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INVESTMENT FOLLOWS MISSION TO FRANCE

Released on June 28, 2006

Premier Lorne Calvert and Industry and Resources Minister Eric Cline are close to concluding an important mission to France, aimed at promoting value added resource development and strengthening research and development.

"I am pleased to report that discussions with Anne Lauvergeon, Chair of Areva, were positive and covered both mining and value-added processing of uranium," Calvert said. In addition to its long-standing presence in Saskatchewan and pending environmental and partner approvals, Areva made a commitment to proceed with investment in the development of the Midwest Project. The Midwest Project represents a capital investment of approximately $200 million and 100 permanent jobs by Areva and its partners in the project.

"We anticipate development will commence in 2007-08 and processing of ore from the project at Areva's McLean Lake Mill will begin in 2009-10," Cline said.

With respect to value-added processing of uranium, discussions with Areva were also positive.

"In addition to the long-term commitment to our province in mining, Areva confirmed it will look favourably upon Saskatchewan as a location for refining and conversion facilities as the need for increased capacity arises," Cline said.

In addition to meeting with Areva, Calvert and Cline also met with Ambassador Claude Laverdure, a group of French parliamentarians, officials from the International Energy Agency, Europe's leading agricultural research institute, INRA energy giant Total, and bankers BNP Paribas.

Premier Calvert also visited Synchrotron SOLEIL at Saclay.

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For More Information, Contact:

Marie Trafford
Media Services
Regina
Phone: (306) 787-0963
Cell: (306) 539-0379

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