There will be new mines in Saskatchewan. There will be new energy initiatives in Canada. There will be dedicated and talented people, just as there are today, who will join our industry, develop their skills, advance their careers and add to the prosperity of their families and communities. There will be markets for our resources worldwide. At the forefront of all this will be AREVA Resources Canada.

When we talk about our plans for AREVA Resources, the questions to be answered are not “if” but “when.” When the Cigar Lake mine begins operating, it will ensure a supply of ore for our McClean Lake mill for decades to come. Our preparation for the eventual opening of our Caribou and Midwest projects continues, so that when the right time comes, we will be able to proceed without delay. In the meantime, we continue our research and development efforts in the Mining Equipment Development program. As for the worldwide uranium market, we know that the current downturn will become an upward trend.

I am pleased to say that, at our completed Cluff Lake mine, the Canadian Nuclear Safety Commission has renewed the decommissioning licence for ten years beginning in August 2009. Also in August 2009, Cluff Lake AREVA employees achieved nine years of activity without a lost time accident.

In my message last year, I emphasized that the optimism in 2007, “must be tempered with a pragmatic understanding of current challenges and the inherent uncertainties of the mining industry.” Exploration and mining, by their very nature, are impacted by countless variables, from the stability of the earth to the stability of the world’s banks. The upturns and downturns, the celebrations and the disappointments, are to be expected. The challenge is to manage through these fluctuations with resolve and long-term vision.

We are fortunate, then, to be part of the AREVA group. This gives us the necessary stability and capability to endure the tough times that lead to eventual rewards. A global company the size of AREVA has of course been affected by the global recession, and has acted prudently to protect its operations and secure its future. Economic crisis or not, our customers need to operate their plants and transport electricity. For example, about 80% of our revenue from the reactor business is recurrent. This gives us great protection against economic instability.

This year’s annual review focuses not only on what has transpired, but also – and in some respects more importantly – on our undiminished commitment to our employees; to resource development; to the environment; and to our communities. Times and markets will always change. Our commitment will not.

Vincent Martin
President and Chief Executive Officer
AREVA Resources Canada Inc.