Communiqué

AREVA Quebec Office to be Closed

Established to explore for uranium in northern Quebec, the AREVA Quebec office will be closing in early 2010. At present, the office has 23 employees. Most of the layoffs will take place effective February and March 2010. Some employees will be kept through 2010 to rehabilitate the exploration camp sites and wrap up affairs. By the end of 2010, any remaining activities will be managed through the AREVA Saskatoon office. These include decommissioning and regulatory affairs. We will also be ranking our exploration properties and keeping the best with the intent to continue exploration once the market has improved.

AREVA first started its Quebec exploration program in 1974 and continued until 1989 when the uranium price dropped and discovery of the Cigar Lake deposit in Saskatchewan prompted its suspension. In 2002, AREVA resumed its Quebec field exploration activities and made some interesting discoveries in the northern part of the province, particularly the CAGE deposit in 2005. AREVA Quebec Inc. was created in 2007.

The decision to suspend exploration in Quebec was based on a combination of low uranium prices and minimal success in finding the types of deposits required to justify a new mine. At present, there is very little uranium exploration taking place in Quebec by any companies. We are focusing our efforts on high-potential sites near existing operations, such as in Saskatchewan, or in areas where we are well advanced in our assessments, such as in Nunavut.