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NEWS RELEASE

For Immediate Release: November 25, 2004

Saskatoon, Saskatchewan, Canada

COGEMA Resources Announces New President

Tim Gitzel, Chairman of the Board of AREVA subsidiary COGEMA Resources Inc., is pleased to announce the appointment of Mr. Don Ching as President and CEO effective January 1, 2005.

“Don Ching brings to COGEMA Resources a wealth of experience and capabilities in doing business in Saskatchewan and around the world,” said Tim Gitzel. “He will lead the company through its current expansion of the McClean Lake operation and partnership developments at the Cigar Lake, McArthur River and Key Lake uranium mines.”

As the President and CEO of SaskTel from 1996 to 2004, Don Ching guided the corporation through a crucial transition into a fully competitive environment. While leading this large Saskatchewan company in a highly regulated environment, he was able to focus on technological change and strengthening local businesses and communities.

Mr. Ching was President of the Provincial Crown Investments Corporation from 1991 to 1995, which was the holding company for eight commercial Crown corporations valued at about $8 billion plus investments totaling about $2 billion. Previous to that, he had been the managing partner in the law firm of Mitchell Taylor Romanow Ching in Saskatoon. From 1975 to 1979, Mr. Ching was Executive Vice-President with the Potash Corporation of Saskatchewan. Other work experience includes government management and university lecturer positions.

“This is an exciting time to be part of the nuclear industry,” said Don Ching. “The industry is growing around the world, uranium is becoming a very sought-after commodity, and our Saskatchewan mines have safety and environmental standards second to none. We are part of the AREVA group, the largest nuclear organization in the world, and have the capability to share expertise as well as development opportunities.”

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With manufacturing facilities in over 40 countries and a sales network in over 100, AREVA offers customers technological solutions for nuclear power generation and electricity transmission and distribution. The group also provides interconnect systems to the telecommunications, computer and automotive markets. These businesses engage AREVA’s 70,000 employees in the 21st century’s greatest challenges: making energy and communication resources available to all, protecting the planet, and acting responsibly towards future generations.

AREVA subsidiary COGEMA Resources owns and operates the Cluff Lake mine located about 700 kilometres northeast of Saskatoon. The company is the operator and majority owner of the McClean Lake uranium operation, operates the Midwest uranium project, and owns shares of the Cigar Lake, McArthur River and Key Lake uranium mines. About half of COGEMA Resources’ mine workers are residents of northern Saskatchewan. For more information, please go to www.cogema.ca.