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Saskatoon, Saskatchewan, Canada, July 19, 1996
Cameco Corporation has been advised by the joint federal-provincial panel on uranium mining developments in northern Saskatchewan that public hearings to review the McArthur River and Cigar Lake uranium projects are scheduled between September 4 and October 11, 1996 in several Saskatchewan communities.
"By holding the public hearings this fall, the review process remains on track to allow production to begin on schedule," said Bernard Michel, chair, president and chief executive officer of Cameco, which holds a majority interest in both projects.
The panel is reviewing the McArthur River and Cigar Lake proposals to determine their acceptability in terms of environmental, health, safety and socio-economic impacts and benefits. The information and opinions received during the public hearings will assist the panel in presenting recommendations to the federal and provincial governments.
"With this schedule for public hearings, it is anticipated that a government decision could be made in the first half of 1997," Michel said. "If the projects receive approval, construction could begin during the summer of 1997 with commercial production commencing as scheduled in 1999."
The McArthur River and Cigar Lake deposits are the two largest, high-grade uranium deposits in the world with reserves and resources estimated at 416 million pounds (average grade of 15% U3O8) and 353 million pounds (average grade of 14% U3O8), respectively. With Cameco's 56% interest in McArthur River and 49% (51% voting) interest in Cigar Lake, Cameco's share of reserves and resources is about 400 million pounds.
Cameco, with its head office in Saskatoon, Saskatchewan, is the world's largest publicly traded uranium company and a growing gold producer. Its uranium products are used to generate electricity in nuclear power plants around the world, providing one of the cleanest sources of energy available today.
For further information, please contact:
| Alice Wong Manager, Investor Relations Cameco Corporation Phone: (306) 956-6337 Fax: (306) 956-6318 |
or | Elaine Kergoat Manager, Media & Public Relations Cameco Corporation Phone: (306) 956-6315 Fax: (306) 956-6318 |