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Canadian Government Completes Environmental Review for Proposed Midwest Project

Press Release

August 17, 2012

SASKATOON, Saskatchewan, August 16, 2012 — AREVA is pleased to announce that after more than six years of review Canada’s Environment Ministry has approved the environmental assessment of AREVA Resources Canada’s proposed Midwest project in northern Saskatchewan. It concluded that the project is unlikely to have any significant environmental effects.

AREVA has proposed mining uranium from the Midwest deposit located in the eastern Athasbasca Basin, about 750 kilometres north of Saskatoon. Milling would take place at the nearby McClean Lake mill, also operated by AREVA. Several steps remain before the Midwest partners can reach a decision regarding the project, including completion of an updated feasibility study. The Midwest joint venture comprises AREVA (69.16%), Denison Mines Corp. (25.17%) and OURD Canada Co. Ltd. (5.67%).

The extensive timeline of the Midwest project’s environmental assessment was cited recently by senior government officials as an example of the need for regulatory reform in Canada.

“We appreciate the government’s dedication to improving regulatory reviews while maintaining a strong focus on safety and environmental protection. The completion of Midwest’s environment assessment is a significant step forward for the project, but let us hope regulatory reform will improve the timelines of current and future reviews,” said Vincent Martin, CEO of AREVA Resources Canada.

A world leader in low-carbon energy solutions, AREVA is one of Canada’s largest uranium producers. AREVA owns 30% of in the McArthur River mine and 37% of the Cigar Lake mine, the world’s two largest high-grade uranium deposits. AREVA’s McClean Lake facility will process all of the ore extracted from Cigar Lake, expected to begin production in 2013.

Contacts

Jarret Adams
Phone: +1 (306) 343-4637
Email: jarret.adams@areva.com

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