Exhibit 99.1

News release via Canada NewsWire, Calgary 403-269-7605

	    Attention Business/Financial Editors:
	    Claude Resources Announces First Quarter Results

	    Toronto Stock Exchange
	    Trading symbol - CRJ
	    AMEX - CGR

	    SASKATOON, May 8 /CNW/ - Claude Resources Inc. (TSX-CRJ; AMEX-CGR) is a
gold exploration and mining company based in Saskatoon, Saskatchewan. The
Company's entire asset base is located in Canada. Its major exploration
property, the Madsen project, is located at Red Lake, Ontario, Canada. The
100% owned Seabee mine is located in northern Saskatchewan. The Company also
owns producing oil and natural gas assets.
	    During the first quarter, Claude Resources Inc. continued to focus on the
development of its two main assets, the Madsen exploration project and the
Seabee gold mine.
	    At the Madsen project, surface exploration and shaft dewatering continued
on schedule. Recently, the Company issued four media releases (see website
www.clauderesources.com) with encouraging results from the surface drilling
program along the mafic/ultramafic trend, demonstrating the potential for the
development of meaningful resources near surface on the Madsen project.
	    Claude expects to be dewatered to the 16th level in the Madsen mine in
the first quarter of 2009. Access to this level should enable the Company to
establish a drill platform underground to test potential high-grade targets at
depth.
	    At the Seabee mine, the Company continued to upgrade its mineral
resources. Reported ounces were increased significantly at the Santoy 8
satellite project (see media release dated April 21, 2008: "Claude Resources
Reports Indicated Resource of 727,500 Tonnes at 8.98 g/t at Santoy 8"). In
addition, Claude continued significant upgrades to mining equipment and
infrastructure in order to facilitate increased production while containing
cash operating costs.
	    Gold production for full year 2008 is expected to be between 48,000 and
52,000 ounces compared to 44,323 ounces in 2007.

	    <<
	    Financial Highlights
	    -------------------------------------------------------------------------
	                                                          Three      Three
	                                                          Months     Months
	                                                          Ended      Ended
	                                                          March      March
	                                                         31, 2008   31, 2007
	    -------------------------------------------------------------------------
	    Revenue ($ millions)                                     10.4        7.9
	    -------------------------------------------------------------------------
	    Net earnings (loss) ($ millions)                          0.4      (0.04)
	    -------------------------------------------------------------------------
	    Earnings (loss) per share ($)                            0.00       0.00
	    -------------------------------------------------------------------------
	    Average realized gold price
	     (CDN $/ounce/US $/ounce)                             921/918    765/653
	    -------------------------------------------------------------------------
	    Total cash operating costs
	     (CDN $/ounce/ US $/ounce)                            729/725    631/539
	    -------------------------------------------------------------------------
	    Working capital ($ millions)                              6.0       (1.5)
	    -------------------------------------------------------------------------
	    >>

	    MANAGEMENT'S DISCUSSION AND ANALYSIS

	    The following discussion is a review of the financial position of Claude
Resources Inc. ("Claude" or the "Company") as at March 31, 2008 compared to
December 31, 2007, and the results of operations for the three months ended
March 31, 2008 compared with the corresponding period of 2007. This discussion
is the responsibility of Management and the information within this
Management's Discussion and Analysis is current to May 8, 2008 (except as
otherwise noted). The Board of Directors reviewed and approved the disclosure
presented herein through the Audit Committee. This discussion should be read
in conjunction with the Company's 2007 annual Management's Discussion and
Analysis and 2007 annual audited consolidated financial statements and notes
to those statements. All amounts are expressed in millions of Canadian
dollars, except where otherwise indicated.

	    EXPLORATION

	    Claude's 100% owned Madsen gold project comprises approximately 4,000
hectares (10,000 acres) and four former producing mines. The Madsen mine
produced in excess of 2.6 million ounces over a 40 year history and is the
third largest gold producer in the Red Lake camp. The 2008 exploration program
will focus on testing seven regional and or conceptual targets and three
advanced exploration targets.
	    Compilation and modelling of final drill results from the 2007 drill
program at Santoy 8 continued through the first quarter, with a revised
resource estimate planned during the second quarter.

	    Madsen Project

	    During the first quarter, the Company continued aggressive exploration on
the Madsen property, discovering high-grade vein systems associated with the
mafic-ultramafic trend within the Starratt Olsen and Fork Zone target areas. A
Phase One drill program was also completed on the polymetallic (Au-Mo-W-Cu)
target in the northwest portion of the property. Two surface drill rigs were
active on the property and are planned to continue through 2008. In
preparation for underground drilling, shaft dewatering continued as planned,
reaching the 9th level in March.
	    One of the high priority target areas outlined from previous drilling on
the Madsen property is the Fork Zone. Historic drilling by Madsen Gold Corp
and Placer Dome highlighted the potential of this area to host both
replacement style and high grade, vein-hosted mineralization associated with
the hangingwall contact of the ultramafic trend. Results released to date have
defined the mineralized structure over a strike length of 340 meters and it
remains open along strike to the north, to the south and down plunge. Hole
RUM-08-48 was a 50 meter step-out on previous drilling and intercepted 17.32
grams per tonne (g/t) of gold over 10.33 meters including 30.80 g/t over 3.63
meters (see Media Release dated April 16, 2008: "Claude Resources Reports
Drill Results of 17.32 g/t Au over 10.33 meters"). This is the highest grade
over length intercept returned to date from the Placer Dome and Claude
Resources drilling and emphasizes the potential for near-surface, high grade
discoveries. The Company is actively testing the Fork Zone target, with one
drill rig dedicated to this area.
	    The Starratt Olsen mine is located approximately 2.2 kilometers south of
the Madsen mine and operated from 1948 through 1956, producing approximately
164,000 ounces of gold at 0.18 ounces per ton. Compilation of historic results
and geologic modeling revealed the potential for high-grade mineralization
associated with the mafic-ultramafic trend in the footwall of the Starratt
Olsen mine. During the first quarter, 12 holes were completed, testing the
prospective structures along 1,000 meters of strike. Hole ST-08-03 discovered
high grade, shear-hosted vein systems associated with the footwall contact of
the ultramafic trend, returning 185.62 g/t over 0.41 meters and 26.85 g/t over
0.58 meters (see Media Release dated April 8, 2008: "Claude Drills 185.62 g/t
Gold over 0.41 m"). Results from the remainder of the holes are currently
being received and interpreted. One drill rig is currently active on the
Starratt Olsen footwall target.
	    Historic drilling at the Polymetallic target completed by Placer Dome
during 2002 and 2003 returned elevated values of tungsten, molybdenum, copper
and gold. Twenty significant gold intercepts in five drill holes returned from
1.0 to 26.5 g/t gold. Results also include 56 samples containing copper values
ranging from 0.1% to greater than 2%; 66 samples with molybdenum values
ranging from 0.03% to 2%; and 24 samples with greater than 0.05% tungsten. To
date, Claude has completed five holes testing an area of 1,200 by 500 meters.
The drilling intercepted brecciated, veined and chlorite-epidote altered
basalt in the contacts of a feldspar porphyry sill complex. Mineralization
consists of disseminated and vein-hosted molybenite, chalcopyrite, scheelite,
pyrrhotite over widths in excess of 100 meters. Assay results are pending.
Drilling in the polymetallic area was halted due to spring break-up and access
constraints; further drilling, pending results, will be completed in late
2008.
	    During the first quarter, planning for underground drilling was on-going.
Zone 8 was discovered and mined between 1969 to 1974 on the 22nd to 27th
levels. It is hosted within a complexly folded package of mafic-ultramafic
units 250 meters in the footwall of the Austin and McVeigh horizons. The zone
was characterized by high-grade, visible gold-bearing, quartz vein systems
developed along the mafic-ultramafic contact. The target structure was tested
over a strike length of approximately 90 meters and remains open along strike,
up-dip and down-dip.
	    The re-commissioning work of the Company's 5 compartment 1,220 meters
headframe-hoist-shaft continued during 2007. At the end of April 2008, the
water level was drawn down to approximately 18 meters below 900 Level. The
plan is to establish an underground exploration platform on the 16th level to
target the historical high grade 8 Zone.
	    A major program of data compilation is also on-going at Madsen. A large
portion of the historic drilling data, particularly those associated with the
lower levels of the mine, were not available digitally. These logs, together
with historic level geology plans and sections are being captured and
integrated within the Company's geologic database. This will guide near-mine,
underground exploration. SRK Consulting of Toronto has been contracted to
integrate this data and to produce a NI 43-101 compliant resource estimate and
supporting technical report that should be completed late in the third
quarter.

