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NEWS RELEASE

For Immediate Release: November 16, 1998

COGEMA Resumes Work on the JEB Tailings Management Facility

Saskatoon, Saskatchewan...

COGEMA Resources today announced that work has resumed on the construction of the JEB Tailings Management Facility (TMF) at its McClean Lake minesite. Work on the facility had been temporarily halted by the Atomic Energy Control Board after an inspection showed that filter-drain material not meeting specification had been placed in the facility.

"We are pleased that the cease work order was lifted last Friday following the Atomic Energy Control Board's decision that COGEMA had addressed their concerns. Construction of the JEB TMF can now be completed", said COGEMA Resources President and CEO, Arnaud de Bourayne. "Our people have worked very hard and have been successful in demonstrating to our regulators that the TMF has been constructed in accordance with the approved design."

Completion of construction of the JEB TMF is expected early in the new year and the company will once again focus its attention on obtaining an operating licence for the project including the TMF and the mill.

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.

Headquartered in Saskatoon, COGEMA Resources Inc. operates mining and milling facilities at Cluff Lake in northern Saskatchewan. COGEMA Resources is also operator and majority owner of the McClean Lake and Midwest uranium projects, and part owner of the Cigar Lake and McArthur River uranium mines. Of the company's 530 employees in Saskatchewan, 45% are from northern communities.

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For further information please contact:

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