Uranium Mining and Exploration

[Arctec]

Cameco Updates Remediation Of Cigar Lake Project


12:10 EST Thursday, December 21, 2006

DOW JONES NEWSWIRES

Cameco Corp. (CCJ) is proceeding with a phased plan to restore the underground workings at Cigar Lake after a water inflow on Oct. 23 flooded the project.

The first phase of the remediation plan involves drilling holes down to the source of the inflow. Concrete will be pumped through the drill holes and sealed off with grout. Subsequent phases include removing water from underground areas, ground freezing in the area of the inflow, restoring other underground areas and resumption of mine development.

Drill crews completed one hole in the area of the rockfall and nearly completed another hole before leaving for their Christmas break. About 18 holes are now planned including four for mine dewatering. The crews will resume working on Dec. 27 working around the clock, seven days a week.

Cameco, with its head office in Saskatoon, Sask., is the world's largest uranium producer.

-Wendy Tsau; 416-306-2100; [e-mail]


(END) Dow Jones Newswires
12-21-06 1210ET
Copyright (c) 2006 Dow Jones & Company, Inc.