Cameco to Open Cigar Lake as Uranium Price Rebounds

The Globe and Mail reported that Cameco Corp. will start mining in its Cigar Lake Uranium project by mid-2013. Cigar Lake is the second biggest high grade uranium deposit in the world and was discovered over 30 years ago.

As quoted in the market news:

We’re on track with Cigar Lake. We said we’d be starting the mining in mid-2013 and we will and we’ll have first production from the mill in 2013,” said Tim Gitzel, chief executive officer of the Saskatchewan-based owner of uranium projects in Canada, the United States, Australia and Kazakhstan.

Click here to read the full The Globe and Mail report.