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NEWS RELEASE

For Immediate Release:May 26, 2000

Saskatoon, Saskatchewan, Canada

GRAND OPENING CELEBRATIONS FOR
NEW URANIUM MINES

COGEMA Resources Inc. of Saskatoon announced today the upcoming grand opening celebrations for two uranium mines in northern Saskatchewan. McClean Lake, operated and majority owned by COGEMA Resources, is located about 700 km. northeast of Saskatoon. The McArthur River mine, 30% owned by COGEMA Resources and operated by Cameco Corporation of Saskatoon, is located about 650 km. northeast of Saskatoon.

The celebrations, held jointly with Cameco Corporation, will include a gala banquet on Friday May 26 and tours of both mines on Saturday and Sunday. Several hundred visitors from around the world will participate. Included will be ambassadors from France and Japan and representatives from the electrical utilities in Asia, Europe and North America who purchase uranium concentrate produced in Saskatchewan.

"These two projects represent almost a billion dollars of investment in Saskatchewan," said Arnaud de Bourayne, COGEMA Resources President and Chief Executive Officer. "They clearly demonstrate the commitment of ourselves and our partners to Saskatchewan and our confidence in the long-term future of this industry."

"Residents of northern Saskatchewan have and will continue to benefit from these projects," said Tim Gitzel, Senior Vice-President and Corporate Counsel. "Over half of the COGEMA Resources and contractor employees at our mine sites are northerners. Almost half of our expenditures for goods and services go to northern based companies."

The McClean Lake uranium deposit was discovered in 1979. The mill, constructed from 1995 to 1998, began operation in June 1999. The first new uranium mill to be licensed in North America in the past 15 years, it is the most innovated uranium mill in the world. The mill is processing ore from the mined JEB open pit mine and the nearby Sue pits. The mill is planned, subject to future approvals, to handle ore from the Midwest and the Cigar Lake Mines. COGEMA's partners in the McClean Lake project are Denison Mines Limited (22.5%) and OURD (7.5%), a consortium of Japanese utilities.

McArthur River has the largest known uranium deposit in the world. Production began in December 1999. The ore body is being mined using various non-entry methods and remote-controlled equipment. The ore is being processed at the Key Lake mill, operated by Cameco and 17% owned by COGEMA Resources.

Headquartered in Saskatoon, COGEMA Resources Inc. operates mining and milling facilities at Cluff Lake in Northern Saskatchewan, is operator and majority owner of the McClean Lake and Midwest uranium projects, and part owner of the Cigar Lake, McArthur River and Key Lake uranium projects. Of the company's employees at the mine sites, more than 50% are from northern Saskatchewan.

For further information, please contact:

Tim Gitzel
Senior Vice-President & Corporate Counsel
COGEMA Resources Inc.
Phone: (306) 343-4501

Alun Richards           email
Public Relations Specialist
COGEMA Resources Inc.
Phone: (306) 343-4637 or 1-888-9COGEMA (toll-free in Saskatchewan)
Web Site: www.cogema.ca