OTCQX:PALAF - Post by User
Post by
DNASLIOon Dec 22, 2006 6:29am
525 Views
Post# 11910558
Cameco Update Cigar Lake Globe and Mail
Cameco Update Cigar Lake Globe and MailCameco gets set to drain Cigar Lake uranium mine Canadian Press
SASKATOON -- Cameco Corp. says it has begun reclamation work on its flooded Cigar Lake uranium mine in northern Saskatchewan.
The work, to go around the clock starting Dec. 27, kicks off as the spot price for uranium hit $72 (U.S.) a pound this week, up $6.50 from a week ago according to Ux Consulting. Concerns about supply have nearly doubled the price this year.
Drilling through the Athabasca sandstone has been more challenging than anticipated," Cameco chief operating officer Terry Rogers said. "However, the experience we gain in the first few holes is expected to speed progress in the future."
The Saskatoon-based company said it will update its progress on the mine in January and hopes to have preliminary capital cost estimates and a timeline for remediation in February.