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NEWS RELEASE

For Immediate Release: June 11, 2003

Saskatoon, Saskatchewan, Canada

McClean Lake Mine To Resume Operations

Unionized workers at the McClean Lake and Cluff Lake mine sites have ratified a new contract agreement with COGEMA Resources Inc.

The workers, represented by Communications, Energy and Paperworkers Union, Local 48-S, ratified a revised memorandum of agreement by an 89 per cent margin in a vote held today. The new contract, retroactive to June 2002, is for a three-year period.

Arrangements are being made to return employees to the McClean Lake site by Friday. Uranium production will resume shortly thereafter. The company is also working to get affected employees at the Cluff Lake site back to work tomorrow.

COGEMA Resources President and Chief Executive Officer Tim Gitzel said the company is pleased that a new contract has been reached. "We are very proud of our dedicated workforce and of our good relations with union representatives and members. These were maintained throughout the lengthy bargaining process and will continue into the future."

Saskatoon-based COGEMA Resources is the operator and majority owner of uranium mining and milling facilities at McClean Lake, and is the owner and operator of the Cluff Lake mine. The company also operates the Midwest uranium project, and hold interests in the Cigar Lake, McArthur River and Key Lake operations.

The company employs about 200 staff and contractors at the McClean Lake mine, about half of whom are union members.

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