Claude Resources Inc. to Divest 46% Interest in Nokomis Property, Flin Flon, Manitoba to Auriga Gold Corp.

Nov 03, 2011, 08:30 ET from CLAUDE RESOURCES INC.

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SASKATOON, Nov. 3, 2011 /PRNewswire/ - Claude Resources Inc. (TSX: CRJ) (NYSE Amex: CGR) ("Claude" or the "Company") announces that Auriga Gold Corp. (TSXV-AIA) ("Auriga Gold") has agreed to acquire the 46 percent minority interest in the Nokomis Property currently held by Claude.  Prior to the acquisition, Auriga Gold held a 54 percent interest in the Nokomis Property, which is contiguous to the Puffy Lake Property, part of the Maverick Gold Project.  The 2,200 hectare, Nokomis property comprises 39 claims and is located less than 8 kilometres northeast of the Puffy Lake Mill.

Under the terms of agreement, Auriga Gold has agreed to issue to Claude 3,428,571 common shares of Auriga Gold at an issue price of $0.35 per share.  This represents approximately 7.8 percent of the outstanding shares of Auriga Gold. The issued shares will be subject to a hold period of four months from the closing date of the definitive agreement.  The transaction is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The transaction is expected to close on or about November 15, 2011.

Neil McMillan, Claude's President and CEO commented, "This disposition is consistent with Claude's strategy to streamline our property portfolio while maintaining upside to project success via participation in Auriga Gold shares."

About Claude Resources Claude Resources Inc. is a public company based in Saskatoon, Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX-CRJ) and the NYSE Amex (NYSE Amex-CGR). Claude is a gold exploration and mining company with an asset base located entirely in Canada. Since 1991, Claude has produced over 950,000 ounces of gold from its Seabee mining operation in northeastern Saskatchewan. The Company also owns 100 percent of the 10,000 acre Madsen Property in the prolific Red Lake gold camp of northwestern Ontario and currently has a 65 percent working interest in the Amisk Gold Project in northeastern Saskatchewan.


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