	    Seabee Property

	    Exploration in the Seabee region during the first quarter was focused on
the interpretation and modeling of the Santoy 8 and 8E deposits. These
deposits are located approximately 14 kilometers east of the Seabee mine and
accessed via an all-weather road. During 2007, 147 drill holes totalling
31,670 meters were completed providing 25-meter infill data to a depth of 250
meters as well as testing strike and plunge extensions. As a result, an
updated mineral resource estimate containing 727,500 tonnes at 8.98 g/t of
indicated resource and 391,500 tonnes at 8.08 g/t of inferred resource at a
3.0 g/t cut-off was outlined (see Media Release dated April 21, 2008 Media
Release: "Claude Resources Reports Indicated Resource of 727,500 Tonnes at
8.98 g/t at Santoy 8"). This represents a significant upgrade in the size and
grade of the deposits.
	    Claude is currently in the process of producing an updated NI 43-101
compliant resource calculation and conducting environmental studies in
preparation for bulk sample mining of Santoy 8 in 2009.

	    Quality Assurance and Quality Control Procedures

	    Rigorous quality assurance and quality control practices have been
implemented on all Company core drill programs including blank, reference and
duplicate samples with each batch of assays. Samples are analyzed by a 30 gram
fire assay with a combination of atomic absorption, gravimetric and or screen
metallic finish at an independent ISO approved facility. Intercepts are
reported as drilled widths and range from 65 to 90% of true width. Composite
intervals were calculated using a 3.0 g/t cut-off and may include internal
dilution.
	    All exploration programs are carried out under the direction of Qualified
Person Brian Skanderbeg, P.Geo., Vice President Exploration for Claude
Resources.

	    Gold

	    For the quarter ended March 31, 2008, Claude milled 51,110 tonnes at a
grade of 5.37 grams per tonne with recoveries of 95.4%. Sales volume was 8,819
ounces of gold - produced ounces were 8,423. Production output was limited due
to lower grade stopes being mined, stope availability, equipment availability,
and the geological complexity of the Santoy 7 deposit. First quarter
production was consistent with targets as the Company expects that 40% of
production will take place in the first half of 2008 with 60% occurring in the
second half.

	    <<
	    Seabee Q1 Operating Results

	    -------------------------------------------------------------------------
	                                                 Three Months Ended March 31
	    -------------------------------------------------------------------------
	                                                         2008       2007
	    -------------------------------------------------------------------------
	    Tonnes milled                                       51,110     47,008(1)
	    -------------------------------------------------------------------------
	    Grade processed (Au grams per tonne)                  5.37       5.13(1)
	    -------------------------------------------------------------------------
	    Recovery (%)                                         95.4%      94.1%(1)
	    -------------------------------------------------------------------------
	    Gold sales volume (ounces)                           8,819      7,488
	    -------------------------------------------------------------------------
	    Gold production volume (ounces)                      8,423      7,297(1)
	    -------------------------------------------------------------------------
	    Mine Operating Costs (CDN millions)                   $6.4       $4.7
	    -------------------------------------------------------------------------
	    Cash Operating Costs (CDN $/ounce/US $/ounce)     $729/725   $631/539
	    -------------------------------------------------------------------------
	    (1) Includes operating results from Santoy 7 bulk sample.

	    >>

	    Total mine operating costs increased 36% to $6.4 million from $4.7
million last year. This result was due to increases in labour and material
costs within a very competitive market place for labour. Unit operating costs
were higher and are attributed mostly to higher operating costs. During the
quarter, Seabee mine initiated its winter re-supply over its winter road. Of
particular note is the addition of capital equipment and infrastructure,
including underground trucks, scoops, scissor lift, fuel efficient Gensets,
surface articulating truck, dozer, Knelson concentrator, diesel and propane
tanks and portable refuge stations to address capacity constraints, operating
efficiency issues and health and safety regulatory requirements.
	    The underground drill program in 2007 resulted in proven and probable
reserves at the Seabee mine totalling 934,098 tonnes, grading 6.69 grams per
tonne or 201,039 ounces. With the development of Santoy 7 on three separate
horizons, the reserves at year end were 114,332 tonnes at 6.74 grams per tonne
or 24,766 ounces. Compared to December 31, 2006, this represents a 51%
increase in reserve tonnage and 54% increase in reserve ounces. The Company's
mineral resources at its Seabee mining area included measured and indicated
mineral resources of 59,800 ounces while the inferred mineral resources
totalled 491,344 ounces. The decrease in mineral resources was a result of the
conversion of certain resources to the reserve category at Seabee and Santoy
7.
	    Subsequent to the balance sheet date, the Company updated its mineral
resource estimate on its Santoy 8 property which outlined 727,500 tonnes at
8.98 g/t of indicated resource and 391,500 tonnes at 8.08 g/t of inferred
resource (see Media Release dated April 21, 2008: "Claude Resources Reports
Indicated Resource of 727,500 Tonnes at 8.98 g/t at Santoy 8"). The increase
in the Company's mineral resources and mineral reserves has laid the
foundation for long term sustainable growth.

	    <<
	    -------------------------------------------------------------------------
	                  Claude Resources Inc. - Mineral Reserves
	    -------------------------------------------------------------------------
	                        Proven and Probable Reserves
	    -------------------------------------------------------------------------
	                            December 31, 2007           December 31, 2006
	                    ---------------------------------------------------------
	                                  Grade                       Grade
	    Projects           Tonnes     (g/t)    Ozs      Tonnes    (g/t)     Ozs
	    -------------------------------------------------------------------------
	    Seabee             934,098     6.69  201,039    692,500    6.59  146,638
	    -------------------------------------------------------------------------
	    Santoy 7           114,322     6.74   24,766          -    0.00        -
	    -------------------------------------------------------------------------
	      Totals         1,048,420     6.70  225,805    692,500    6.59  146,638
	    -------------------------------------------------------------------------



	    -------------------------------------------------------------------------
	                                Measured and Indicated Mineral Resources
	    -------------------------------------------------------------------------
	    Projects                    April 30, 2008        December 31, 2007
	    -------------------------------------------------------------------------
	    Santoy 7                    -      -        -          -      -        -
	    -------------------------------------------------------------------------
	    Santoy 8              727,500   8.98  210,000          -      -        -
	    -------------------------------------------------------------------------
	    Porky Main            160,000   7.50   38,600    160,000   7.50        0
	    -------------------------------------------------------------------------
	    Porky West             90,000   7.33   21,200     90,000   7.33        0
	    -------------------------------------------------------------------------
	      Totals              977,500   8.59  269,800    250,000   7.44        0
	    -------------------------------------------------------------------------

	    -----------------------------------------------
	                           Measured and Indicated
	                             Mineral Resources
	    -----------------------------------------------
	    Projects                 December 31, 2006
	    -----------------------------------------------
	    Santoy 7              190,000   8.42   51,400
	    -----------------------------------------------
	    Santoy 8                    -      -        -
	    -----------------------------------------------
	    Porky Main            160,000   7.50   38,600
	    -----------------------------------------------
	    Porky West             90,000   7.33   21,200
	    -----------------------------------------------
	      Totals              440,000   7.86  111,200
	    -----------------------------------------------



