Cameco Acquires Majority Share of Millenium Project

Cameco (TSX:CCO,NYSE:CCJ) announced it has completed the agreement with AREVA Resources Canada Inc. (EPA:AREVA) to purchase the Millennium project.

As quoted in the press release:

With the closing, Cameco’s interest in the Millennium project increases to 69.9%. The remaining 30.1% is owned by JCU (Canada) Exploration Co.

The Millennium project is a proposed uranium mine located in the Athabasca Basin of northern Saskatchewan consisting of 590 hectares of land. Exploration on the Millennium project area to date has identified indicated resources of 50.9 million pounds of U₃O₈ (507,800 tonnes with an average grade of 4.55%) and inferred resources of 16.7 million pounds of U₃O₈ (297,800 tonnes with an average grade of 2.54%).

Click here to read the Cameco (TSX:CCO) press release.