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NEWS RELEASE

For Immediate Release:June 1, 2001

Saskatoon, Saskatchewan, Canada

New President and Chief Executive Officer at COGEMA Resources 

Frédéric Tona, Chairman of the Board of Directors of COGEMA Resources Inc. is very pleased to announce today the following organisational changes within the COGEMA Group and especially for COGEMA Resources.

Mr. Arnaud de Bourayne, who has served as President and Chief Executive Officer of COGEMA Resources since September 1997, will return to France to become Head of COGEMA's Enrichment Business Unit and Chairman of EURODIF Production Company. This division of the worldwide COGEMA Group of companies has about $1.5 billion (Canadian) in annual revenues.

Mr. Tim Gitzel, currently Senior Vice-President and Corporate Counsel, will be appointed President and Chief Executive Officer of COGEMA Resources, effective September 1, 2001. Mr. Gitzel's history with the company, which he joined on a full time basis in 1993, dates back to the late seventies when he worked as a summer employee at the Cluff Lake mine.

Mr. Vincent Martin, currently Vice-President, Operations, has been appointed as Senior Vice-President and Chief Operating Officer for the company. In addition to retaining responsibility for all of COGEMA Resources' operations, Mr. Martin will assume responsibility for the Engineering and Projects Department.

"Arnaud de Bourayne had a major impact on this company - successfully moving it forward in a time with extremely high economic, regulatory and public expectations," said Frédéric Tona. "During his tenure, a lot has been accomplished in COGEMA Resources: with McClean Lake's mine and mill in full operation, Cluff Lake continuing to produce, McArthur River on schedule and Cigar Lake now in good position to move forward."

"We are confident Tim Gitzel will lead the company along the path and with the high standards set by Arnaud de Bourayne", noted Mr. Tona.

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, McArthur River and Key Lake uranium mines. Of the company's employees at the mine sites, more than 50% are from northern communities.

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)