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Industry and Northern Community Agree to Strengthen Relationship

Press Release

December 13, 2012

PINEHOUSE, Saskatchewan, December 12, 2012 – AREVA Resources Canada Inc., Cameco Corp., the Northern Village of Pinehouse and Kineepik Metis Local (Pinehouse) announced the signing of an agreement that strengthens the longtime relationship between the groups and outlines future cooperation, workforce development and investment commitments in the Northern communities.

The agreement builds on a positive relationship between the uranium mining companies and the community of about 1,000 residents that spans decades and sets out specific commitments the companies will make with regard to the workforce development, business development, community engagement, environmental stewardship and community investment.  The benefits to the community of this agreement total an estimated $200 million over 11 years.

The agreement also reaffirms the support of the Village of Pinehouse and Kineepik Metis Local for AREVA and Cameco’s existing operations subject to the companies’ continued commitment to operate in a responsible manner, protect the environment and public health and safety, and regularly address residents’ concerns.

“We have worked closely with Northern communities for decades and are proud of our long-term relationships with the people of Northern Saskatchewan. Many of our employees come from Northern communities as do many of the businesses upon which we rely. This agreement strengthens our long-term cooperation to ensure the ongoing shared success of uranium mining in Saskatchewan,” said Vincent Martin, president and CEO of AREVA Resources Canada.

Pinehouse Mayor Mike Natomagan said the stronger relationship with Cameco and AREVA will help grow the community as well as its contributions to the economy of northern Saskatchewan. “This agreement will provide long-term benefits to our community,” said Natomagan. “It allows us to expand on our strong mining culture and do it our way.”

Highlights of the agreement include:

A commitment to work to increase the number of Pinehouse people working at AREVA and Cameco operations through a range of initiatives including preferential hiring, maintaining a full-time community liaison at Pinehouse to support individuals seeking employment in the industry, and education, training and professional development opportunities.

Contracting with qualified Pinehouse-owned businesses for specific opportunities and collaborating with Pinehouse to identify future opportunities to provide goods and services to AREVA and Cameco.

Establishment of a joint committee to plan and implement community engagement activities to ensure Pinehouse residents are aware of, understand, and have opportunities to raise and address concerns with respects to AREVA and Cameco’s existing operations and future projects.

An initial one-time community investment payment of $1 million.

Additional one-time payments upon the start of production from the Cigar Lake project ($500,000) and the start of construction of the Millennium mine project ($500,000).

Annual payments ranging from $200,000 to $1 million depending upon the volume of production achieved at AREVA and Cameco’s Saskatchewan operations.

Community investment contributions will be made to a community trust to be established by Pinehouse following the signing. An independent trustee will administer the trust; which will be directed by a board consisting of Pinehouse residents and one member appointed by Cameco and AREVA.

The full agreement will be available on the Village of Pinehouse website
www.pinehouselake.ca.

Contacts

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



Véronique Larlham
Phone: +1 (306) 343-4503
Email: veronique.larlham@areva.com

More About AREVA

AREVA in North America (AREVA Inc.) combines U.S. and Canadian leadership to supply high added-value products and services to support the operation of the commercial nuclear fleet. Globally, AREVA is present throughout the entire nuclear cycle, from uranium mining to used fuel recycling, including nuclear reactor primary circuit design and fabrication, and operating fleet engineering and services. AREVA is recognized by utilities around the world for its expertise, its skills in cutting-edge technologies, and its dedication to the highest level of safety. AREVA Inc.’s 4,100 employees are helping build tomorrow’s energy model: supplying ever safer, cleaner and more economical energy to the greatest number of people.

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