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NEWS RELEASE

For Immediate Release: May 7, 2003

Saskatoon, Saskatchewan, Canada

Cluff Lake Canada's Safest Mine in 2002

COGEMA Resources' Cluff Lake uranium mine has been recognized as Canada's safest metal mine by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM).

Cluff Lake was awarded the national John T. Ryan Trophy at the CIM's annual convention in Montreal on Monday. Cluff Lake had the lowest lost-time accident rate (zero) of any metal mine in Canada.

"Winning a John T. Ryan Trophy is a major achievement any year, but Cluff Lake did it while winding up its operations and all the distractions that involves," said Tim Gitzel, President and CEO of COGEMA Resources.

"Our people at Cluff Lake have done an amazing job over the past two years. Cluff Lake had some of its most productive years ever in 2001 and 2002 with zero accidents and reduced radiation exposure levels for its workers. That testifies to the professionalism and focus of our employees and contractors at the site. We're delighted," he said.

Cluff Lake won a John T. Ryan national award in 1998 and the Prairie region award in 2001. Saskatchewan uranium mines have won the national John T. Ryan Trophy for metal mines in four of the last five years.

Production at Cluff Lake ceased at the end of 2002. During its 22-year operating life, the mine produced 62 million pounds of uranium concentrates making it one of the most successful uranium mines in Canadian history.

COGEMA Resources is preparing for full decommissioning at Cluff Lake to return the site to its natural state. A comprehensive decommissioning plan is currently before the regulators.

COGEMA Resources is the owner and operator of the Cluff Lake mine and mill operation located about 700 kilometres north of Saskatoon. The company is also operator and majority owner of mining and milling facilities at McClean Lake, operates the Midwest uranium project, and holds an interest in the Cigar Lake, McArthur River and Key Lake operations.

COGEMA Resources is based in Saskatoon and employs about 300 staff and contractors at the McClean Lake and Cluff Lake mines. About half of the minesite employees are residents of northern Saskatchewan.

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