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This Wednesday, during the last hours of trading, Cameco Corporation (TSX: CCO | Quote | Chart | News | PowerRating) was up 1.98 percent with a volume of 1,665,541.
This Wednesday July 9th 2008, Cameco Corporation, announced that it has signed an agreement to acquire a 70% interest in the Kintyre uranium exploration project in Western Australia for $346.5 million (US).
A joint venture comprised of Cameco (70%) and Mitsubishi Development Pty Ltd (30%) purchased the Kintyre project from Rio Tinto for $495.0 million (US) through a bidding process. Cameco will operate the project and is funding its share of the purchase price through existing credit facilities. The transaction is expected to close in August subject to ministerial approval in Western Australia and execution of certain agreements with the Martu people who are the traditional owners of the land.
Kintyre is an advanced exploration project located in Western Australia about 1,250 kilometres northeast of Perth.
Based upon Cameco's due diligence, it is estimated that the Kintyre project may host potential mineral deposits ranging from 62 to 80 million pounds U3O8 in total, with an average grade between 0.3% and 0.4% U3O8. These estimates are conceptual in nature. The basis for these conceptual estimates includes 355 historical diamond drill holes totalling 70,279 metres. There has been insufficient exploration, however, to define a resource at the Kintyre project in compliance with Canadian mineral resource reporting standards. Although Cameco will be undertaking an exploration program with the objective of estimating a resource for the deposits, it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Uranium was first discovered in the area in 1985 and followed up with extensive exploration that identified eight deposits. The project was placed in care and maintenance in 1988 when uranium prices declined below $12 per pound (US). The sale process was initiated by Rio Tinto in 2007.
"The Kintyre project is an ideal fit with Cameco's strategy to expand our base of quality uranium assets," said Cameco's president and CEO Jerry Grandey. "It adds potential for low-cost open pit production and further diversifies our uranium business geographically."
Upon closing, the joint venture will begin working toward a mine development agreement with the Martu. Cameco has experience working with traditional owners in Australia, including the Martu, through its ongoing exploration programs.
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