Cameco Announces Agreement to Acquire Majority Ownership of the Millennium Project for $150M

Cameco CCJ announced today that it has entered into an agreement with AREVA Resources Canada Inc. to purchase AREVA's 27.94% interest in the Millennium project for $150 million. The Millennium project is a proposed uranium mine located in the Athabasca Basin of northern Saskatchewan, Canada. The project area is one of 12 mineral claims held by the Cree Lake Extension Joint Venture exploration project, which is currently owned by Cameco (41.96%), JCU (Canada) Exploration Company Ltd. (30.1%), and AREVA Resources Canada Inc. (27.94%). Cameco is the operator. Under the agreement, the Millennium mineral claim, consisting of 590 hectares of land, will be designated as a separate project area under the Cree Lake Extension Joint Venture. The sale to Cameco of the full amount of AREVA's interest of 27.94% is subject to JCU (Canada) Exploration Co.'s rights of refusal on transfers under the terms of the Cree Lake Extension Joint Venture agreement. If JCU does not exercise its rights, Cameco will acquire the entire 27.94% interest from AREVA, increasing its ownership interest in the Millennium project to 69.9%. If JCU elects to exercise its rights, it will acquire an additional 11.67% interest and Cameco will acquire an additional 16.27% interest, resulting in Cameco owning 58.23% in the Millennium project.