NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  INTERNATIONAL URANIUM CORPORATION

TSX SYMBOL:  IUC

NOVEMBER 14, 2002 - 11:06 EST

International Uranium Corporation: Joint Venture With
Nuclear Fuel Services, Inc. to Produce up to 3 Million
Lbs. Per Year of Yellowcake

VANCOUVER, BRITISH COLUMBIA--International Uranium Corporation 
(the "Company") is pleased to announce that it has formed a 50/50 
joint venture company, "Urizon Recovery Systems, LLC", with 
Nuclear Fuel Services, Inc. ("NFS") to pursue the development of 
a new, long-term, alternate feed program (the "USM Ore(TM) 
Program") for the Company's White Mesa Mill that, if successful, 
is expected to result in the Mill producing two to three million 
pounds of yellowcake per year over at least a six-year period. 

NFS is a privately owned corporation with operations based in 
Erwin, Tennessee. Since 1957, NFS has been a leader in the 
process development and production of specialty nuclear fuels for 
commercial power, research reactors and naval reactors. NFS is 
the supplier of highly enriched uranium fuel materials for the 
U.S. Navy's fleet of nuclear submarines and aircraft carriers. 
NFS has also developed and implemented the process for recycling 
highly enriched uranium material into lower commercial 
enrichments. This process supports the U.S government's program 
for downblending surplus material from the weapons program into 
fuel for nuclear power reactors. In addition, NFS is involved as 
a contractor at United States Department of Energy ("DOE") 
facilities. 

The USM Ore(TM) Program that Urizon is pursuing involves the 
development of a process and construction of a plant at NFS' 
facility in Erwin, Tennessee, for the blending of contaminated 
low enriched uranium with depleted uranium to produce a natural 
uranium ore ("USM Ore(TM)"). The USM Ore(TM) will then be further 
processed at the Company's White Mesa Mill to produce 
conventional yellowcake. 

The primary source of feed for Urizon will be the significant 
quantities of contaminated materials within the DOE complex. 
Throughout the DOE complex, there are a number of streams of low 
enriched uranium that contain various contaminants. These 
orphaned nuclear materials often require additional processing in 
order to meet commercial fuel cycle specifications. Urizon's USM 
Ore(TM) Program will provide a solution to DOE that will enable 
DOE to deal with the material, while at the same time recycling 
the material as a valuable energy resource for reintroduction 
into the nuclear fuel cycle. 

"Blending low enriched uranium with depleted uranium to make a 
reconstituted natural uranium ore that can be returned to the 
nuclear fuel cycle as yellowcake has never been accomplished 
before", notes Ron Hochstein, President and CEO of the Company. 
"This program will allow DOE to deal with its orphaned low 
enriched uranium and depleted uranium in a cost effective manner, 
while providing for the recovery of valuable energy resources 
that would be lost through direct disposal of the materials, and, 
at the same time providing a long term source of alternate feed 
materials for the Company's White Mesa Mill." 

"We think the process is capable of recycling thousands of metric 
tons of orphan materials within the DOE Complex," said Stephen M. 
Schutt, NFS' Vice-President, Technology Development and 
Commercialization. A preliminary report by the DOE in 2000 stated 
there were 4,700 metric tons of contained surplus low enriched 
uranium at 28 sites across the DOE Complex, which would yield 
approximately 15 million pounds of yellowcake as well as other 
sources of materials suitable for the program. 

The first phase of the project is the preparation and submittal 
of a request for approvals from the United States Nuclear 
Regulatory Commission (the "NRC") and certain other agencies. 
This critical phase is underway. Assuming receipt of regulatory 
approvals, construction of a pilot plant at NFS' site in Erwin 
Tennessee could be completed by late 2004. The operation of the 
pilot facility and processing of the USM Ore(TM) at the Company's 
White Mesa Mill is expected to last for a year and will result in 
some production of commercially saleable yellowcake. Upon 
successful completion of the pilot test and a positive 
feasibility study, the pilot facility will be converted to a 
commercial facility. Commercial production is expected to last 
six to ten years or longer depending on the amount of DOE 
materials that are available. 

The Company and NFS are pursuing funding from DOE to cover the 
costs of the design of the pilot facility and other costs of 
pursuing the Project. Application testing funded by DOE has been 
ongoing for the past two years. The success of the program will 
depend on securing funding and DOE's support of the program as a 
means to disposition orphan nuclear materials within the DOE 
complex. 

Headquartered in Denver, the Company is engaged in the business 
of processing uranium-bearing materials to recover the uranium 
and other metals as an environmentally superior alternative to 
the direct disposal of these materials. The Company also holds a 
number of uranium mines and exploration properties in the United 
States and Mongolia, which are currently on a shut down status 
pending improvements in commodity prices as well as gold and base 
metal exploration properties in Mongolia. 

ON BEHALF OF THE BOARD 

Ron F. Hochstein, President 

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FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250  (FAX)
Website: www.intluranium.com

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