Claude Generates Third Quarter Earnings of $5.7 Million and Expects Record Gold Production in 2015

SASKATOON, Nov. 5, 2015

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

Highlights:

• 2015 gold production guidance increased to be between 70,000 and 75,000 ounces;
• YTD 2015 gold production of 57,408 ounces, a 13% increase over YTD 2014 and a new nine month record;
• Q3 2015 all-in sustaining cost per ounce of gold sold ⁽¹⁾ of $1,089 (U.S. $832), a 2% increase from Q3 2014;
• Cash and bullion ⁽²⁾ increased by $6.1 million to $27.0 million during Q3;
• New debt facility with Scotiabank has lowered the cost of debt to approximately 5% from 10%; and
• Successful drill results from Santoy Gap indicate expansion up dip and down dip of current mineral resources and initiated a 6,000 metre deep exploration drill program at the Santoy Mine Complex.

SASKATOON, Nov. 5, 2015 /CNW/ - Claude Resources Inc. ("Claude" and or the "Company") today reported third quarter net earnings of $5.7 million ($0.03 per share) and increased cash and bullion ⁽²⁾ by $6.1 million to $27.0 million since the second quarter of 2015. Year to date, net earnings of $21.0 million ($0.11 per share) were a $15.9 million improvement over the $5.1 million ($0.03 per share) reported during the first nine months of 2014. The significant improvement in financial performance is driven by an increase in ounces produced and sold from mining higher ore grades and continued improvement in operating efficiencies. During the quarter, earnings were negatively impacted by a $0.8 million non-cash expense, a result of the early retirement of the Term loan with the Company's previous lender.

"Our ability to achieve strong production results and continue to generate free cash flow during a challenging quarter reflects the operational flexibility and strength that we have at the Seabee Gold Operation," stated Brian Skanderbeg, President and Chief Executive Officer. "Our outlook for 2015 has improved once again with a growing production profile and lower unit costs, a result of Santoy Gap exceeding our expectations. We are confident that our strong production and cost performances will continue to position the Company with the financial strength and flexibility needed to manage a volatile gold price environment and pursue growth opportunities."

Financial Review
Third quarter gold revenue of $24.5 million was slightly higher than the $24.3 million reported in the third quarter of 2014. The increase was mainly related to a 7% increase in Canadian dollar gold prices realized per ounce and offset by a 6% decrease in gold sales volume (Q3 2015 – 16,258 ounces; Q3 2014 – 17,578 ounces). Year to date gold revenue of $80.5 million increased 24% from the first nine months of 2014, a reflection of an 18% increase in gold sales volume (YTD 2015 – 54,388 ounces; YTD 2014 – 46,133 ounces) and a 6% increase in Canadian dollar gold prices realized from the weakening Canadian dollar.

Lower mine production costs, higher grades and increased gold sales reduced total cash cost per ounce of gold sold ⁽¹⁾, inclusive of royalty costs, by 8% to $677 (U.S. $517) for the quarter and by 16% to $699 (U.S. $531) for the first nine months of 2015.  All-in sustaining cost per ounce of gold sold ⁽¹⁾ also benefited from similar drivers.  All-in sustaining costs per ounce of gold sold were up slightly to $1,089 (U.S. $832) during the quarter and for the first nine months of 2015 decreased by 11% to $1,129 (U.S. $896).