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Gold/Mining/Energy : Uranium Stocks

URNM 57.34

-1.7%

Nov 5 4:00 PM EST

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From: Rocket Red	4/6/2006 8:43:15 PM
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Cameco meets with construction delays at Cigar Lake 2006-04-06 19:48 ET - News Release Shares issued 349,865,648 CCO Close 2006-04-06 C$ 45.28 Ms. Alice Wong reports CAMECO ANNOUNCES CONSTRUCTION DELAY AT CIGAR LAKE Cameco Corp. has delayed construction at the second shaft of the Cigar Lake project in Northern Saskatchewan. The second shaft will be primarily used for underground ventilation during production. The company's preliminary assessment indicates that Cigar Lake production may be delayed by about six months and begin in late 2007. A water inflow began yesterday at 5 p.m. at the bottom of the six-metre wide shaft, 392 metres below the surface. All the workers safely left the area and removed equipment. There was no impact on the environment. There is no access between this shaft and the underground development and this event will not impact existing underground development in any way. An investigation is under way to determine the cause of the incident. After evaluating the situation, Cameco decided today to allow water to fill to natural levels in the second shaft that is currently being developed at Cigar Lake. The company determined this was the most prudent choice since it allowed more remediation options. The incident began when a worker noticed a leak in a valve that was preventing water from coming up a drill hole. These drill holes are routinely used to test for the presence of groundwater and to grout off any water inflows. In the process of tightening, the valve broke, allowing water to enter the bottom of the shaft. Cameco is reviewing potential methods to deal with the current situation. The company had already been considering the possibility of freezing the area around the bottom of the shaft to deal with the difficult ground conditions. Cameco will be able to provide a timetable for the remediation process after the plans have been finalized. The water will not damage the concrete-lined shaft. Prior to the announcement today, Cameco was in the process of reviewing the capital costs of the Cigar Lake project. The company will provide updated cost projections in the first quarter report which will be released on April 28, 2006. The results of the capital cost review and the costs for dealing with the delays caused by today's announcement are expected to increase the current estimate of $520-million by 10 per cent to 20 per cent. We seek Safe Harbor.

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