Claude Generates Record Quarterly Earnings of $10.2 Million in Q2

SASKATOON, Aug. 13, 2015

(All dollar amounts are in Canadian dollars unless stated otherwise)

Highlights:

• 2015 gold production guidance increased to 68,000 to 72,000 ounces
• Q2 2015 gold production of 20,619 ounces, a 10% increase over Q2 2014
• Q2 2015 total cash cost per ounce of gold sold ⁽¹⁾ of $623 (U.S. $507), a 17% decrease from Q2 2014
• Q2 2015 all-in sustaining cost per ounce of gold sold ⁽¹⁾ of $954 (U.S. $776), a 10% decrease from Q2 2014
• Q2 2015 mill head grade of 8.88 grams of gold per tonne, a 15% increase over Q2 2014
• H1 2015 gold production of 41,686 ounces, a 39% increase over H1 2014 and a new six month record
• Increased cash and bullion ⁽²⁾ to $20.9 million which exceeds long-term debt
• Santoy Gap deposit advancing ahead of schedule and on pace to achieve 500 tonnes per day

SASKATOON, Aug. 13, 2015 /CNW/ - Claude Resources Inc. ("Claude" and or the "Company") today reported that record second quarter net earnings of $10.2 million ($0.05 per share) were a $6.9 million improvement from net earnings of $3.3 million ($0.02 per share) for the same period in 2014. Year to date, net earnings of $15.4 million ($0.08 per share) were a $17.2 million improvement over the net loss of $1.8 million ($0.01 per share) reported during the first half of 2014.  The improvement in financial performance period over period and year to date was due to increased ounces produced and sold along with higher realized Canadian dollar gold prices.

"Our strong first half production performance and cost control has allowed the Company to continue to generate free cash flow at current gold prices," stated Brian Skanderbeg, President and Chief Executive Officer. "Our outlook for 2015 is on pace to set new production records, decrease unit costs, generate free cash flow and to strengthen the balance sheet. By achieving the midpoint of our updated production guidance, remaining on budget with our costs and realizing similar gold prices for the remainder of the year, we expect to yield strong annual free cash flow margins in 2015, positioning the Company to deliver continued shareholder value." 

Financial Review
Second quarter gold revenue of $29.7 million was 20% higher than the $24.7 million reported in the comparable period in 2014. The increase was related to a 16% increase in gold sales volume (Q2 2015 – 20,534 ounces; Q2 2014 – 17,690 ounces) and a 4% increase in Canadian dollar gold prices realized per ounce. Year to date, gold revenue of $55.9 million increased 39% from the first half of 2014, a reflection of a 33% increase in gold sales volume (YTD 2015 – 37,860 ounces; YTD 2014 – 28,555 ounces) and a 5% increase in Canadian dollar gold prices realized.

Strong operating performance and higher grades reduced total cash cost per ounce of gold sold ⁽¹⁾, inclusive of royalty costs, by 17% to $623 (U.S. $507) for the quarter and by 23% to $647 (U.S. $524) for the first six months of 2015.  All-in sustaining cost per ounce of gold sold ⁽¹⁾ also benefited from similar drivers along with lower development costs from the Alimak mining method.  All-in sustaining cost per ounce of gold sold ⁽¹⁾ decreased by 10% to $954 (U.S. $776) during the quarter and by 18% to $1,146 (U.S. $928) for the first six months of 2015.