand for election as
a director.  However, if  any  proposed  nominee is unable to stand for  election as a
director,  then the  representatives of management named in the enclosed proxy have the
right to vote  for any other alternate nominees in their sole discretion.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Name and Place of 
      Residence           | Number of Common 
      Shares Beneficially 
      Owned | Office Held and Time 
      As Director                                                               | Principal 
      Occupation                                                                         
|-------------------------------------------- | -------------------------------------------------------- | ----------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------
|                                            
|William R. MacNeill(3) 
      Saskatoon, SK  | 3,118,800(1)                                             | Chairman of the Board and Director since September,
      1980.                                       | President of BEC International Corporation,
      a private company.                                
|                                             |                                                          |                                                                                                       |                                                                                                     
|Ronald G. Walker(2) 
      Victoria, BC      | Nil                                                      | Director 
      since February, 1984.                                                                 | President, Great Canadian Dollar Store Franchising
      Ltd., a franchisor of retail store outlets.
|                                             |                                                          |                                                                                                       |                                                                                                     
|Jon R. MacNeill(2) 
      Calgary, AB        | Nil                                                      | Director 
      since June, 1984.                                                                     | Businessperson.                                                                                     
|                                             |                                                          |                                                                                                       |                                                                                                     
|Arnie E. Hillier(2) (3) 
      Saskatoon, SK | 258,000                                                  | Vice Chairman, Chief Executive Officer, Chief
      Financial Officer and Director since April, 1996. | Vice Chairman, Chief Executive Officer and Chief
      Financial Officer of the Corporation.        
|                                             |                                                          |                                                                                                       |                                                                                                     
|Neil McMillan(3) 
      Saskatoon, SK        | 176,500                                                  | President and Director since April, 1996.                                                             | President of the Corporation.                                                                       

|(1) |  | These
shares  are  owned,  directly  or  indirectly,  by  BEC  International  Corporation, a
private corporation controlled by William  R. MacNeill.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------

|(2) |  | Member
of the  Audit  Committee.
|--- |  | --------------------------------

|(3) |  | Member
of  the  Executive  Committee.
|--- |  | -------------------------------------



|All of the  director  nominees  set forth above
have been  engaged for more than  five years in their present  principal  occupations  or
executive  positions set  forth above.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|STATEMENT OF EXECUTIVE
COMPENSATION
|-----------------------------------



|The Corporation had six executive officers during the year
      ended December 31, 2002. The aggregate cash compensation paid to the Corporations
      executive officers including salaries, fees, commissions and bonuses during
      the year ended December 31, 2002 was $635,674. The Corporation does not
      have any formal written contracts of employment in place with its executive
      officers.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|The  following  table  sets  forth the
compensation  paid to the  Corporations  executive  officers  during the last three
fiscal years where such  compensation  exceeds $100,000 in any one year.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                                  |      |         | Annual Compensation | Long-Term Compensation
|------------------------------------------------- | ---- | ------- | ------------------- | ----------------------
|                                                  |      |         |                     |                       
|Name and 
      Principal 
      Position         | Year |         | Salary 
      ($)   |                       
|                                                  |      |         |                     |                       
|W.R. MacNeill(1) 
      Chairman                  | 2002 |         | 135,000             |                       
|                                                  |      |         |                     |                       
|2001                                              |      | 135,000 |                     | Nil                   
|2000                                              |      | 135,000 |                     | Nil                   
|                                                 
|A.E. Hillier 
      Vice Chairman 
      CEO, CFO | 2002 |         | 123,000             |                       
|                                                  |      |         |                     |                       
|2001                                              |      | 123,000 |                     | Nil                   
|2000                                              |      | 123,000 |                     | Nil                   
|                                                 
|Raymond G. Gagnon 
      COO                      | 2002 |         | 105,368             |                       
|                                                 
|A. N. McMillan 
      President                   | 2002 |         | 123,000             |                       
|2001                                              |      | 123,000 |                     | Nil                   
|2000                                              |      | 123,000 |                     | Nil                   
|                                                 
|B.D. Levesque 
      V.P. Operations(2)           | 2002 |         | 57,757              |                       
|2001                                              |      | 110,000 |                     | Nil                   
|2000                                              |      | 107,110 |                     | Nil                   



| |  | 
| |  | 



---





|Notes:
|------

|(1) |  | The
salary  reported  for Mr.  W.  R.  MacNeill  is the sum of  annual  management fees paid
to BEC International Corporation. Mr. MacNeill and  his  spouse  are the  beneficial
owners  of all of the  shares  of BEC  International Corporation.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) |  | Mr.
Levesque  was  terminated  at the end of April,  2002 and  received  severance  in the
form of salary  continuation until December, 2002.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------



|OPTIONS GRANTED DURING THE MOST
RECENTLY COMPLETED FINANCIAL YEAR(1)
|--------------------------------------------------------------------



