Uranium mine granted construction & operating license

Cameco uranium mining Cigar Lake Saskatchewan Areva Tokyo Electric Power TEPCO Idimitsu McClean Lake

Cameco (TSX: CCO, NYSE: CCJ) said the Canadian Nuclear Safety Commission granted a uranium mining license for construction and operation of the Cigar Lake project in Saskatchewan.

The license will be valid from July 1, 2013 to June 30, 2021. Cameco said it plans to begin jet boring in ore this summer, with the first packaged pounds expected in late 2013. Jet boring uses water under high pressure to carve out cavities in the orebody and then collecting the resulting ore slurry through pipes, according to Cameco. The ore will be processed through a toll milling arrangement at Areva’s McClean Lake operation just north of Cigar Lake.

Partners on the project include Cameco, Areva, Idimitsu and Tokyo Electric Power Co.

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