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Cameco Updates Production Outlook for Cigar Lake
SASKATOON, SASKATCHEWAN--(Marketwired - May 31, 2016) - Cameco (TSX:CCO)(NYSE:CCJ) announced today that the Canadian Nuclear Safety Commission (CNSC) has
About this update from Cameco Corporation
[{"type":"text","content":"SASKATOON, SASKATCHEWAN--(Marketwired - May 31, 2016) - Cameco (TSX:CCO)(NYSE:CCJ) announced today that the Canadian Nuclear Safety Commission (CNSC) has approved an application by AREVA Resources Canada Inc. (AREVA) to increase the annual licensed production capacity of the McClean Lake milling operation to 24 million pounds of uranium concentrate (U3O8). Ore from Cameco's Cigar Lake mine is milled and packaged at the McClean Lake operation which is majority owned and operated by AREVA. Approval of AREVA's application permits Cameco to meet its 2016 Cigar Lake production outlook of 16 million packaged pounds of uranium concentrate (Cameco's share 8 million pounds). Prior to the approval, the McClean Lake mill's operating licence had an annual production limit of 13 million pounds. The Cigar Lake mine is expected to reach its full annual production of 18 million pounds (Cameco's share 9 million pounds) in 2017. The Cigar Lake mine is owned by Cameco (50.025%), AREVA Resources Canada Inc. (37.1%), Idemitsu Canada Resources Ltd. (7.875%) and TEPCO Resources Inc. (5.0%) and is operated by Cameco. Profile Cameco is one of the world's largest uranium producers, a significant supplier of conversion services and one of two Candu fuel manufacturers in Canada. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations. Our uranium products are used to generate clean electricity in nuclear power plants around the world. We also explore for uranium in the Americas, Australia and Asia. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan. Caution Regarding Forward-Looking Information and Statements The statements regarding Cameco's expectation concerning production at Cigar Lake in 2016 and 2017 are \"forward-looking information\" or a \"forward-looking statement\" within the meaning of Canadian and U.S. securities laws. This information is based upon a number of assumptions that, while considered reasonable by management, are subject to significant uncertainties and contingencies. We have assumed that: our Cigar Lake development, mining and production plans succeed, the jet boring mining method works as anticipated, and the deposit freezes as planned; modification and expansion of the McClean Lake mill are completed...