RUSSIA, ARMENIA INK MEMO TO SET UP URANIUM JOINT VENTURE

Prime-Tass English-language Business Newswire
February 6, 2008 Wednesday 1:34 PM EET
Yerevan

Russia and Armenia signed a memorandum Wednesday to set up a joint
venture to explore, develop and process uranium in Armenia.

The memorandum was signed during Russian Prime Minister Viktor Zubkov’s
visit to Armenia.

Russia and Armenia will have 50% each in the venture, Sergei Kiriyenko,
CEO of Russia’s state-owned nuclear monopoly Rosatom, said during
the visit.

Armenia’s prospective uranium reserves are estimated at about 30,000
tonnes, he said.