Cameco Provides Update on Cigar Lake Uranium Mining Project

Cameco

provided an update today on the Cigar Lake uranium mining project in northern Saskatchewan.The Cigar Lake project is owned by Cameco (50.025%), AREVA (37.1%), Idemitsu Canada Resources Ltd. (7.875%) and TEPCO Resources Inc. (5.0%) and is operated by Cameco. Ore from Cigar Lake will be processed at the McClean Lake mill, which is majority owned and operated by AREVA Resources Canada Inc. (AREVA).Construction of the Cigar Lake mine is 97% complete and commissioning of mining systems is well advanced. During commissioning of the underground ore handling facilities in the mine, Cameco identified additional work that will delay jet boring in ore. Based on current information, Cameco expects to begin ore production during the first quarter of 2014.In addition, AREVA has advised Cameco that it has determined that further mill modifications are required and that the mill is expected to begin processing Cigar Lake ore by the end of the second quarter of 2014.As a result of these developments, Cameco will not meet its forecast production of 300,000 pounds U3O8 from Cigar Lake during 2013. Cameco plans to revise its five-year production