URANIUM EXPLORATION: Cameco to buy out Millennium partner Areva Resources

SASKATCHEWAN – Saskatoon-based Cameco Corp., one of the world’s largest uranium producers, has offered to buy a further 28% interest in the Millennium project for $150 million dollars. That interest currently belongs to Areva Resources Canada, also of Saskatoon.

The Millennium project will be designated as a separate project area under the Cree Lake Extension joint venture. The partnership consists of Cameco (42% and the operator), JCU (Canada) Exploration (30%) and Areva (28%). JCU has the right to acquire an additional 12% of the project, leaving Cameco to boost its interest by 16%. If JCU does not exercise its right, Cameco will increase its share of the Millennium project to 70%.

The Millennium uranium project is located near the southeast rim of the Athabasca Basin. The property hosts an indicated resource of 50.9 million lb of U₃O₈ (507,800 tonnes grading 4.55%) and an inferred resource of 16.7 million lb (297,800 tonnes grading 2.54%). The deposit was discovered in 2000.

Detailed information about all of Cameco’s mines and projects is posted at Cameco.com.