OWNERSHIP:

AREVA Resources (70%)
Denison Mines Inc. (22.5%)
OURD Canada Co. Limited (7.5%)

OPERATOR:

AREVA Resources

DISCOVERED:

1979 by the Canadian Oxy - INCO Joint Venture

OPERATION:

McClean Lake has the newest and most technologically advanced uranium mill in the world. The operation began producing yellowcake in 1999 using ore from the now completed JEB, Sue C, Sue A, Sue E and Sue B open pit mines. The JEB pit has now been converted into a tailings management facility. In early 2001, McClean Lake received ISO 14001 environmental management certification.

CAPACITY:

Initially 6 million lbs. U3O8; annual licensed capacity increased to 8 million lbs. U3O8 (3,077 tonnes uranium) in 2001. Annual production capacity is 12 million lbs. U3O8 (4,615 tonnes uranium).

PRODUCTION:

3.2 million lbs. U3O8 (1,231 tonnes uranium)

RESERVES:

28.2 million lbs. U3O8 (10,847 tonnes uranium) in situ and stockpiled with an average grade of 1.3% U3O8

PLANS FOR 2009:

• Renew and amend the Canadian Nuclear Safety Commission Operating (CNSC) license for McClean Lake.
• Continue testing the jet boring method designed to mine shallow ore bodies from surface.
• Environmental assessment for the Caribou open pit mine is continuing with the objective to receive approval by late 2009.
  

2008