CLAUDE RESOURCES INC. CONFIRMS APPROACH TO ST. EUGENE MINING CORPORATION LTD.

SASKATOON, July 11, 2011 /CNW/ --
Trading Symbols


TSX - CRJ  


NYSE Amex - CGR

SASKATOON, July 11, 2011 /CNW/ - Claude Resources Inc. ('Claude' or the 'Company') (TSX-CRJ) (NYSE Amex-CGR) today announced
it has approached the Board of Directors of St. Eugene Mining
Corporation Ltd. ('St. Eugene', TSX.V-SEM) with a proposal to enter
into a letter of intent for a share exchange transaction for 100
percent of St. Eugene at a significant premium to its trading price.

St. Eugene is a gold exploration company whose main assets include its
35 percent joint venture interest in the Amisk Gold Project in
Saskatchewan (65 percent owned by Claude) and its 100 percent owned
Tartan Lake Gold project in the Flin Flon area, Manitoba.

As the largest shareholder of St. Eugene (holding 11.7 million common
shares or approximately 9.7 percent of the basic shares outstanding),
Claude is disappointed by the strategic direction of St. Eugene
evidenced by the recent announcement, and subsequent suspension, of a
highly dilutive private placement with Churchill Natural Resource
Partners L.P. that would have resulted in loss of control of St. Eugene
at a discount to its trading price.

Given that St. Eugene's Board of Directors has not positively responded
to Claude's proposal in the timeframe requested, Claude felt it
necessary to make its position public.

The proposal Claude presented to St. Eugene's Board of Directors was to
enter into a letter of intent for a share exchange transaction at a
fixed exchange ratio of 0.0601 of a Claude common share for each St.
Eugene common share through a friendly transaction (the 'Proposal').
The implied value of the Proposal is approximately C$0.125 per St.
Eugene share (based on Claude's July 8, 2011 closing price on the TSX).

Claude believes that the Proposal would be particularly compelling for
all St. Eugene's security holders. The benefits of Claude's Proposal
include:

    --  an attractive premium of 47 percent to the closing price of St.
        Eugene shares on the TSX Venture Exchange on July 8, 2011
        (based on Claude's July 8, 2011 closing price on the TSX);

    --  an excellent opportunity for the security holders of St. Eugene
        to realize immediate and substantial value for their St. Eugene
        securities;

    --  the logical consolidation of the Amisk Gold Project;

    --  the opportunity to participate in a highly liquid, diversified,
        quality gold producer, led by a management team with credible
        mine operating experience and a track record of value creation;

    --  immediate exposure to the strong current gold price environment
        through Claude's growing production and outstanding exploration
        upside on its three major projects; and

    --  a highly credible deal, subject only to customary conditions.

Claude remains hopeful that further discussions will continue with St.
Eugene. This announcement does not constitute an offer or public
proposal, or expression of an intention to make an offer, to St. Eugene
security holders and there can be no assurance that any offer will be
made or that any transaction will take place.

Claude's financial advisor is Dundee Securities Ltd.

ABOUT CLAUDE RESOURCES INC.

Claude Resources Inc. is a gold producer with shares listed on both the
Toronto Stock Exchange (TSX-CRJ) and the NYSE Amex (NYSE Amex-CGR). The
Company is also engaged in the exploration and development of gold
mineral reserves and mineral resources. The Company's entire asset base
is located in Canada. Its main revenue generating asset is the 100
percent owned Seabee gold operation, located in northern Saskatchewan.
Since 1991, Claude has produced over 938,000 ounces of gold from its
Seabee Operations. Claude also owns 100 percent of the 10,000 acre
Madsen Property in the prolific Red Lake gold camp of northwestern
Ontario and has a 65 percent working interest in the Amisk Gold Project
in northeastern Saskatchewan.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This Press Release may contain statements which constitute
'forward-looking' statements, including statements regarding the plans,
intentions, beliefs and current expectations of the Company, its
directors, or its officers with respect to the future business
activities and operating performance of the Company. The words 'may',
'would', 'could', 'will', 'intend', 'plan', 'anticipate', 'believe',
'estimate', 'expect' and similar expressions, as they relate to the
Company, or its management, are intended to identify such
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future business
activities or performance and involve risks and uncertainties, and that
the Company's future business activities may differ materially from
those in the forward-looking statements as a result of various
factors. Such risks, uncertainties and factors are described in the
periodic filings with the Canadian securities regulatory authorities,
including the Company's Annual Information Form and quarterly and
annual Management's Discussion and Analysis, which may be viewed on
SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected. Although the Company has attempted to identify important
risks, uncertainties and factors which could cause actual results to
differ materially, there may be others that cause results not to be as
anticipated, estimated or intended. The Company does not intend, and
does not assume any obligation, to update these forward-looking
statements.

A copy of Claude's interim Management's Discussion and Analysis as well
as Claude's Q1 2011 financial statements and notes thereto (unaudited)
can be viewed at www.clauderesources.com. 

Further information relating to Claude Resources Inc. has been filed on
SEDAR and may be viewed at www.sedar.com.

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/July2011/11/c4503.html

Neil McMillan, President & CEO
Phone: (306) 668-7505
or
Marc Lepage, Manager, Investor Relations
Phone: (306) 668-7505

Email: ir@clauderesources.com
Website: www.clauderesources.com