Claude Resources (CRJ.TSX, AMEX: CGR) reported that the shareholders of St. Eugene Mining Corporation Limited (SEM.TSXV) have approved the previously-announced acquisition by Claude of all of the issued and outstanding shares of St. Eugene that it does not already own pursuant to a court-approved plan of arrangement. The closing of the Arrangement is conditional on receipt of final approval from the Supreme Court of British Columbia as well as final approval from the TSX Venture Exchange, and is expected to occur on or about January 31, 2012.

St. Eugene is a Toronto-based exploration company that is actively exploring for and developing gold properties, both in Manitoba and Saskatchewan. The Company’s three main assets are the Tartan Lake Gold Mine Project in Manitoba (100% interest), and, in Saskatchewan, the Amisk Gold Project (35% interest St. Eugene – 65% interest Claude) and the Amisk North Gold Project (100% interest).

Highlights:

* Under the terms of the transaction, each St. Eugene shareholder will receive 0.0789 shares of Claude Resources and 0.25 common shares of a newly formed, wholly-owned subsidiary of St. Eugene (referred to as the Spinco) in respect of each St. Eugene share

* St. Eugene’s interests in the Tartan Lake Gold Mine Project and approximately C$800,000 in cash will be transferred to the Spinco

* The consideration offered under the Arrangement is approximately $15 million plus proportionate ownership of Satori Resources Inc., which will hold the Tartan Lake Gold Mine Project

* The Arrangement is the logical consolidation of the Amisk Gold Project in Canada

Neil McMillan, President and CEO of Claude Resources:

“Claude is pleased that the St. Eugene shareholders have approved the Arrangement. The Company plans on moving the Amisk Gold Project ahead by conducting and completing a Preliminary Economic Assessment and will continue to expand and explore the deposit and other targets defined on the property in 2012.”

Paolo Lostritto, National Bank Financial:

“We reiterate our Outperform rating and C$3.30 target on Claude Resources shares…Catalysts continue to be:1) Madsen underground drill results, 2) Seabee shaft deepening coupled with Santoy ramp up, and 3) more Amisk drilling.”