	    -------------------------------------------------------------------------
	                                         Inferred Mineral Resources
	    -------------------------------------------------------------------------
	    Projects                   April 30, 2008         December 31, 2007
	    -------------------------------------------------------------------------
	    Seabee              1,020,000   8.09  265,244  1,020,000   8.09  265,244
	    -------------------------------------------------------------------------
	    Santoy 7               10,000  10.00    3,200     10,000  10.00    3,200
	    -------------------------------------------------------------------------
	    Santoy 8              391,500   8.08  102,000    910,000   6.10  178,500
	    -------------------------------------------------------------------------
	    Porky Main             70,000  10.43   23,500     70,000  10.43        0
	    -------------------------------------------------------------------------
	    Porky West            130,000   5.00   20,900    130,000   5.00        0
	    -------------------------------------------------------------------------
	      Totals            1,621,500   7.95  414,844  2,140,000   7.14  446,944
	    -------------------------------------------------------------------------

	    -----------------------------------------------
	                        Inferred Mineral Resources
	    -----------------------------------------------
	    Projects                 December 31, 2006
	    -----------------------------------------------
	    Seabee              1,293,300   8.96  372,600
	    -----------------------------------------------
	    Santoy 7               10,000  10.00    3,200
	    -----------------------------------------------
	    Santoy 8              910,000   6.10  178,500
	    -----------------------------------------------
	    Porky Main             70,000  10.43   23,500
	    -----------------------------------------------
	    Porky West            130,000   5.00   20,900
	    -----------------------------------------------
	      Totals            2,413,300   7.72  598,700
	    -----------------------------------------------
	    >>


	    Health, Safety and Environment

	    Management continues to focus on strengthening its operational team in
order to bring about improvements in our health, safety and environmental
programs. As such, the Company is continuously reviewing aspects of its
operations with the assistance of professional consultants and has
strengthened its internal training programs by adding resources to the
Training, Safety and Environmental Departments.

	    Oil & Natural Gas

	    Claude produces crude oil, natural gas and natural gas liquids (ngls)
from properties in Alberta and Saskatchewan.
	    The Company has various non-operating working interests in oil, ngls and
natural gas properties in Alberta. These Alberta properties provide 91% of the
total production for oil and ngls and 100% of the production of natural gas.
The Nipisi Unit is a 166 well unitized oil field operated by Canadian Natural
Resources Ltd. The Edson Gas Unit has 52 producing gas wells and an associated
gas plant, all operated by Talisman Energy. In addition to these properties,
the Company has interests in producing oil and gas wells at a number of other
Alberta locations.
	    In Saskatchewan, the Company has a 75% working interest in six producing
vertical oil wells along with a 33.75% interest in four producing horizontal
wells.
	    Oil, ngls and natural gas operations continue to positively impact cash
flow from operations before net change in non-cash working capital items.
Higher realized petroleum and natural gas prices offset by normal production
declines have resulted in an increase in contributed cash flows (Q12008 - $0.2
million; Q12007 - $0.1 million).

	    RESULTS OF OPERATIONS

	    The Company reports its results of operations based on Canadian Generally
Accepted Accounting Principles ("GAAP"). The Company reports the results of
its operations in two reportable industry segments: (1) gold mining and
exploration and (2) oil, ngls and natural gas production. A reconciliation of
reported net sales is included in Note 9 to the unaudited financial
statements.

	    FINANCIAL

	    For the three months ended March 31, 2008, the Company recorded net
earnings of $0.4 million, or $0.00 per share, after a $2.2 million non-cash
recovery related to income tax benefits arising from the issue of flow-through
shares. This compares to a net loss of $0.04 million, or $0.00 per share,
after a $1.7 million non-cash recovery related to income tax benefits arising
from the issuance of flow-through shares for the comparable period in 2007.

	    Revenue

	    Total revenue generated for the quarter was $10.4 million, a 32% increase
over the $7.9 million reported for the same period in 2007. The Seabee mine
contributed $8.1 million to revenue during the first quarter of this year
compared to $5.7 million reported for the same period in 2007. This increase
was due to slightly higher gold sales volume (Q1 2008 - 8,800 ounces; Q1 2007
- 7,500 ounces) and much improved Canadian dollar gold prices realized: Q1
2008 - $921 (US $918); Q1 2007 - $765 (US $653). The 41% increase in the US
dollar price of gold was partially offset by the appreciating Canadian versus
US dollar exchange rate.
	    Gross oil, ngls and natural gas revenue for the three months ending March
31, 2008 was $2.3 million, a 5% increase from the $2.2 million reported for
the same period in 2007.
	    First quarter oil and ngls sales volume for the quarter ending March 31,
2008 was 15,500 barrels, 3% lower than the 15,900 barrels sold during the same
period in 2007. The average realized price per barrel of oil and ngls in
Canadian dollars was $88.16 (US $87.80), an increase of 37% over the averaged
realized price of $64.16 (US $54.76) for the comparable period in 2007.
	    As a result of normal production declines, natural gas sales volume
decreased 19% to 123 MMCF for the first three months of 2008 from 151 MMCF
during the first three months of 2007. The average realized price in Canadian
dollars decreased to CDN $7.21 (US $7.18) from CDN $7.44 (US $6.35) during the
first three months of 2007.

	    Expenditures

	    For the three months ended March 31, 2008, total mine operating costs
increased 36% to $6.4 million from $4.7 million for the same period last year.
Operating costs have been under pressure for the past several quarters,
largely due to rising labour and material costs. These operating costs divided
by a slightly improved gold sales volume resulted in a 35% increase in US
dollar cash operating cost per ounce: Q1 2008 - US $725 (CDN $729); Q1 2007 -
US $539 (CDN $631). Oil, ngls and natural gas operating costs were relatively
unchanged period over period.

	    <<
	    Total Cash Costs(1) per Gold Ounce Sold

	                                                         March 31   March 31
	    Period ended                                             2008       2007
	    -------------------------------------------------------------------------
	    Cash operating costs (CDN $ millions)               $     6.4  $     4.7
	    Divided by ounces sold                                  8,800      7,500
	    -------------------------------------------------------------------------
	    Total cash costs per ounce (CDN$)                   $     729  $     631
	    -------------------------------------------------------------------------

	    CDN $ Exchange Rate                                    1.0042     1.1714
	    Total cash costs per ounce (US$)                    $     725  $     539

	    (1) For an explanation of the use of non-GAAP performance measures refer
	        to page 10.
	    >>

	    Depreciation, Depletion and Accretion

	    During the first quarter of 2008, depreciation, depletion and accretion
of the Company's gold assets increased by 44% to $2.6 million from $1.8
million reported for the comparable period in 2007. This result was largely
due to the combination of increased reserves and more tonnes mined and milled
during the period. Depreciation, depletion and accretion of the Company's oil
and natural gas assets was relatively unchanged period over period.

	    Other Income (Expense)

	    For the quarter ended March 31, 2008, general and administrative costs,
interest and other and stock compensation costs were relatively unchanged
period over period.

	    Income Taxes

	    The income tax recovery of $2.2 million was the estimated income tax
benefit arising from the issuance of flow-through shares in 2007 and the
subsequent renouncement of those expenditures in 2008. A similar benefit of
$1.7 million was recorded in 2007.

	    Liquidity & Financial Resources

	    At March 31, 2008, the Company had working capital of $6.0 million
(December 31, 2007 - $11.9 million). Included in working capital at March 31,
2008 are the demand loans of $5.5 million (December 31, 2007 - $6.0 million).
As it is a demand loan, the entire amount has been classified as a current
liability for accounting purposes.
	    The Company's typical cash requirement over the first and second quarters
of each year is significant because of the winter road resupply, which
includes restocking diesel, propane and other large consumables as well as the
continued upgrading of the mining fleet and mine infrastructure. To fund the
preceding requirements and the continued exploration and dewatering costs
expected at the Madsen property, the Company announced plans to proceed with a
debenture offering of up to $20 million (subject to regulatory approval) in
March 2008. Subsequent to 2008, the Company believes operating cash flows may
not be sufficient to fund the continued exploration at Madsen and ongoing
capital improvements at the Seabee properties. The Company intends to divest
of non core assets, the proceeds of which will decrease the need for
additional capital to be raised through equity issues.

