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NEWS RELEASE

For Immediate Release: August 14, 1998

COGEMA McCLEAN TAILINGS MANAGEMENT FACILITY CONSTRUCTION TO PROCEED

COGEMA Resources Inc., the operator and majority owner of the McClean Lake uranium project, today announced that it has received approvals from Provincial and Federal agencies to begin preparatory construction on the tailings management facility at the JEB open pit. Construction of the initial civil work will begin today. The authorized work should be completed in November. The work comprises construction of the facility's filter and drain system, including the horizontal drift and vertical raise through which water from the facility would be pumped to the surface for treatment.

"There has been a tremendous amount of technical work done"', said COGEMA Resources Inc. President and CEO Arnaud de Bourayne. "And, with the testing and modelling we've done, the regulators have stated that their previously expressed concerns have been addressed." "COGEMA will continue to actively pursue final approvals necessary to begin operation of the McClean Mill and JEB tailings management facility," said de Bourayne.

About 220 COGEMA Resources Inc. employees and 60 long-term contractor employees work at McClean - most are from northern Saskatchewan. COGEMA will now begin hiring and recalling employees to bring the McClean project to its full staff complement.

The McClean deposit was first discovered in 1979. The mill, constructed in 1997, will process the ore from the mined JEB pit, the nearby SUE pits, the Cigar Lake Mine, and the McClean and Midwest underground mines planned for future development. The JEB tailings management facility is designed to handle the tailings from these projects.

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For further information please contact:

Tim Gitzel
Senior Vice President & Corporate Counsel
COGEMA Resources Inc.
Phone:(306) 343-4504