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Neil McMillan, President and CEO of Claude Resources Inc. (CRJ.TO), Interviews with The Wall Street Transcript

67 WALL STREET, New York - December 3, 2013 - The Wall Street Transcript has just published its Gold and Precious Metals Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Precious Metals - Lower Gold Price Environment - Precious Metals Exploration and Production - Increasing Capital Expenditures - Emerging Markets Silver Consumption - Mining Safety and Environmental Concerns

Companies include: Claude Resources Inc. (CRJ.TO) and many more.

In the following excerpt from the Gold and Precious Metals Report, the President and CEO of Claude Resources Inc. (CRJ.TO) discusses company strategy and the outlook for this vital industry:

TWST: Despite the headwinds that the company has faced, has it been able to increase or improve shareholder value at all recently, or going forward?

Mr. McMillan: Yes, that's a great question, because the management team, their principal obligation is to protect the legitimate interest of their owners, the shareholders. And their second objective, and an overwhelming one in many respects, is to develop a strategic plan and execute it to build shareholder value. I think we've done a good job of that. The problem that we encounter is, building shareholder value takes time. It's not a quick process. But unless that increase in shareholder value is reflected in the share price, shareholders have no reason to be enthusiastic about owning the company, and that's what we face as a company and as part of our whole sector.

We've done, I think, a really good job of adding value to our assets. The Seabee asset is, as I say, not only has it survived, but it is now poised to grow substantially, because we've added so many ounces to our inventory at Seabee, and frankly at our two other projects, one in Red Lake, Ontario, and one west of Flin Flon, Manitoba, on the Saskatchewan side as well. All three gold projects have grown from just over 1 million ounces of gold reserves and resources five years ago - we have now grown to over 4 million ounces of gold reserves and resources, and a big piece of that at the Seabee mine, which is already in production. None of that is reflected in the share price. And so I think we have done a good job of building value in the company; however, having it reflected in the share price has been a difficult challenge for us and everyone else in our business.

TWST: What about factors like drilling costs or other operational capital expenditures? How have they impacted the company's performance from an investment perspective?

Mr. McMillan: Again, like everybody else in our sector, it's been a real problem. So although we have seen a significant increase in the price of our commodity, the gold price over the last nine or 10 years, we have also witnessed increases in expenditures to produce those ounces has accelerated at least at the same level, so our operating margins haven't really changed. So when we were producing gold at $400-an-ounce revenue, our production costs in total were close to that figure, and then as the price of gold moved up, our production costs went up with it.

That was principally a function of two things, the hard ...

For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.