	    Investing

	    Mineral property expenditures during the first three months of 2008 were
$7.6 million, a $3.1 million decrease from 2007. Year to date, expenditures
were comprised of the following: Seabee mine development of $2.1 million (Q1
2007 - $3.0 million); exploration costs, focusing primarily on the Madsen
exploration project, of $2.4 million (Q1 2007 - $4.0 million); and property,
plant and equipment expenditures of $3.1 million (Q1 2007 - $3.7 million).
Property, plant and equipment charges include mining equipment, camp
infrastructure, tailings management facility expansion and Madsen dewatering
charges.
	    Oil and natural gas capital expenditures of $0.2 million during 2008 were
relatively unchanged from the comparable period in 2007.
	    The $0.3 million increase in Restricted promissory notes resulted from
the accrual of interest income earned.

	    Financing

	    In March 2008, the Company announced plans to proceed with a debenture
offering of up to $20 million - subject to regulatory approval. The debenture
will feature a 12%, five year term with monthly interest only payments.
Debenture holders will be entitled to warrants in the amount of 10% of the
debenture purchase (100 warrants per $1,000 of debentures). Each warrant will
entitle the holder to acquire one common share at the exercise price of $1.60
per common share for a period of five years from the date of closing. The
debenture will be secured by a general security agreement covering all the
Company's assets. The security interest will be subordinated to all bank debt.
	    Financing activities during the first quarter of 2008 included the
issuance of 114,633 common shares pursuant to the Company's Employee Share
Purchase Plan.
	    The $0.4 million increase in production royalties and $0.4 million
decrease in deferred revenue was a result of the accrual of interest expense
and amortization of certain fees relating to the royalty transactions,
respectively.
	    During the first three months of this year the Company repaid $0.5
million of its demand loans outstanding. The proceeds and repayments on
capital lease obligations relate primarily to production equipment.

	    CHANGES IN ACCOUNTING POLICIES

	    Refer to Note 2 to the consolidated financial statements for information
pertaining to accounting changes effective January 1, 2008.

	    RECENT ACCOUNTING PRONOUNCEMENTS

	    On February 1, 2008 the CICA issued section 3064, Goodwill and Intangible
assets. This Section establishes revised standards for recognition,
measurement, presentation and disclosure of goodwill and intangible assets.
Concurrent with the introduction of this standard, the CICA withdrew EIC 27,
Revenues and Expenses during the pre-operating period which removes the
ability for companies to defer costs and revenues incurred prior to commercial
production at new mine operations. The changes are effective for interim and
annual financial statements beginning January 1, 2009. The impact of this new
standard is being assessed and cannot be determined at this time.

	    International Financial Reporting Standards ("IFRS"):

	    In 2006, the Canadian Accounting Standards Board ("AcSB") published a new
strategic plan that will significantly affect financial reporting requirements
for Canadian companies. The AcSB strategic plan outlines the convergence of
Canadian GAAP with IFRS over an expected five year transitional period. In
February 2008 the AcSB announced that 2011 is the changeover date for public
accountable companies to use IFRS, replacing Canada's own GAAP. The transition
date is for interim and annual financial statements relating to fiscal years
beginning on or after January 1, 2011. The transition date of January 1, 2011
will require the restatement for comparative purposes of amounts reported by
the Company for the year ended December 31, 2010. While the Company has begun
assessing the adoption of IFRS for 2011, the financial reporting impact of the
transition to IFRS cannot be reasonably estimated at this time.

	    OUTLOOK

	    The Company's 2008 production and cost forecasts remain relatively
unchanged for both the Seabee mine and oil and natural gas operations. Gold
production from both the Seabee and Santoy properties is targeted to remain
between 48,000 and 52,000 ounces, with mine operating costs expected to remain
between $30 and $31 million. Capital investment is expected to be at full year
2007 levels, largely as a result of continued investment at the Madsen
exploration properties and increases to property, plant and equipment at the
Seabee properties. Oil and natural gas revenues are expected to remain at 2007
levels or decline slightly - a result of normal production declines combined
with similar petroleum and natural gas pricing. Operating costs should remain
consistent or increase slightly. Oil and natural gas capital expenditures
should remain the same as 2007.

	    KEY SENSITIVITIES

	    Earnings from Claude's gold and oil & natural gas operations are
sensitive to fluctuations in both commodity and currency prices. The key
factors and their approximate effect on earnings, earnings per share and cash
flow are as follows:

	    Gold

	    For a US $10 price movement in gold price per ounce, earnings and cash
flow will have a corresponding movement of CDN $0.4 million, or $0.00 per
share. For a $0.01 movement in the US$/CDN$ exchange rate, earnings and cash
flow will have a corresponding movement of $0.3 million, or $0.00 per share.

	    Oil & Natural Gas

	    For a US $5 price movement in oil price per barrel, earnings and cash
flow will have a corresponding movement of $0.3 million ($0.00 per share). For
a US $1 price movement in natural gas price per MCF, earnings and cash flow
will have a corresponding movement of $0.5 million ($0.01 per share). A $0.01
movement in the US$/CDN$ exchange rate does not have a material effect on
earnings and cash flow.

	    BALANCE SHEET

	    The Company's total assets were $210.6 million at March 31, 2008,
compared to $199.4 million at year-end 2007. The $11.2 million increase is
comprised largely of the following: $9.0 million in inventories and stockpiled
ore - largely a result of the winter ice road resupply; $5.1 million in
Mineral Properties largely comprised of development and property, plant and
equipment costs at the Seabee mine as well as exploration and mine dewatering
costs at the Madsen property; $2.6 million in shrinkage stope platform costs
largely attributable to higher costs accrued; and, offsetting these, a $2.6
million decrease in cash and cash equivalents and $2.6 million decrease in
interest receivable on restricted promissory notes.
	    Total liabilities were $124.3 million at March 31, 2008, compared to
$111.3 million at December 31, 2007. The $13.0 million increase was comprised
largely of the following: an increase of $10.7 million in Accounts payable and
accrued liabilities, resulting from the timing of the winter ice road
resupply; a decrease of $2.5 million in Interest payable on royalty
obligations and, a $4.0 million increase in Bank indebtedness.
	    Shareholders' equity decreased by $1.7 million to $86.3 million at the
end of the first quarter 2008, from $88.1 million at December 31, 2007. This
result is largely attributable to the decrease in share capital of $2.1
million, due primarily to the estimated income tax benefit arising from the
issuance of flow through shares in 2007 and the subsequent renouncement of
those expenditures in 2008.

	    OUTSTANDING SHARE DATA

	    At April 30, 2008, there were 97,112,030 million common shares
outstanding. In addition, there were 3.6 million director, employee and
consultant stock options outstanding, with exercise prices ranging from $0.53
to $2.10 per share.

	    CONTRACTUAL OBLIGATIONS

	    At March 31, 2008, there were no significant changes to the Company's
contractual obligations from those reported in the Management's Discussion and
Analysis for the year ended December 31, 2007.

