RUSSIA IS READY TO TAKE PART IN MINING OF URANIUM IN ARMENIA

RIA Oreanda
Sept 1 2008
Russia

Moscow. ">OREANDA-NEWS . September 1, 2008. Russia is ready to take
part in the additional prospecting and mining of uranium in Armenia,
the extension of the life of Armenian NPP and the construction of a
new nuclear power plant, a source from the Kremlin.

The Russian and Armenian presidents are meeting in Sochi on Tuesday.

Energy remains the key priority of the Russian-Armenian economic
cooperation, the source said. Presently, the parties are actively
working to draft a mid-term agreement for the supply of Russian gas
to Armenia in 20092011 and to create an industrial-economic complex on
the basis of the existing and new parts of Razdan TPP. Our cooperation
in the nuclear sector is entering a new stage, the source said.

In addition to its support for the safe operation of Armenian NPP,
Russia is ready to take part in the additional prospecting and mining
of uranium in Armenia, the extension o the life of the existing
nuclear power plant and the construction of a new NPP.

As was reported earlier, the Russian-Armenian uranium prospecting
and mining JV set up in Yerevan in Apr 2008 was planning to start
its work in southern Armenia by the end of this year.

The agreement for the establishment of the JV was the first stage of
the implementation of the memorandum for cooperation in the field
of uranium prospecting and mining and the plan of action for 2008
signed by Rosatom State Nuclear Energy Corporation and the Ministry
of Environment Protection of Armenia in Feb 2008.

In preparation for the establishment of the JV Atomredmetzoloto, VNIIHT
(ARRICT, All-Russian Research Institute of Chemical Technology) and
Geo-economics CJSC (Armenia) developed a plan of action for uranium
prospecting in Armenia in 2008 and following years.

According to the preliminary estimates, there are 10,000 tons of
uranium in Armenia.