Mitsubishi Corp Joins AREVA in Uranium Exploration Projects in Mongolia

Tokyo, Dec 22, 2009 (JCN) - Mitsubishi Corporation has agreed with AREVA to terms for joint participation in significant uranium exploration projects in Mongolia's Dornogobi and Sukhbaatar Provinces.

In exchange for a proportional contribution to AREVA's past and future expenditures in Mongolia, Mitsubishi Corporation will acquire the right to purchase 34% of the share capital of AREVA Mongol, an indirect owner of the exploration rights of these licenses and a wholly-owned subsidiary of AREVA.

AREVA has been successfully conducting uranium exploration activities in Mongolia for more than 10 years, and currently holds 36 uranium exploration licenses on more than 14,000 km2 in both the Dornogobi and Sukhbaatar provinces.

The Dornogobi Province has demonstrated a high potential for large uranium resources. AREVA and Mitsubishi Corporation will continue with both additional exploration, and development drilling and studies aimed at supporting potential future exploitation.

Producing lower levels of greenhouse gas emissions than other forms of power generation, nuclear energy is gathering attention as an environment friendly form of energy production. This project aims to provide a stable supply of uranium for nuclear power generators thereby contributing to the prevention of further global warming.

AREVA is a French-based, world-leading nuclear energy company with a significant presence in each industrial activity linked to the nuclear energy industry: mining, processing, combustibles, nuclear reactors, treatment and recycling.

Mitsubishi Corporation, through its subsidiaries, has over many years been promoting uranium exploration and development projects in Canada and Australia. Currently, Mongolia has the world's 15th largest national uranium resource inventory and reportedly, also contains the highest uranium exploration potential of any country.

By Saroj Shrestha Staff Writer

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Source:Japan Corporate News Network