	    SELECTED QUARTERLY FINANCIAL DATA

	    The following table provides summary financial data for the Company's
last eight quarters:

	    <<
	    Quarterly Information

	    Unaudited   Mar 31  Dec 31  Sep 30  Jun 30  Mar 31  Dec 31  Sep 30 Jun 30
	    ($ millions)  2008    2007    2007    2007    2007    2006    2006   2006

	    Gold sales    8.1    11.0     8.2     5.0     5.7     7.5     7.7     8.9
	    Oil and
	     natural
	     gas sales    2.3     2.4     2.1     2.3     2.2     2.0     2.3     1.9
	    Net earnings
	     (loss)       0.4    (1.8)   (1.8)   (3.4)      -    (0.4)      -     2.4
	    Net earnings
	     (loss) per
	     share(1)    0.00   (0.02)  (0.02)  (0.04)  (0.00)  (0.01)      -    0.03
	    Average
	     realized
	     gold price
	     (US$)        918     790     689     633     653     620     627     621
	    Ounces
	     sold(2)    8,800  14,200  11,400   7,100   7,500  10,700  11,000  12,700
	    Tonnes
	     milled(3) 51,100  65,500  65,700  49,400  47,000  66,900  59,400  65,500
	    Ounces
	     pro-
	     duced(3)   8,400  12,200  15,100   9,800   7,300  10,900  11,100  12,900
	    Grade
	     processed
	     (gpt)       5.37    6.08    7.46    6.38    5.13    5.44    6.14    6.52
	    Cash cost
	     per
	     ounce(4)
	     (US$/oz)     725     621     566     661     539     468     417     362
	    Cash cost
	     per
	     ounce(4)
	     (CDN$/oz)    729     610     591     726     631     533     468     406
	    CDN$/US$
	     Exchange  1.0042  0.9818  1.0448  1.0984  1.1714  1.1393  1.1212  1.1224

	    (1) Basic and diluted, calculated based on the number of shares issued
	        and outstanding during the quarter.
	    (2) Excludes ounces sold from Santoy 7 and Porky Lake bulk sample.
	    (3) Includes ounces produced and tonnes milled from Santoy 7 and Porky
	        Lake bulk samples.
	    (4) For an explanation of non-GAAP performance measures refer to
	        "Non-GAAP Performance Measures" on page 10.
	    >>

	    The financial results for the last eight quarters reflect the following
general trends: improving gold sales over the period, notwithstanding Q12008;
improvement in average realized gold prices partially offset by the
strengthening Canadian dollar; relatively constant gold production
notwithstanding the poor first half of 2007 and Q12008; constant oil and gas
sales - a combination of higher realized petroleum prices offset by normal
production declines; and increasing cash cost per ounce - a result of
increased mine operating costs and lower gold sales volume (primarily during
the first half of 2007 and Q12008).

	    CRITICAL ACCOUNTING ESTIMATES

	    Certain of the Company's accounting policies require that Management make
appropriate decisions with respect to the formulation of estimates and
assumptions that affect the reported amounts of assets, liabilities, revenues
and expenses. For a discussion of those estimates, please refer to the
Company's Management's Discussion and Analysis for the year ended December 31,
2007, available at www.sedar.com.

	    RISKS AND UNCERTAINTIES

	    Risks and uncertainties related to economic and industry factors are
described in detail in the Company's Annual Information Form and remain
substantially unchanged.

	    DISCLOSURE CONTROLS AND PROCEDURES

	    Disclosure Controls and Procedures and Internal Controls Over Financial
Reporting

	    As of March 31, 2008, we evaluated our disclosure controls and procedures
as defined in the rules issued by the US Securities and Exchange Commission
and the Canadian Securities Administrators. This evaluation was carried out
under the supervision and participation of Management, including the President
and Chief Executive Officer and the Chief Financial Officer. Based on that
evaluation, the President and Chief Executive Officer and Chief Financial
Officer concluded that the design and operation of these disclosure controls
and procedures were effective.
	    No significant changes were made in our internal controls over financial
reporting during the period ended March 31, 2008 that have materially
affected, or are reasonably likely to materially affect, our internal control
over financial reporting.

	    NON-GAAP PERFORMANCE MEASURES

	    The Company reports its operating, depreciation and depletion costs on a
per-ounce sold basis, based on uniform standards developed by the Gold
Institute. Management uses this measure to analyze the profitability, compared
to average realized gold prices, of the Seabee mine. Investors are cautioned
that the above measures may not be comparable to similarly titled measures of
other companies, should these companies not follow the Gold Institute
standards.

	    CAUTION REGARDING FORWARD-LOOKING INFORMATION

	    This MD&A contains "forward-looking statements" that are based on Claude
Resources Inc.'s expectations, estimates and projections as of the dates the
statements were made. Generally, these forward-looking statements can be
identified by the use of terminology such as "outlook", "anticipate",
"project", "forecast", "target", "believe", "estimate", "expect", "intent",
"should", "could" and similar expressions. These forward-looking statements
are subject to known and unknown risks and uncertainties and other factors
which may cause actual results, levels of activity and achievements to differ
materially from those expressed or implied by such statements. Such factors
include, but are not limited to, gold price and foreign currency exchange rate
volatility and to uncertainties and costs related to exploration and
development activities, production rates, cash and total costs of production,
or the ability to obtain necessary permitting or financing.
	    A discussion of these and other factors that may affect Claude Resources
Inc.'s actual results, performance, achievements or financial position is
contained in the filings by Claude Resources Inc. with the Canadian provincial
securities commissions and the United States Securities and Exchange
Commission.
	    This list is not exhaustive of the factors that may affect Claude
Resources Inc.'s forward-looking statements. These and other factors should be
considered carefully and readers should not place undue reliance on
forward-looking statements. Claude Resources Inc. does not undertake any
obligation to update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events or
otherwise, except in accordance with applicable securities law.

	    ADDITIONAL INFORMATION

	    Additional information related to the Company, including its annual
information form (Form 40F in the US), is available on Canadian
(www.sedar.com) and US (www.sec.gov) securities regulatory authorities.
Certain documents are also available on the Company's website at
www.claudresources.com.

	    NOTICE OF AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

	    Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an
auditor has not performed a review of the interim financial statements, they
must be accompanied by a notice indicating that the financial statements have
not been reviewed by an auditor.
	    The Management of Claude Resources Inc. is responsible for the
preparation of the accompanying unaudited interim consolidated financial
statements. The unaudited interim consolidated financial statements have been
prepared in accordance with accounting principles generally accepted in Canada
and are considered by Management to present fairly the financial position,
operating results and cash flows of the Company.
	    The Company's independent auditor has not performed a review of these
financial statements, in accordance with standards established by the Canadian
Institute of Chartered Accountants. These unaudited financial statements
include all adjustments, consisting of normal and recurring items that
Management considers necessary for a fair presentation of the consolidated
financial position, results of operations and cash flows.

	    <<
	    (signed)                              (signed)
	    Neil McMillan                         Rick Johnson, CA
	    Chief Executive Officer               Chief Financial Officer

	    Date: May 8, 2008



	    Consolidated Balance Sheets
	    (Canadian Dollars in Thousands - Unaudited)
	                                                       March 31   December 31
	                                                         2008        2007
	    -------------------------------------------------------------------------

	    Assets
	      Current assets:
	        Cash and cash equivalents                     $        -  $    2,628
	        Accounts receivable                                3,313       3,404
	        Interest receivable on restricted
	         promissory notes                                    679       3,294
	        Inventories and stockpiled ore                    16,454       7,504
	        Shrinkage stope platform costs (Note 3)           13,527      10,872
	        Prepaids                                             382         594
	    -------------------------------------------------------------------------
	                                                          34,355      28,296

	      Mineral properties                                  81,993      76,904
	      Oil & natural gas properties                         9,115       9,099
	      Investments (Note 4)                                   855       1,140
	      Restricted promissory notes                         81,938      81,606
	      Deposits for reclamation costs                       2,393       2,389
	    -------------------------------------------------------------------------

	                                                      $  210,649  $  199,434
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------

	    Liabilities and Shareholders' Equity
	      Current liabilities:
	        Bank indebtedness                             $    3,988  $        -
	        Accounts payable and accrued liabilities          16,006       5,331
	        Interest payable on royalty obligations              660       3,205
	        Demand loans (Note 5)                              5,509       6,015
	        Other current liabilities                          2,224       1,887
	    -------------------------------------------------------------------------
	                                                          28,387      16,438

