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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (5643)	8/22/2007 7:23:06 PM
From: LoneClone	Read Replies (1) \| Respond to of 194223

Uranium One and Cameco shares shift ahead after signing processing agreement Wed Aug 22, 3:45 PM ca.news.finance.yahoo.com TORONTO (CP) - Shares in both Uranium One Inc. (TSX: UUU.TO) and Cameco Corp. (TSX: CCO.TO) gained about six per cent after the company said it signed a five-year processing deal with a U.S. subsidiary of Cameco. Uranium One has agreed for Power Resources to process uranium-bearing ion exchange resins from its projects in Wyoming. The company will be paid a cash fee as well as percentage of the dried uranium concentrates. The deal, announced Tuesday, helped send Cameco shares up 5.7 per cent, or $2.19, to $40.80 on the Toronto Stock Exchange. Uranium One moved up 5.9 per cent, or 64 cents, to $11.54. Through the agreement, materials will be shipped from Uranium One's mining operations to PRI's Smith Ranch-Highland uranium facilities nearby. "This toll milling agreement with Power Resources moves us closer to achieving our target of sales of uranium from our Wyoming projects by 2010," said Uranium One president and CEO Neal Froneman said in a release. "Together with expected production from the Hobson ISR facility in Texas, Uranium One's operations in Wyoming are expected to make the Company one of the largest uranium producers in the United States." The partnership begins at the start of the first month where the company produces at least 250,000 pounds of dried uranium concentrate, or Jan. 1, 2010 if that amount isn't reached beforehand.