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NEWS RELEASE

For Immediate Release: December 3, 2007

Saskatoon, Saskatchewan, Canada

Kiggavik Uranium Feasibility Study in Nunavut to Proceed

The joint venture partners in the Kiggavik Project have decided to proceed with a two-year feasibility study and to commence the regulatory process to obtain the necessary approvals for a uranium mine and mill complex to be located about 80 km. west of Baker Lake in Nunavut. AREVA Resources Canada Inc. (AREVA) is the project operator in joint venture with JCU (Canada) Exploration Company Limited and DAEWOO International Corporation.

The project is at an advanced exploration stage, with a resource estimate of about 57,000 tonnes of uranium (148 million pounds of U₃O₈) at an average grade of about 0.24%. In early 2008, AREVA will file a project description commencing the regulatory process for the Kiggavik project. The environmental assessment process will take about four years, followed by several years of construction, before mining could begin as early as 2015.

"We would not be proceeding with this feasibility work without the leadership shown by several Nunavut Inuit and other organizations who helped give us clear direction and indicated support from the people of Nunavut," says Don Ching, AREVA Resources President and CEO. "They want a diverse economy and see mining as a means to help this happen, provided the environment is protected and local involvement is maximized."

AREVA opened an office in Baker Lake in 2006 with staff members assisting with community liaison.

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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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