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AREVA > Home > News
Releases > July
8, 1999
NEWS RELEASE
For Immediate Release: July
8, 1999
Saskatoon, Saskatchewan, Canada
COGEMA Resources Purchase of
Selected
Assets from Cameco is Finalized
COGEMA Resources announced today that it has now
finalized its acquisition from Cameco Corporation of selected uranium
assets located in Saskatchewan, which was initially announced on
May 5, 1999. Closing of the deal follows receipt by the companies
of all necessary regulatory approvals. The purchase price of the
assets is approximately $250 million.
The principal assets being acquired include a 14%
interest in the McArthur River project, a 17% interest in the Key
Lake project where the McArthur River ore will be milled beginning
in late 1999 and (subject to existing rights of first refusal) 20%
of the Midwest project.
With this acquisition COGEMA Resources increases
its interest in the McArthur River project to over 30% and becomes
a new partner in the Key Lake project.
"We are pleased that this transaction has
now been finalized," said Tim Gitzel, Senior Vice President
& Corporate Counsel. "With the recent start-up of our McClean
Lake project and now the addition of these key assets, the future
of COGEMA Resources in Saskatchewan looks very positive".
Gitzel further noted that he was informed this
morning that the union representing workers at the McClean Lake
and Cluff Lake mines, CEP Local 48-S, has ratified a new 3 year
collective agreement tentatively agreed to on June 22, 1999. This
agreement extends to May 31, 2002.
Headquartered in Saskatoon, COGEMA Resources Inc.
operates mining and milling facilities at Cluff Lake and McClean
Lake in northern Saskatchewan. COGEMA Resources is also operator
and majority owner of the Midwest uranium project, and part owner
of the Cigar Lake, McArthur River and now Key Lake uranium mines.
Of the company's employees at the mine sites, more than 50% are
from northern communities.
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For further information please contact:
Tim Gitzel
Senior Vice President & Corporate Counsel
COGEMA Resources Inc.
Phone: (306) 343-4501
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