President and CEO: Vincent Martin

Vice President Operations and Projects: Jim Corman

Areva Resources Canada Inc. is developing the Kiggavik Project located 80 kilometers, or 50 miles, west of Baker Lake in the Kivalliq Region of Nunavut.

The subsidiary of France-based Areva S.A., the world's largest uranium producer with output of 22 million pounds in 2009, owns interests in at least four uranium mines in Saskatchewan.

Kiggavik is the largest and most advanced uranium project in Nunavut.

Areva Canada owns a 64.8 percent interest in the Kiggavik project, and is its operator.

JCU Exploration (Canada) Co. Ltd. owns a 33.5 percent interest and DAEWOO Corp. holds the remaining 1.7 percent.

The project covers three property blocks - Kiggavik, Sissons and St. Tropez and has a resource of 52,000 metric tons averaging 0.23 percent U3O8 with a total of134 million pounds of the mineral.

The partners envision producing 114 million pounds of U3O8, and potential also exists for expanding the resource in other targets at the Thelon Basin site.

In 2009, drilling focused on testing geotechnical features within the End Grid, Andrew Lake and Main Zone deposits.

A detailed airborne gravity survey was completed over the project area.

Environmental baseline and engineering studies in support of the feasibility study continued.

Areva Canada is currently working on a draft environmental impact statement and initial feasibility study for the project, which it hopes to complete by early 2011.

The company hopes to submit a final EIS for the project in 2013 and move forward with developing and submitting licensing applications with an eye toward bringing production online in 2020.

It also is focusing on additional exploration in 2010.

817 45th St. West

Saskatoon, SK Canada S7K 3X5

Tel: 306-343-4500 • Fax: 306-653-3883

http://www.arevaresources.ca