|The  following  table  discloses  the
particulars  of  options  granted  by the  Corporation  during  the year ended  December
31,  2002 to the named  executive  officers:
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Name          | Securities Under 
      Options 
      Granted(2) 
      (#) |  | % of Total 
      Options granted  
      to Employees  
      In 
      Financial Year |  | Exercise or 
      Base Price 
      ($/Security) |  | Market Value of 
      Securities 
      Underlying 
      Options on the 
      Date of Grant 
      ($/Security) |  | Expiration Date
|------------- | ------------------------------------------------------------ |  | --------------------------------------------------------------------------------------- |  | ------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------ |  | ---------------
|             
|R.G. Gagnon   | 30,000                                                       |  | 12 %                                                                                    |  | $1.71                                             |  | $1.71                                                                                                              |  | May 16, 2012   
|R.G. Gagnon   | 200,000                                                      |  | 77 %                                                                                    |  | $0.90                                             |  | $0.90                                                                                                              |  | Nov.28, 2012   
|V.L. Michasiw | 10,000                                                       |  | 4 %                                                                                     |  | $0.90                                             |  | $0.90                                                                                                              |  | Nov.28, 2012   
|             
|              |                                                              |  |                                                                                         |  |                                                   |  |                                                                                                                    |  |                



|Notes:
|------

|(1) |  | The
Corporation  has not  issued  any share  appreciation  rights.
|--- |  | ------------------------------------------------------------------

|(2) |  | All
securities under option are Common Shares.
|--- |  | ----------------------------------------------



|AGGREGATED OPTIONS EXERCISED
DURING THE MOST RECENTLY  COMPLETED FINANCIAL YEAR AND FINANCIAL YEAR-END OPTION VALUES(1)
|-----------------------------------------------------------------------------------------------------------------------

|              |  | Securities
      Acquired 
      On Exercise (#) |  | Aggregate
      Value 
      Realized($) |                | Unexercised 
      Options at FY-End 
      (#) |             | Value of Unexercised 
      In-the-Money 
      Options at FY- 
      End 
      ($)
|------------- |  | ------------------------------------------------ |  | ---------------------------------------- | -------------- | ----------------------------------------------- | ----------- | ------------------------------------------------------------------------------------
|Name          |  |                                                  |  | Exercisable                              | /Unexercisable |                                                 | Exercisable | /Unexercisable                                                                      
|             
|W.R. MacNeill |  |                                                 |  |                                         |                | 600,000                                         |            |                                                                                     
|A.E. Hillier  |  |                                                 |  |                                         |                | 600,000                                         |            |                                                                                     
|R.G. Gagnon   |  |                                                 |  |                                         |                | 230,000                                         |            |                                                                                     
|A.N. McMillan |  |                                                 |  |                                         |                | 600,000                                         |            |                                                                                     
|P.E. Olson    |  |                                                 |  |                                         |                | 100,000                                         |            |                                                                                     
|D.Levesque    |  | 70,000                                           |  | 68,650                                   |                | 68,650                                          |            |                                                                                     
|V.L. Michasiw |  |                                                 |  |                                          |                | 80,000                                          |            |                                                                                     



|Notes:
|------

|(1) |  | The
Corporation has not issued any share appreciation rights.
|--- |  | -------------------------------------------------------------



|REPORT ON EXECUTIVE COMPENSATION
|--------------------------------



|As  part  of  its  responsibilities,  the
Compensation  Committee  reviews  the  Corporations  overall  compensation plan and the
policies pertaining thereto to  ensure that they are consistent with the
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---







|Corporations  goals of attracting and
retaining the best available people,  align the employees  interests with those  of the
Corporation,  and pay for  performance.  To ensure that  compensation is  competitive,
survey  information is periodically  obtained from consultants and  other external
independent sources.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|The compensation  package for executives has
three key components;  base salary,  benefits,  and an incentive  award program.  The
Corporation  believes that its  Stock Option Incentive Plan aligns the interests of
executives with those of its  shareholders.  Accordingly,  stock options have been
granted to  executives  and  when  additional  stock options are granted,  stock options
already granted are  taken into consideration.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|For the year 2002,  there were no salary
adjustments,  bonus cash  payments  or  stock options granted to the Chief Executive
Officer or President.
|---------------------------------------------------------------------------------------------------------------------------------------------------



|COMPENSATION OF DIRECTORS
|-------------------------



|The  Corporation  pays each of its  directors
who are not also officers a yearly  stipend  of  $5,000  as well as $500  per day for
attendance  personally  or by  telephone  conference at board and/or committee meetings.
In addition,  outside  directors  may be  entitled to receive  stock  options of the
Corporation.  The  exercise  prices of such  options,  when  granted,  are in  accordance
with the  Corporations  Stock Option Incentive Plan.  During the year 5,000 stock
options  were granted to each of two  directors.  Directors are entitled to be reimbursed
for  expenses  incurred  in  attending  board  meetings.  During  the year ended
December 31, 2002, the Corporation paid directors fees totalling $20,000.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|INDEBTEDNESS OF DIRECTORS AND SENIOR OFFICERS
|---------------------------------------------



|No director or senior officer or proposed
director and none of their associates  or affiliates is or has been at any time since
January 1, 2002,  indebted to the  Corporation or its subsidiary.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|FINANCIAL STATEMENTS
|--------------------



