Cameco Corp : Cameco Announces Breakthrough of Second Shaft at Cigar Lake
01/03/2012| 04:53pm US/Eastern
Saskatoon, Saskatchewan, Canada, January 3, 2012
currency: Cdn (unless noted)
Cameco (TSX: CCO; NYSE: CCJ) today announced it has reached
the main mine workings with the second shaft at the Cigar
Lake uranium mining project in northern Saskatchewan.
Miners removed the final section of rock connecting shaft 2
with the mine workings 480 metres below surface on January 3,
2012. The second shaft will provide for increased ventilation
of the underground workings as well as additional means of
entering and exiting the mine.
"The breakthrough is a key milestone on our path to safe,
clean and reliable production from this exceptional orebody,"
said president and CEO Tim Gitzel. "We expect to resume
full mine development and construction activities in 2012 and
remain on track to start ore mining by mid-2013."
Cameco made steady progress at Cigar Lake during 2011. In
addition to the successful sinking of the second shaft,
Restored underground mine systems, infrastructure and
Secured regulatory approval and started construction of
systems to increase discharge capacity for treated water
Initiated orebody freezing from surface
Developed and secured regulatory approval for a revised
The Cigar Lake project is 50% owned and operated by Cameco.
The other Cigar Lake joint venture partners are AREVA
Resources Canada Inc. (37%), Idemitsu Resources Canada Inc.
(8%) and Tepco Resources Inc. (5%).
The scientific and technical information pertaining to the
Cigar Lake project was prepared under the supervision of
Grant Goddard, a professional engineer employed by Cameco as
vice-president, Saskatchewan mining north, and a qualified
person for the purpose of National Instrument 43-101.
Cameco, with its head office in Saskatoon, Saskatchewan, is
one of the world's largest uranium producers. The
company's uranium products are used to generate
electricity in nuclear energy plants around the world,
providing one of the cleanest sources of energy available
today. Cameco's shares trade on the Toronto and New York
As used in this news release, "Cameco" or the
"company" means Cameco Corporation, a Canadian
corporation and its subsidiaries and affiliates unless stated
Caution Regarding Forward-Looking Information and Statements
Certain information contained in this news release
constitutes "forward-looking information" or
"forward-looking statements" within the meaning of
Canadian and U.S. securities laws, including the statements
that we expect to resume full mine development and
construction activities in 2012 and remain on track to start
ore mining by mid-2013. Forward-looking information is
necessarily based upon a number of assumptions that, while
considered reasonable by management, are inherently subject
to significant business, economic and competitive
uncertainties and contingencies. These include the
assumptions that our Cigar Lake remediation, development and
production plans succeed, and that there is no material delay
or disruption in our plans as a result of additional water
inflows, natural phenomena, equipment failure or other
causes. Cameco cautions the reader that such forward-looking
information involves known and unknown risks, uncertainties
and other factors that may cause actual results and
developments to differ materially from those expressed or
implied by such forward-looking information. Those risks and
uncertainties include the risk that our remediation,
development or production plans for Cigar Lake are delayed or
do not succeed for any reason. These assumptions, risks and
uncertainties, among others, are discussed in greater detail
in Cameco's most recent Annual Information Form and MD&A on
file with the Canadian securities regulatory authorities,
which we recommend that you review for more information.
Forward-looking information is designed to help you
understand management's current views of our near and longer
term prospects, and it may not be appropriate for other
purposes. Cameco does not undertake any obligation to update
or revise forward-looking information, whether as a result of
new information, future events or otherwise, except to the
extent legally required.
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Rachelle Girard (306) 956-6403
Rob Gereghty (306) 956-6190