Talvivaaran Kaivososakeyhtiö Oyj - Company Announcement

Talvivaara receives European Commission approval for Uranium off-take agreement with Cameco Corporation

Stock Exchange Release

Talvivaara Mining Company Plc

30 November 2011







                           Uranium Permitting Update

Talvivaara receives European Commission approval for Uranium off-take agreement
                            with Cameco Corporation


Talvivaara  Mining Company Plc  ("Talvivaara") announces that  its contract with
Cameco  Corporation  ("Cameco")  for  the  sale  of  uranium was approved by the
Euratom   Supply   Agency   ("ESA"),   following   European   Commission  ("EC")
authorisation.  The approval is the first step in the uranium permitting process
and  a requirement  as part  of the  Finish government  licensing procedure. The
authorisation  enables Talvivaara to sell its uranium production to Cameco under
the terms of its off-take agreement. It also includes provisions which guarantee
the security of uranium supply in the European Union.

The  start of  production is  subject to  further EC authorization regarding the
Euratom  Treaty,  Environmental  Permit  approval  and  license from the Finnish
Government  to  extract  uranium  as  a  by-product.   The  Environmental Permit
application  for uranium extraction was  submitted to the Regional Environmental
Permitting  Agency  in  March  2011 and  the  decision on the permit is expected
during  Q2 2012. In April 2010, Talvivaara applied to the Ministry of Employment
and Economy for a license to extract uranium as a by-product, in accordance with
the  Nuclear  Energy  Act.   The  application  is currently being processed  and
approval  by the  Finnish Government  is expected  in early  2012. EC's approval
pursuant tothe Euratom Treaty is also expected in early 2012.

Pekka Perä, CEO, commented: "We are delighted by the news that our contract with
Cameco for the off-take of uranium was approved by the ESA. We have successfully
reached  the first milestone  in the permitting  process and we remain confident
that,  with final  approvals over  the coming  period, we  will soon  be able to
deliver  further value  from our  ore at  Talvivaara through  uranium by-product
extraction."



ENQUIRIES

Talvivaara Mining Company Plc Tel: +358 20 7129 800
Kari Vyhtinen, Chief Investment Officer





Talvivaara Mining Company Plc.
Talvivaara Mining Company is an internationally significant base metals producer
with  its  primary  focus  on  nickel  and  zinc  using  a  technology  known as
bioheapleaching  to extract metals out  of ore. Bioheapleaching makes extraction
of  metals  from  low  grade  ore  economically  viable. The Talvivaara deposits
comprise  one of the largest known sulphide  nickel resources in Europe. The ore
body  is  estimated  to  support  anticipated  production  for  several decades.
Talvivaara has secured a 10-year off-take agreement for 100 per cent of its main
output  of nickel and cobalt to Norilsk Nickel and entered into a long-term zinc
streaming  agreement with Nyrstar  NV. Talvivaara is  listed on the London Stock
Exchange  Main Market and NASDAQ  OMX Helsinki and is  included in the FTSE 250
Index. Further information can be found at www.talvivaara.com.


[HUG#1567542]

Attachments:

Talvivaara - Uranium Permitting Update 30.11.2011.pdf