	        Obligations under capital lease                    2,455       1,612
	        Royalty obligations                               83,130      82,779
	        Deferred revenue                                   7,098       7,291
	        Asset retirement obligations                       3,260       3,207
	    -------------------------------------------------------------------------
	                                                         124,330     111,327
	    -------------------------------------------------------------------------

	        Shareholders' equity:
	          Share capital (Note 6)                          83,484      85,591
	          Contributed surplus                              1,467       1,308
	          Retained earnings                                1,958       1,513
	          Accumulated other comprehensive deficit           (590)       (305)
	    -------------------------------------------------------------------------
	                                                          86,319      88,107
	    -------------------------------------------------------------------------
	                                                      $  210,649  $  199,434
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------

	    The accompanying notes form an integral part of these unaudited
	    consolidated financial statements



	    Consolidated Statements of Earnings (Loss)
	    (Canadian Dollars in Thousands, except per share amounts - Unaudited)

	                                                        Three Months Ended
	                                                             March 31
	                                                         2008        2007
	    -------------------------------------------------------------------------

	    Revenues: (Note 9)
	      Gold                                            $    8,126  $    5,729
	      Oil & natural gas (net of royalties)                   701         626
	    -------------------------------------------------------------------------
	                                                           8,827       6,355
	    Expenses:
	      Gold                                                 6,425       4,726
	      Oil & natural gas                                      514         499
	      Depreciation, depletion and accretion:
	        Gold                                               2,556       1,790
	        Oil & natural gas                                    203         198
	    -------------------------------------------------------------------------
	                                                           9,698       7,213
	    -------------------------------------------------------------------------
	                                                            (871)       (858)

	    Other income (expense):
	      General and administrative                            (938)       (868)
	      Interest and other                                     182         152
	      Stock compensation expense                            (168)       (171)
	    -------------------------------------------------------------------------
	                                                            (924)       (887)
	    -------------------------------------------------------------------------

	    Earnings (loss) before income taxes                   (1,795)     (1,745)

	      Income tax recovery (Note 7)                         2,240       1,705
	    -------------------------------------------------------------------------

	    Net earnings (loss)                               $      445  $      (40)
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------

	    Net earnings (loss) per share
	      Basic and diluted                               $     0.00  $    (0.00)

	    Weighted average number of shares
	     outstanding (000's)
	      Basic                                               97,063      76,979
	    -------------------------------------------------------------------------
	      Diluted                                             97,476      76,979

	    The accompanying notes form an integral part of these unaudited
	    consolidated financial statements



	    Consolidated Statements of Shareholders'  Equity
	    (Canadian Dollars in Thousands - Unaudited)

	                                                         Three Months Ended
	                                                               March 31
	                                                            2008       2007
	    -------------------------------------------------------------------------
	    Share Capital
	      Balance, beginning of year                      $   85,591  $   56,036
	      Common shares issued                                   (26)        (10)
	      Warrants exercised                                       -         431
	      Flow-through renunciation                           (2,240)     (1,705)
	      Stock Option Plan                                        -         351
	      Other                                                  159          94
	    -------------------------------------------------------------------------
	      Balance, end of year                            $   83,484  $   55,197
	    -------------------------------------------------------------------------

	    Contributed Surplus
	      Balance, beginning of year                      $    1,308  $    1,062
	      Stock-based compensation                               168         171
	      Options exercised                                        -         (69)
	      Other                                                   (9)        (67)
	    -------------------------------------------------------------------------
	      Balance, end of year                            $    1,467  $    1,097
	    -------------------------------------------------------------------------

	    Retained Earnings
	      Balance, beginning of year                      $    1,513  $    8,480
	      Net earnings (loss)                                    445         (40)
	    -------------------------------------------------------------------------
	      Balance, end of year                            $    1,958  $    8,440

	    Accumulated other comprehensive loss
	      Balance, beginning of year                      $     (305) $        -
	      Transition adjustment                                    -         463
	      Net change in gain (loss) on marketable
	       securities (Note 4)                                  (285)         91
	    -------------------------------------------------------------------------
	      Balance, end of year                            $     (590) $      554
	    -------------------------------------------------------------------------

	      Total retained earnings and accumulated other
	       comprehensive loss                             $    1,368  $    8,994
	    -------------------------------------------------------------------------

	    Shareholders' equity, end of year                 $   86,319  $   65,288
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------
	    The accompanying notes form an integral part of these unaudited
	     consolidated financial statements



	    Consolidated Statements of Comprehensive Income (Loss)
	    (Canadian Dollars in Thousands - Unaudited)

	                                                         Three Months Ended
	                                                              March 31
	                                                           2008       2007
	    -------------------------------------------------------------------------
	    Net earnings (loss)                               $      445  $      (40)

	    Other comprehensive loss
	      Unrealized gain (loss) on marketable
	       securities (Note 4)                                  (285)        554
	    -------------------------------------------------------------------------

	    Total comprehensive income                        $      160  $      514
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------

	    The accompanying notes form an integral part of these unaudited
	    consolidated financial statements



	    Consolidated Statements of Cash Flows
	    (Canadian Dollars in Thousands - Unaudited)

	                                                         Three Months Ended
	                                                              March 31
	                                                           2008       2007
	    -------------------------------------------------------------------------

	    Operations:
	      Net earnings (loss)                             $      445  $      (40)
	      Non-cash items:
	        Depreciation, depletion and accretion              2,759       1,988
	        Stock-based compensation                             168         171
	        Income tax recovery                               (2,240)     (1,705)

	      Net changes in non-cash working capital:
	        Receivables                                        2,706        (421)
	        Inventories and stockpiled ore                    (8,950)     (6,495)
	        Shrinkage stope platform costs                    (2,655)       (891)
	        Prepaids                                             212         (69)
	        Payables and accrued liabilities                   8,130      10,384
	    -------------------------------------------------------------------------
	      Cash from (used in) operations                         575       2,922
	    -------------------------------------------------------------------------

	    Investing:
	      Mineral properties                                  (7,603)    (10,740)
	      Oil & natural gas properties                          (209)       (208)
	      Restricted promissory notes                           (332)          -
	      Reclamation deposits                                    (4)       (141)
	    -------------------------------------------------------------------------
	      Cash used in investing                              (8,148)    (11,089)
	    -------------------------------------------------------------------------

	    Financing:
	      Issue of common shares, net of issue costs             124         728
	      Production royalties                                   351           -
	      Deferred revenue                                      (352)       (155)
	      Bank indebtedness                                    3,988       2,080
	      Demand loans:
	        Repayment                                           (506)       (492)
	      Obligations under capital lease:
	        Proceeds                                           1,673         869
	        Repayment                                           (333)       (194)
	    -------------------------------------------------------------------------
	      Cash provided from financial activities              4,945       2,836
	    -------------------------------------------------------------------------

	    Increase (decrease) in cash                           (2,628)     (5,331)
	    Cash, beginning of period                              2,628       5,331
	    -------------------------------------------------------------------------
	    Cash, end of period                               $        -  $        -
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------

	    The accompanying notes form an integral part of these unaudited
	    consolidated financial statements


	    Notes to Consolidated Financial Statements
	    For the Three Months Ended March 31, 2008
	    (Canadian Dollars in Thousands, except as otherwise noted)
	    (Unaudited)

	    Note 1 - Basis of Presentation

	    These unaudited interim consolidated financial statements have been
	    prepared by the Company in accordance with Canadian generally accepted
	    accounting principles (Canadian GAAP) for interim financial statements.
	    The preparation of financial data within these statements is based on,
	    with the exception of capital disclosures, financial instruments, and
	    inventories accounting policies and practices consistent with those used
	    in the preparation of the most recent audited annual consolidated
	    financial statements. The accompanying unaudited interim consolidated
	    financial statements should be read in conjunction with the notes to the
	    Company's audited consolidated financial statements for the year ended
	    December 31, 2007, as they do not contain all disclosures required by
	    Canadian GAAP for annual financial statements.

