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NEWS RELEASE

For Immediate Release: December 3, 2007

Saskatoon, Saskatchewan, Canada

Midwest Project Decision Made

The joint venture partners in the Midwest uranium mine project, located 15 km west of the McClean Lake Operation, announced today that the formal decision to proceed with development has been made. The partners comprise AREVA Resources Canada Inc. (69.16%), Denison Mines Corp. (25.17%) and OURD Canada Co. Ltd. (5.67%). AREVA Resources is the operator of both McClean Lake and Midwest.

The Midwest Project involves draining part of the Mink Arm of South McMahon Lake in northern Saskatchewan to construct an open pit mine about 45 hectares in size (about 900 by 350 metres) and 215 metres deep. The ore will be trucked along a dedicated haul road to the McClean Lake mill for processing. The open pit mine will produce about 36 million pounds of U₃O₈ (14,000 tonnes of uranium). Other deposits located to the north, south and in the basement could be developed once the pit is nearing completion. The total capital cost including mine development and the related McClean Lake mill expansion of about $100 million will be approximately $400 million.

"This is the last hurdle from the perspective of the partners to proceeding with the project," says Don Ching, AREVA Resources President and CEO. "Of course, we have a regulatory process that must be successfully completed prior to the development."

Subject to regulatory approvals, site construction including the haul road, water treatment plant and other facilities could begin in mid-2009. Stripping of the rock over the ore would start in early 2010 with ore removal from mid-2011 through to 2013. The project will employ about 150 people and will support the operation of McClean Lake, which presently employs about 330 staff and 110 long-term contractors.

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With manufacturing facilities in 41 countries and a sales network in more than 100 countries, AREVA offers customers reliable technological solutions for CO₂-free power generation and electricity transmission and distribution. We are the world leader in nuclear power and the only company to cover all industrial activities in this field. Our 61,000 employees are committed to continuous improvement on a daily basis, making sustainable development the focal point of the group's industrial strategy. AREVA's businesses help meet the 21^st century's greatest challenges: making energy available to all, protecting the planet, and acting responsibly towards future generations.

AREVA Resources Canada Inc. is the operator and majority owner of the McClean Lake uranium operation located about 700 kilometres northeast of Saskatoon. The company also owns and operates the Cluff Lake mine (now being decommissioned) operates the Midwest uranium project, and owns shares of the Cigar Lake, McArthur River and Key Lake uranium mines. Over half of the workers at McClean Lake are residents of northern Saskatchewan.
For more information, go to www.arevaresources.ca.

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