RUSSIA & ARMENIA TO ESTABLISH URANIUM JOINT-VENTURE

Russia Today, Russia
Feb 7 2008

Russia and Armenia will establish a joint-venture for the prospecting
for, production and recycling of uranium in Armenia. Armenia will also
join the International Uranium Enrichment Centre project in Angarsk.

An agreement was signed after talks between Russia’s Prime Minister,
Victor Zubkov, and his Armenian counterpart, Serzh Sarkisyan.

Head of Rosatom state corporation Sergey Kirienko said the new
joint-venture will operate on a parity basis and Rosatom will gain
access to archives of uranium stockpiles in Armenia.

"50 per cent of the venture will belong to the Armenian government
and 50 per cent to Rosatom. Russia plans to invest $US 3 million to
start exploration work this year as soon as the snow is gone. We will
form four geological exploration teams and they will start exploration
and drilling, so that we can start production as soon as possible,"
he added.