	    In the opinion of Management, all adjustments (including
	    reclassifications and normal recurring adjustments) necessary to present
	    fairly the financial position, results of operations and cash flows at
	    March 31, 2008, and for comparative periods presented, have been made.

	    Note 2 - Significant Accounting Policies

	    Effective January 1, 2008, the Company adopted the following new
	    accounting standards issued by the Canadian Institute of Chartered
	    Accountants ("CICA"):

	    (a) Section 1535, "Capital Disclosures"
	    (b) Section 3862, "Financial Instruments - Disclosures" and Section 3863,
	        "Financial Instruments - Presentation"
	    (c) Section 3031, "Inventories"

	    These new standards have been adopted on a prospective basis with no
	    restatement to prior period comparative balances.

	    (a) Section 1535, "Capital Disclosures"

	    This standard requires disclosure of an entity's objectives, policies
	    and processes for managing capital, quantitative data about what the
	    entity regards as capital and whether the entity has complied with any
	    capital requirements and, if it has not complied, the consequences of
	    such non-compliance.

	    Our objectives when managing capital are to safeguard the Company's
	    ability to continue as a going concern, so that it can continue to
	    provide adequate returns to shareholders and benefits to other
	    stakeholders.

	    The Company considers the items included in the shareholders' equity as
	    capital. The Company manages the capital structure and makes adjustments
	    to it in light of changes in economic conditions and the risk
	    characteristics of the underlying assets. In order to maintain or adjust
	    the capital structure, the Company may issue new shares through private
	    placements, sell assets, incur debt or return capital to shareholders.
	    The Company is not subject to externally imposed capital requirements.

	    (b) Section 3862, "Financial Instruments - Disclosures", Section 3863,
	        "Financial Instruments - Presentation"

	    Section 3862 on financial instrument disclosures, provides guidance on
	    disclosures in the financial statements to enable users of the financial
	    statements to evaluate the significance of financial instruments to the
	    Company's financial position and performance and about risks associated
	    with both recognized and unrecognized financial instruments and how these
	    risks are managed. The new Section removes duplicate disclosures and
	    simplifies the disclosures relating to concentrations of risk, credit
	    risk, liquidity risk and price risk currently found in Section 3861.

	    The Company is exposed in varying degrees to a variety of financial
	    instrument related risks by virtue of its activities. The overall
	    financial risk management program focuses on preservation of capital, and
	    protecting current and future Company assets and cash flows by reducing
	    exposure to risks posed by the uncertainties and volatilities of
	    financial markets.

	    The Board of Directors has responsibility to ensure that an adequate
	    financial risk management policy is established and to approve the
	    policy.

	    The Company's Audit Committee oversees management's compliance with the
	    Company's financial risk management policy, approves financial risk
	    management programs, and receives and reviews reports on management
	    compliance with the policy.

	    The types of risk exposure and the way in which such exposures are
	    managed are as follows:

	    Credit Risk - The Company's credit risk is primarily attributable to its
	    liquid financial assets. The Company limits exposure to credit risk on
	    liquid financial assets through maintaining its cash and equivalents and
	    reclamation deposits with high-credit quality financial institutions. The
	    Company does not have financial assets that are invested in asset backed
	    commercial paper.

	    Liquidity Risk - The Company ensures that there is sufficient capital in
	    order to meet short term business requirements, after taking into account
	    cash flows from operations and the Company's holdings of cash and cash
	    equivalents. The Company believes that these sources will be sufficient
	    to cover the likely short and long term cash requirements. The Company's
	    cash is invested in business accounts with quality financial institutions
	    and which is available on demand for the Company's programs, and is not
	    invested in any asset backed commercial paper.

	    Market Risk - The significant market risk exposures to which the Company
	    is exposed are foreign exchange risk, interest rate risk and commodity
	    price risk. These are discussed further below:

	    Foreign exchange risk - The Company's revenues from the production and
	    sale of gold are denominated in US dollars. However, the Company's
	    operating expenses are primarily incurred in Canadian dollars and its
	    liabilities are primarily denominated in Canadian dollars. The results of
	    the Company's operations are subject to currency transaction risk and
	    currency translation risk. The operating results and financial position
	    of the Company are reported in Canadian dollars in the Company's
	    consolidated financial statements. The fluctuation of the US dollar in
	    relation to the Canadian dollar will consequently have an impact on the
	    profitability of the Company and may also affect the value of the
	    Company's assets and the amount of shareholders' equity. The Company has
	    not entered into any agreements or purchased any instruments to hedge
	    possible currency risks at this time.

	    Interest rate risk - In respect to the Company's financial assets, the
	    interest rate risk mainly arises from the interest rate impact on our
	    cash and cash equivalents and reclamation deposits. In respect to
	    financial liabilities, one of the Company's demand loans carries a fixed
	    interest rate whereas the other demand loan carries a floating interest
	    rate.

	    Commodity price risk - The value of the Company's mineral resources is
	    related to the price of gold and the outlook for this mineral. Gold
	    prices historically have fluctuated widely and are affected by numerous
	    factors outside of the Company's control, including, but not limited to,
	    industrial and retail demand, central bank lending, forward sales by
	    producers and speculators, levels of worldwide production, short-term
	    changes in supply and demand because of speculative hedging activities,
	    and certain other factors related specifically to gold. The profitability
	    of the Company's operations is highly correlated to the market price of
	    gold. If the gold price declines for a prolonged period of time below the
	    cost of production of the Company's mine, it may not be economically
	    feasible to continue production.

	    The purpose of Section 3863 on financial instruments - presentation is to
	    enhance financial statement users' understanding of the significance of
	    financial instruments to an entity's financial position, performance and
	    cash flows. This Section establishes standards for presentation of
	    financial instruments and non-financial derivatives.

	    The Company has various financial instruments comprising of cash and cash
	    equivalents, receivables, a restricted promissory note, reclamation
	    deposits, accounts payable and accrued liabilities and short term debts.

	    The carrying amounts and fair values of financial assets and liabilities
	    are as follows:

	                                        March 31            December 31
	                                          2008                 2007
	                                              Estimated            Estimated
	                                   Carrying     Fair     Carrying     Fair
	                                     Value      Value      Value      Value
	    -------------------------------------------------------------------------
	    Loans and Receivables
	      Accounts receivable(1)          3,313      3,313      3,404      3,404
	      Interest receivable on
	       restricted promissory note(1)    679        679      3,294      3,294
	      Restricted promissory note     81,938     81,938     81,606     81,606
	    Available-for-sale financial
	     assets
	      Investments                       855        855      1,140      1,140
	    Held-for-trading
	      Cash and cash equivalents(1)        -          -      2,628      2,628
	      Reclamation deposits(1)         2,393      2,393      2,389      2,389
	    Other financial liabilities
	      Bank indebtedness(1)            3,988      3,988          -          -
	      Demand Loans(1)                 5,509      5,509      6,015      6,015
	      Payables and Accrued
	       Liabilities(1)                16,006     16,006      5,331      5,331
	      Interest payable on
	       royalty obligations(1)           660        660      3,205      3,205

	     (1) Due to the nature and/or short maturity of these financial
	         instruments, carrying value approximated fair value

	    (c) Section 3031, "Inventories"

	    This standard replaces the existing section 3030 with the same title and
	    will harmonize accounting for inventories under Canadian GAAP with
	    International Financial Reporting Standards ("IFRS"). This standard
	    requires that inventories be measured at lower of cost and net realizable
	    value, and includes guidance on the determination of cost, including
	    allocation of overheads and other costs. The standard also requires that
	    similar inventories within a consolidated group be measured using the
	    same method. It also requires the reversal of previous write-downs to net
	    realizable value when there is a subsequent increase in the value of
	    inventories. This adoption of this new standard did not have an impact on
	    the Company's financial statements.