|It is necessary at annual  meetings  that the
shareholders  of the  Corporation  receive and consider the financial  statements  for
the most recently  completed  fiscal  year of the  Corporation  together  with the
auditors  report  on such  financial  statements.  Reference  is  made  to  the
financial  statements  and  auditors  report with respect to the fiscal year ended
December 31, 2002 which  accompanies this Information  Circular.  Receipt and review, at
the Meeting,  of  the  auditors  report  and the  Corporations  financial  statements
will  not  constitute approval or disapproval of any matters referred to therein.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|APPOINTMENT OF AUDITORS
|-----------------------



|Management of the Corporation recommends the reappointment
      of KPMGLLP Chartered Accountants as auditors of the
      Corporation. KPMGLLP Chartered Accountants were first
      appointed auditors in 1993. The persons named in the enclosed form of proxy
      intend to vote FOR the reappointment of KPMGLLP Chartered
      Accountants as auditors of the Corporation, to hold office until the next
      annual general meeting of the shareholders, at a remuneration to be approved
      by the Board.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|CORPORATE GOVERNANCE PRACTICES
|------------------------------



|Exhibit A to this Circular compares
the  Corporations  procedure of corporate  governance to the Toronto Stock  Exchanges
guidelines for effective  corporate  governance, including proposed amendments to such
guidelines.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|ANNUAL RETURN GRAPH
|-------------------



|The  following
graph  indicates  the  total  annual  return  on  the  Corporations Common Shares for
the last five fiscal years:
|---------------------------------------------------------------------------------------------------------------------------------

|                      |  | Cumulative Total Return
|--------------------- |  | -----------------------
|                      |  | 12/97                  
|                      |  |                        
|CLAUDE RESOURCES INC. |  | 100                    
|S & P/TSX COMPOSITE   |  | 100                    



|OTHER MATTERS
|-------------



|Management  of the  Corporation  knows  of no
amendments,  variations  or other  matters to come  before the Meeting  other than the
matters  referred to in the  Notice.  However,  if any matters other than those  referred
to herein should be  presented at the Meeting, the persons named in the enclosed proxy
are authorized  to vote the  shares  represented  by the proxy in  accordance  with
their  best  judgement.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|DIRECTORS APPROVAL
|-------------------



|The contents and the sending of this Information
Circular have been approved by  the Board of Directors.
|--------------------------------------------------------------------------------------------------------



|The foregoing  contains no untrue statement of a
material fact and does not omit  to state a material  fact that is required to be stated
or that is  necessary to  make a statement not  misleading in the light of the
circumstances  in which it  was made.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|BY ORDER OF THE BOARD OF DIRECTORS
|----------------------------------

|/ s / William R. MacNeill
      William R. MacNeill 
      Chairman | / s / Arnie E. Hillier
      Arnie E. Hillier  
      Vice Chairman, Chief Executive Officer & 
      Chief Financial Officer
|------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------

|Saskatoon, Saskatchewan   April 11, 2003
|----------------------------------------



| |  | 
| |  | 



---





|EXHIBIT A - STATEMENT OF
CORPORATE GOVERNANCE
|-----------------------------------------------



|Regulatory changes are in progress, many of
which are arising from the United States  Sarbanes-Oxley Act of 2002, and further
changes resulting from discussions between the Ontario Securities Commission and
the Toronto Stock Exchange (TSX) are anticipated. In this Schedule, the
Corporations corporate governance procedures are compared with the TSX guidelines
for effective corporate governance, including the proposed amendments published in
April 2002 arising from the final report of the Joint Committee on Corporate Governance
as mandated by the TSX, the TSX Venture Exchange and the Canadian Institute of
Chartered Accountants. In December 2002, the TSX circulated a further set of
proposed guidelines. When these guidelines are finalized, the Board will
reassess its governance practices and make any changes deemed necessary.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                                       
|-------------------------------------------------------
|TSX Guideline for effective 
      corporate governance
|                                                       
|1.                                                     
|                                                       
|                                                       
|                                                       
|                                                       
|                                                       
|                                                       
|                                                       
|                                                       
|                                                       



| |  | 
| |  | 



---



|                                                       
|-------------------------------------------------------
|TSX Guideline for effective 
      corporate governance
|                                                       
|                                                       
|                                                       
|2.                                                     
|                                                       
|3.                                                     
|                                                       
|4.                                                     
|                                                       
|5.                                                     
|                                                       
|6.                                                     
|                                                       

| |  | 
| |  | 



---



|                                                       
|-------------------------------------------------------
|TSX Guideline for effective 
      corporate governance
|                                                       
|7.                                                     
|                                                       
|8.                                                     
|                                                       
|9.                                                     
|                                                       
|10.                                                    
|                                                       
|11.                                                    
|                                                       

| |  | 
| |  | 



---



|                                                       
|-------------------------------------------------------
|TSX Guideline for effective 
      corporate governance
|                                                       
|12.                                                    
|                                                       
|13.                                                    
|                                                       

| |  | 
| |  | 



---



|                                                       
|-------------------------------------------------------
|TSX Guideline for effective 
      corporate governance
|                                                       
|                                                       
|                                                       
|14.                                                    
|                                                       

| |  | 
| |  | 



---