SASKATCHEWAN'S URANIUM RESOURCES PROMOTED IN LONDON

Released on September 10, 2004

Leaders of the world's nuclear industry received a presentation on Saskatchewan's strength and stability as a global uranium producer.

Industry and Resources Minister Eric Cline delivered the keynote address yesterday at the 2004 Annual Symposium of the World Nuclear Association in London. Cline shared with the 500-plus delegates the role Saskatchewan is playing in helping fuel the global energy future, and outlined the investment climate for energy companies that exists in the province.

In his remarks Cline noted that while the medium and longer term hold potential for growth for the world nuclear industry, there are short-term challenges that need to be addressed. "Uranium supply is not currently keeping up with demand on a global basis," he said. "Over the past ten years, the rate of increase in demand has been more than three times the rate of increase for primary production."

Cline said that even if all mines now planned are brought into production on schedule, this will not be sufficient to meet projected demand, and that it will take some time for primary production to catch up.

The minister said that with 30 per cent of global uranium production, Saskatchewan is well positioned to meet those future needs. "No matter where you are in the world, when it comes to uranium, people know Saskatchewan. Our province can play a major role in helping supply world energy needs."

Cline told delegates that Saskatchewan offers a stable regulatory regime, positive investment climate and competitive tax environment for the industry, along with a skilled workforce and quality infrastructure.

The uranium industry generates more than $540 million a year in provincial economic activity, and a further $40 million in direct taxes and royalties. It also accounts for 4,800 direct and indirect jobs.

Cline's presentation to the World Nuclear Association was part of the current Team Saskatchewan investment mission to Europe.

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For More Information, Contact:

Bob Ellis Industry and Resources Regina Phone: (306) 787-1691