	    Note 3 - Shrinkage Stope Platform Costs

	    Shrinkage stope platform costs represent ore that is being used to gain
	    access to further ore. This ore is expected to be processed in the
	    following 12 months. The processing of this broken ore occurs in
	    accordance with a mine plan based on the known mineral reserves and
	    current mill capacity. The timing of processing of ore has not been
	    significantly affected by historic prices of gold.

	    Note 4 - Investments

	    Investments are classified as available-for-sale securities and are
	    initially measured at fair value; measurement in subsequent reporting
	    periods is also at fair value. Unrealized gains or losses from such
	    revaluations are included in other comprehensive income. If
	    available-for-sale securities are disposed of, or there is an impairment
	    in value that is other than a temporary decline, these amounts are
	    transferred from other comprehensive income (loss) to net earnings.

	    Available-for-sale securities, beginning of year               $   1,140

	    Market-to-market loss for the period                                (285)
	    -------------------------------------------------------------------------

	    Available-for-sale securities, end of period                   $     855
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------

	    By holding these long-term investments, the Company is exposed to various
	    risk factors including market price risk and liquidity risk.

	    At March 31, 2008, the Company's available-for-sale securities consists
	    largely of 3.6 million common shares of Wescan Goldfields Inc.

	    Note 5 - Demand Loans
	                                                     March 31     December 31
	                                                       2008           2007
	    -------------------------------------------------------------------------
	    Demand loan, repayable in monthly payments
	     of $96,514 including interest at 5.99%,
	     due February 2010                               $   2,092     $   2,348
	    Demand loan, repayable in monthly payments
	     of $83,333 plus interest at prime plus 1.5%,
	     due August 2011                                     3,417         3,667
	    -------------------------------------------------------------------------

	                                                     $   5,509     $   6,015
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------

	    The demand loans are secured by a general security agreement covering all
	    assets of the Company, excluding oil & natural gas assets in Alberta.

	    Note 6 - Share Capital

	    At March 31, 2008 there were 97,112,030 common shares outstanding.

	    a) Issue of shares

	    During the period ended March 31, 2008, the Company issued 115,000 common
	    shares pursuant to the Company's Employee

	    Share Purchase Plan.

	    b) Stock Option Incentive Plan

	    The Company has established a share option plan under which options may
	    be granted to directors, officers, key employees and consultants to
	    purchase up to an aggregate of 9% of the issued and outstanding common
	    shares. Options granted have an exercise price of the prior day's closing
	    price of the common shares on the stock exchange on which the shares are
	    traded. The majority of the options granted vest over two years and
	    expire ten years from the date of the grant of the option.

	    For options outstanding at March 31, 2008 weighted average exercise
	    prices are as follows:

	                                   March 31    Average   December 31  Average
	                                      2008      Price        2007      Price
	    -------------------------------------------------------------------------
	    Beginning of period            3,636,667    $1.27     3,380,000    $1.17
	    Options granted                  138,000     1.31       925,000     1.63
	    Options exercised                      -        -      (270,000)    0.81
	    Options lapsed                  (163,334)    1.60      (398,333)    1.64
	    -------------------------------------------------------------------------
	    End of period                  3,611,333    $1.26     3,636,667    $1.27
	    -------------------------------------------------------------------------

	    For options outstanding at March 31, 2008, the range of exercise prices,
	    the weighted average exercise price and the weighted average remaining
	    contractual life are as follows:

	                                                             Weighted
	                                                 Average      Average
	                                                Exercise    Remaining
	    Option Price Per Share            Number       Price         Life
	    ------------------------------------------------------------------
	    $0.53-$0.96                      731,000      $ 0.63         4.48  years
	    $1.11-$1.47                    1,840,333        1.27         4.29  years
	    $1.54-$2.10                    1,040,000        1.68         8.71  years
	    ------------------------------------------------------------------
	                                   3,611,333      $ 1.26         5.60  years
	    ------------------------------------------------------------------
	    ------------------------------------------------------------------

	    The fair value of stock options issued in the period was estimated using
	    the Black-Scholes option pricing model with assumptions of six year
	    weighted average expected option life, no expected forfeiture rate,
	    46.65% volatility and interest rates ranging from 3.07% to 3.69%. For the
	    period ended March 31, 2008, the compensation cost recorded in respect of
	    stock options issued was $168,000 (March 31, 2007 - $171,000).

	    Note 7 - Income taxes

	    The Company finances a portion of its exploration activities through the
	    issue of flow-through shares. The Company estimates the tax cost of
	    expenditures renounced to subscribers on the date the deductions are
	    renounced. Share capital is reduced and future income tax liabilities are
	    increased by the estimated tax benefits renounced by the Company to the
	    subscribers. Because the Company has unrecorded loss carryforwards and
	    tax pools in excess of book value, future income tax liabilities are
	    reduced with a corresponding credit to income tax recovery of $2.2
	    million (2006 - $1.7 million).

	    Note 8 - Comparative Figures

	    Certain prior period balances have been reclassified to conform to the
	    current year's financial statement presentation.

	    Note 9 - Segmented Information

	    The Company has two reportable industry segments: (1) gold mining and (2)
	    oil, natural gas liquids and natural gas production. These segments are
	    differentiated by differences in end products. All assets within the
	    Company's reportable segments are located in Canada. The Company's
	    producing gold mine, the Seabee mine, is located in northern
	    Saskatchewan. Mineral exploration properties are located in Saskatchewan,
	    Manitoba and Ontario. The Company's oil & natural gas assets are located
	    in Alberta and Saskatchewan.


	                                     Three Months Ended March 31, 2008
	    -------------------------------------------------------------------------
	                                             Oil &
	                                           Natural
	                                 Gold          Gas   All Others        Total
	    -------------------------------------------------------------------------
	     Revenue                $   8,126    $   2,292    $       -    $  10,418
	     Crown royalties                -         (453)           -         (453)
	     Overriding royalties           -       (1,138)           -       (1,138)
	    -------------------------------------------------------------------------
	     Net Revenue                8,126          701            -        8,827
	     Operating expense          6,425          514            -        6,939
	     Depreciation,
	      depletion and
	      accretion                 2,556          203            -        2,759
	     Non-segmented income           -            -       (1,316)      (1,316)
	    -------------------------------------------------------------------------
	     Net earnings (loss)    $    (855)   $     (16)   $   1,316   $      445
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------


	                                      Three Months Ended March 31, 2007
	    -------------------------------------------------------------------------
	                                             Oil &
	                                           Natural
	                                 Gold          Gas   All Others        Total
	    -------------------------------------------------------------------------
	     Revenue                $   5,729    $   2,171    $       -    $   7,900
	     Crown Royalties                -         (503)           -         (503)
	     Alberta Royalty Tax
	      Credit                        -            5            -            5
	     Overriding royalties           -       (1,047)           -       (1,047)
	    -------------------------------------------------------------------------
	     Net Revenue                5,729          626            -        6,355
	     Operating expense          4,726          499            -        5,225
	     Depreciation, depletion
	      and accretion             1,790          198            -        1,988
	     Non-segmented income           -            -         (818)        (818)
	    -------------------------------------------------------------------------
	     Net earnings (loss)    $    (787)   $     (71)   $     818    $     (40)
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------

	    >>
	    %SEDAR: 00000498E          %CIK: 0001173924

	    /For further information: Neil McMillan, President & CEO, Claude
Resources Inc., Phone: (306) 668-7505, or Rick Johnson, CA, CFO, Claude
Resources Inc., Phone: (306) 668-7505 or Dwight Percy, Vice President
Corporate Development, Claude Resources Inc., Phone: (306) 668-7501; Email:
clauderesources(at)clauderesources.com, Website: www.clauderesources.com/
	    (CRJ. CGR)

CO:  CLAUDE RESOURCES INC.

CNW 21:24e 08-MAY-08