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Canada: AREVA and its partners launch Midwest project

Press release

December 04, 2007

AREVA, Denison and OURD Ltd., joint venture* partners in the Midwest uranium mine, have announced their decision to proceed with its exploitation.

Located 15 km from McClean Lake operated by AREVA, the Midwest open pit mine will produce approximately 14,000 tons of uranium. Subsequently, other deposits near the mine could be exploited. The total capital cost including mine development and the related McClean Lake mill expansion will amount to approximately 275 million euros.

“Midwest is an important project for the Group that has launched an ambitious program to increase its uranium production” declared Sébastien de Montessus, AREVA’s Mines Business Unit Director. “This project will strengthen AREVA’s presence in Saskatchewan, one of the world’s regions with the highest concentration in uranium.”

Subject to regulatory approvals, site construction should begin in mid-2009. The project will employ an additional 150 people and will perpetuate the operation of McClean Lake, which presently employs around 400 people.

*AREVA Resources (69.16%), Denison Mines (25.17%) and OURD Canada Co. Ltd. (5.67%).

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With manufacturing facilities in 41 countries and a sales network in more than 100 countries, AREVA offers customers reliable technological solutions for CO2-free power generation and electricity transmission and distribution. We are the world leader in nuclear power and the only company to cover all industrial activities in this field. Our 61.000 employees are committed to continuous improvement on a daily basis, making sustainable development the focal point of the group’s industrial strategy. AREVA’s businesses help meet the 21st century’s greatest challenges: making energy available to all, protecting the planet, and acting responsibly towards future generations. www.areva.com

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